Title: India’s Wedding Season Set to Showcase Extravagance and Economic Resilience
Subtitle: Amidst economic uncertainty, Indian weddings continue to thrive, with an estimated 35 lakh weddings and a flow of ₹4.25 lakh crore during the upcoming wedding season.
In a country renowned for its grand celebrations, the big fat Indian wedding represents a whirlwind of opulence and tradition, capturing the imaginations of TV series enthusiasts and folklore alike. As the wedding season approaches, the preparations are in full swing, not only for the couples and their families but also for the traders across the country.
According to a survey conducted the Confederation of All India Traders (CAIT), during the upcoming wedding season, an astounding 35 lakh weddings are expected to take place across India. This influx of marriage ceremonies is estimated to generate a staggering ₹4.25 lakh crore through wedding-related purchases and services, solidifying the wedding business as a significant contributor to the Indian economy.
Although the nation currently faces an overall economic slowdown and job market challenges, experts believe that these factors will not dampen the spirit of wedding spending. Aman Kumar, co-founder and CTO of VivaHIT, a wedtech company, emphasizes that short-term economic uncertainty has minimal impact on wedding budgets. Furthermore, with the absence of COVID-19 threats this year, there is a renewed enthusiasm among the populace to celebrate nuptials at a faster pace.
While prices may have increased due to a higher demand-supply mismatch during the shorter wedding season between November and December, Praveen Khandelwal, secretary general of CAIT, assures that most wedding dates are already finalized months in advance. Therefore, any price fluctuations in the market are unlikely to affect the overall wedding expenditure significantly.
Wedding budgets vary greatly, with CAIT estimating an average expenditure of ₹12 lakhs per wedding during this season. The 80:20 expenditure rule prevails, with approximately 20% going to the bride and groom’s side and the remaining 80% allocated to various third-party services involved in the wedding arrangements.
As weddings represent a complete ecosystem, a multitude of industries experience a surge in business during this festive period. Besides the core aspects of clothing, jewelry, and accessories, services such as venue arrangements, decoration, photography, catering, transportation, and event management thrive during the wedding season. The extensive list of items and services in high demand ranges from home repairs, garments, and gifts to electrical appliances and electronics.
With the stage set for grandiose celebrations, it is time to embrace the vibrant energy and magnificence of Indian weddings. As Bollywood blockbusters come to life, love conquers all, and the nation’s wedding season stands as a testament to resilience and joy in the face of economic challenges.