In the wedding season this year, from the period of 15th January to 15th July, the retail sector expects to witness a notable surge in sales due to around 42 lakh marriages set to occur in this period.
The market will receive about Rs 5.5 lakh crore from these related purchases and services. The Confederation of All India Traders (CAIT) has estimated this. CAIT expects a buoyant atmosphere in the retail sector, due to a record number of weddings across the country.
About 35 lakh marriages were consummated during the wedding season, which concluded on 14th December last year, with an estimated Rs 4.25 lakh crore in expenses. This season, the biggest estimate to date for wedding expenses has been put at Rs 5.5 lakh crore for those happening between 15th January and 15th July.
BC Bhartia, National President of CAIT, offers a summary of expenses showing varied spending amounts for various weddings. The average cost of about 5 lakh marriages is believed to be Rs. 3 lakh, while other wedding costs vary from 6 lakh to more than 1 crore. This varied spending pattern highlights how the wedding season affects many different areas of the economy.
This surge in trade will be beneficial to many businesses, including apparel and footwear. An official release from CAIT claimed that throughout the aforementioned time period, wedding-related goods and services are estimated to drive circulation of around Rs. 5.5 lakh crore.
