The Confederation of All India Traders (CAIT) has projected substantial business activity during this year’s Indian wedding season. According to their survey conducted by CAIT Research & Trade Development Society, the estimated business worth is 4.25 trillion rupees ($51 billion) over a 23-day period from November 23 to December 15.
The projected business worth of 4.25 trillion rupees ($51 billion) during the upcoming Indian wedding season reflects a notable rise from the previous year’s 3.75 trillion rupees ($45 billion), as reported by Mint. The research conducted by CAIT indicates that around 3.5 million weddings are expected during this period, emphasizing the significant economic impact of these matrimonial celebrations.
During India’s wedding season, a diverse range of wedding budgets will influence the business landscape. Approximately 50,000 weddings are expected to be categorized as luxury, with expenditures surpassing 1 crore rupees ($120,000) per event. Additionally, another 50,000 weddings will have budgets of 50 lakh rupees ($60,000) each.
The upcoming wedding season, starting from November 23, 2023, and extending into December, is poised to drive increased demand for venues such as banquet halls, hotels, open lawns, community centers, public parks, and farmhouses throughout India.
A plethora of services including tent decoration, floral arrangements, crockery, catering, travel arrangements, taxi services, photography, videography, music, and event management are expected to play a significant role in this multi-trillion-rupee industry, as reported by Moneycontrol.