Big Fat Indian Weddings To Drive ₹4.25 Lakh Crore Expenditure This Festive Season: Report
Date
9/19/2024 6:24:46 AM
(MENAFN- Live Mint) Wedding season in India is around the corner, with spending on the rise in the second-largest wedding industry in the world. According to a report by the Confederation of All India Traders (CAIT), India is projected to host 35 lakh weddings between November and mid-December. According to Prabhudas Lilladher's report, 'Band, Baaja, Baarat and Markets,' the industry is expected to generate ₹4.25 lakh crore expenditure during this period . This marks a steep surge from the same period last year when 32 lakh weddings were reported.
The CAIT survey said that this year, the wedding industry reported over 42 lakh weddings between January 15 and July 15, which generated an estimated expenditure of ₹5.5 lakh crore.
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According to Prabhudas Lilladher's report, 'Band, Baaja, Baarat and Markets,' the recent cut in gold import duties from 15 per cent to 6 per cent will most likely drive gold purchases nationwide in the upcoming festive and wedding seasons. This is due to the precious metal's cultural and religious importance and its status as a valuable source of investment.
From Prabhudas Lilladher beat report, titled 'Band, Baaja, Baarat and Markets.' Also Read | Import duty cut on gold likely to drive demand ahead of festive, wedding season
Compounded by the impact of festivals during the wedding boom, the Indian stock market typically receives a boost during this period. Increased consumer expenditure is the primary factor driving economic growth in various sectors, including retail, hospitality, jewellery, and automobiles. Consequently, important festivals like Diwali and Dussehra add to this period's wedding boom as company stock corresponding to the various listed sectors witness an uptick.
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Considering annual figures, it is estimated that India hosts around one crore weddings every year, which contributes to a whopping $130 billion in expenditures. Consequently, the wedding sector in India is the fourth largest industry in the country, according to The Economist.
Furthermore, the country's push to boost tourism in India by encouraging international wedding events seeks to attract around ₹1 lakh crore.
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