The upcoming wedding season is set to kick off from November 12, with 30% more wedding dates in the second half of this fiscal as compared to last year, promising sizeable business opportunities in India, as per several reports.
One estimate by the Confederation of All India Traders (CAIT) has pegged the number of weddings in India to be around 48 lakh this November and December. CAIT goes on to estimate that these weddings could generate business worth Rs 6 lakh crore.
This fiscal, H2FY25 will see 41 wedding days whereas last fiscal, the second half saw 30 dates, promising an extended period of celebration, and with it, an extended opportunity to boost economic activity. Just in Delhi alone, roughly 4.5 lakh weddings are scheduled to take place this season, which could potentially generate Rs 1.5 lakh crore worth of business.
India hosts approximately 1.1-1.3 crore weddings a year, as per matrimony.com, making it perhaps the largest such wedding destination worldwide, bigger than even China and the US. Matrimony says that before Covid-19, India's annual marriage-related expenditure used to be to the tune of $50 billion.
A recent PL Capital note said the recent cut in gold import duties from 15% to 6% is anticipated to significantly add to wedding-related gold purchases. Sectors such as retail, hospitality, jewellery, and automobiles all have seen substantial benefits from this increased demand, the note added. PL cited a survey by CAIT, which reported that between January 15 to July 15, 2024, India saw more than 42 lakh weddings, with a cumulative expenditure of Rs 5.5 lakh crore ($66.4 billion).
India's wedding industry is estimated to have grown to $130 billion, second only to food and groceries in terms of consumption, thus driving a huge economic boom, a Jefferies report released earlier this year said.
Weddings also contribute to over 10 percent of the apparel industry’s revenue. Not just that, the The stock market too has seen a boost during the wedding seasons, helped by a rise in consumer spending.
To add to that, matrimony.com believes that Prime Minister Modi's recent call for 'Wed in India' has paved the way for a potential expenditure of Rs 1 lakh crore in India, redirecting expenses that may have been incurred on destination weddings abroad.
Given that around 66% of the country's population is below the age of 35, the demographic points to a massive growth potential for the matrimonial market and allied businesses in India.
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