Nagpur :-The Indian retail trade is experiencing a significant upswing under Prime Minister Narendra Modi’s leadership, as evidenced by the projected trade influx of Rs. 5.5 trillion during the ongoing wedding season, spanning from January 15th to July 15th. The Confederation of All India Traders (CAIT) estimates that approximately 42 lakh weddings will take place across the country during this period, driving substantial retail activity through wedding-related purchases and services.
CAIT Secretary General Praveen Khandelwal attributed this surge in trade to PM Modi’s encouragement of organizing destination weddings within the country, which has led to a majority of weddings being held in various domestic locations this season. Demand for wedding venues has soared, with destinations in different states reporting overbooking for such events.
Comparing this season’s estimated spending of Rs. 5.5 trillion to the previous season’s figures, where around 35 lakh weddings occurred with expenses totaling Rs. 4.25 tLakh crore between November 14th and December 14th, it’s evident that the current season is witnessing a significant uptick in trade activity- said Khandelwal
CAIT National President B C Bhartia outlined the expenditure breakdown, indicating that approximately 5 lakh weddings will have expenses averaging Rs. 3 lakhs each, while around 10 lakh weddings will cost approximately Rs. 6 lakhs each. Moreover, 10 lakh weddings are projected to incur expenses of Rs. 10 lakhs per wedding, followed by 10 lakh weddings with expenditures of Rs. 15 lakhs each. Additionally, 6 lakh weddings are expected to have an expenditure of Rs. 25 lakhs each, with 60 thousand weddings costing Rs. 50 lakhs each, and 40 thousand weddings exceeding Rs. 1 crore in expenses. Overall, wedding-related purchases and services are anticipated to drive circulation of approximately Rs. 5.5 lakh crore during this six-month period.
Several sectors are poised to benefit from this surge in trade, including home repairs and painting, jewelry, traditional attire, furniture, garments, footwear, wedding and greeting cards, dry fruits, sweets, groceries, and electronics, electricals, builder hardware,food grains and pulses, decoration items, home decor, worship items, gift articles among others.
Bhartia and Khandelwal noted that various wedding venues, including banquet halls, hotels, open lawns, and farmhouses, are fully booked across the country. In addition to purchasing accessories, a wide range of services such as decoration, catering, transportation, photography, and entertainment, flower decoration, tent decoration, crockery & catering services, travel services, cab services, professional welcome groups, vegetable vendors, photo and videographers, bands, musicians, DJ services, horse carts, lighting, etc are in high demand, offering significant business opportunities. Event management and packaging of wedding goods and gifts have also emerged as lucrative prospects, providing employment opportunities for many in the service sector.
