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Wedding Season Boom: 4.6 Million Ceremonies to Generate ₹6.5 Lakh Crore in Sales
Wedding: India will witness 4.6 million weddings between November 1 and December 14, generating an estimated business worth ₹6.5 lakh crore. This could lead to a record increase in consumption during this period.
The wedding season is now in full swing, following strong growth in sectors such as automobiles, electronics, and household goods during the festive season. Estimates by the Confederation of All India Traders said 4.6 million weddings between November 1 and December 14 this year are expected to generate revenue of around ₹6.5 lakh crore. Companies across all categories are gearing up for the increased demand.
The wedding season would last until mid-December and consumption is expected to surge. From packed hotel lawns to crowded jewellery shops and brisk sherwani sales, the wedding season has begun well. According to retailers and hospitality companies, the wedding season is driving the fastest pre-year-end consumption boom. Wedding spending is increasing across all categories, from sarees to salons, and average spending is also rising.
Raymond is seeing strong demand for its luxury suiting portfolio. Under its ethnic line, kurta sets starting at ₹1,499 and sherwanis up to ₹85,000 are seeing a surge. Bookings from distribution partners are receiving a strong response.
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Darshan Dudhoria, CEO of Indian Silk House Agencies, said apparel demand is coming from Uttar Pradesh and Central India. Eastern markets are expected to pick up in December. Fabindia has reported a shift towards event-specific styling. Aditya Birla Fashion & Retail and TCNS have also reported strong demand.
The wedding season and increased festive spending due to lower GST rates will provide a strong support to the economy in the third quarter. According to Bank of Baroda's analysis, wedding spending is estimated to be ₹4.5-5 lakh crore.
Hotels at destination wedding locations are seeing strong bookings. Hotels hosting weddings are seeing spending of ₹1 crore per wedding. Leisure Hotels Group expects to generate approximately ₹15 crore from 18 weddings this season. Last year, it generated ₹11 crore from 15 weddings. Monisha Dewan of Marriott International said, "Luxury weddings average ₹1.3 crore and above. Mid-segment events cost ₹3.5 million to ₹8 million."
Jewelry brands are also experiencing strong demand. Buyers are opting for 18-carat gold and large centerpieces. Despite high gold prices, consumers are still shopping. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, said, "Jewelry contributes approximately 15% of total wedding spending."
