India's wedding industry eyes record revenue of Rs. 4.25 lakh crore with over 3.5 lakh celebrations

As India gears up for an unprecedented wedding season, the Confederation of All India Traders (CAIT) predicts a staggering 35 lakh weddings between November 23 and December 15, 2023. This matrimonial surge is projected to generate a remarkable revenue of Rs. 4.25 lakh crore, setting a new record for the country's wedding industry.

The first phase of this wedding bonanza is poised to provide a significant economic boost, with businesses across various sectors bracing for heightened demand. Delhi, in particular, is expected to lead the way with more than 3.5 lakh weddings, contributing to a local business of approximately Rs. 1 lakh crore, according to BC Bhartia, National President of CAIT. For context, last year witnessed around 32 lakh weddings during the same period, incurring expenses totalling an estimated Rs. 3.75 lakh crore.

Providing a breakdown of projected wedding costs, CAIT Secretary General Praveen Khandelwal outlined diverse expenditure categories for the upcoming season. Approximately six lakh weddings are estimated to have an expenditure of Rs. 3 lakh per wedding, while around 10 lakh weddings are expected to cost approximately Rs. 6 lakh each. Additionally, 12 lakh weddings are predicted to have a budget of Rs. 10 lakh per ceremony, with another six lakh weddings budgeted at Rs. 25 lakh each.

Anticipating the surge in demand during the wedding season, traders nationwide have undertaken extensive preparations to ensure seamless service for their customers, according to Bhartia. He noted that around 20% of wedding expenses are allocated to the families of the bride and groom, while the remaining 80% is directed towards various third-party services integral to the wedding proceedings.

With the country poised for this monumental matrimonial extravaganza, India's wedding industry is set to witness unparalleled economic activity, marking a significant milestone for businesses and consumers alike.