The Confederation of All India Traders (CAIT) has unveiled its projections for the Indian wedding season this year, anticipating a significant economic turnover of 4.25 trillion rupees ($51 billion) within a 23-day span commencing from November 23 and ending on December 15. These figures have increased compared to the previous year’s earnings of 3.75 trillion rupees ($45 billion), underscoring the financial impact of these matrimonial festivities, as per a report by Mint.
The CAIT Research & Trade Development Society conducted a survey revealing that approximately 3.5 million weddings are anticipated during this period, contributing substantially to the economy.
BC Bhartia, the National President of CAIT, commented on this surge, highlighting that “In Delhi alone, more than 3.5 lakh weddings are expected to take place in this season, which is likely to generate a business of about Rs 1 lakh crore ($12 billion) in Delhi itself,” according to a report by Moneycontrol.
As India’s wedding season unfolds, diverse budgets will play a pivotal role in shaping the business landscape. Around 50,000 weddings are set to belong to the luxury category, with expenditures surpassing 1 crore rupees ($120,000) per wedding. Another 50,000 weddings will feature budgets of 50 lakh rupees ($60,000) for each ceremony.
Furthermore, around six lakh weddings are predicted to have costs averaging around 25 lakh rupees ($30,000). The majority of these celebrations, amounting to approximately 1.2 million weddings, will adhere to a budget of around 10 lakh rupees ($12,000). An additional one million weddings are likely to incur expenses amounting to about ?6 lakh ($7,200) each.
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