Wedding rush: 4.8 million couples to spark US$ 70.43 billion (Rs. 5.9 trillion) economic surge

India's retail sector is poised for a remarkable surge in economic activity, with the upcoming wedding season commencing on November 12, 2024. A study by the Confederation of All India Traders (CAIT) estimates an impressive US$ 70.43 billion (Rs. 5.9 trillion) in business during this period, driven by approximately 4.8 million nationwide weddings. This projection signifies a substantial increase from the previous year's US$ 50.73 billion (Rs. 4.25 trillion), propelled by 3.5 million weddings. The increase in auspicious wedding dates—18 this year compared to 11 last year—opens unprecedented opportunities for economic growth. In Delhi alone, around 450,000 weddings are anticipated, contributing US$ 17.91 billion (Rs. 1.5 trillion) to the overall business. Convenor of CAIT’s Veda and Spiritual Committee, Mr. Acharya Durgesh Tare, noted that the wedding season will begin on November 12, marking Dev Uthani Ekadashi, and continue until December 16.

Based on data from 75 cities, the CAIT study indicates that this year’s wedding season will inject a massive US$ 70.43 billion (Rs. 5.9 trillion) into the economy, encompassing a diverse range of goods and services. CAIT’s National Secretary General and Member of Parliament from Chandni Chowk, Delhi, Mr. Praveen Khandelwal, highlighted the growing consumer preference for Indian-made products, aligning with Prime Minister Mr. Narendra Modi's 'Vocal for Local' and 'Atmanirbhar Bharat' campaigns. This shift towards domestically produced goods is becoming increasingly pronounced as consumers favour locally made items over foreign products, providing a positive outlook for Indian manufacturers. The trade momentum from the wedding season is expected to extend into the Christmas and New Year celebrations, with another wave of weddings anticipated to begin on January 16, 2025, coinciding with Makar Sankranti. He emphasized that combining the wedding season and festival sales will significantly boost India’s economy, prompting businesses to ramp up production, enhance trade practices, and adopt advanced digital technologies to meet the surging demand.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.