Retail market boom | Image:Unsplash
Retail sector boom: From January 15th to July 15th, the retail trade is expected to witness a notable surge, with an estimated trade worth Rs. 5.5 trillion projected during the ongoing wedding season. “Under the leadership of Prime Minister Narendra Modi”, the Confederation of All India Traders (CAIT) reports a buoyant atmosphere in the retail sector, fueled by a record number of weddings across the country.
Praveen Khandelwal, Secretary General of CAIT, attributes this surge to the government’s encouragement of hosting destination weddings within India. With approximately 42 lakh weddings anticipated during this period, domestic venues are experiencing unprecedented demand. Compared to the previous season, where 35 lakh weddings generated Rs. 4.25 lakh crore in expenditure, this season showcases a significant uptick in trade activity.
CAIT’s National President, BC Bhartia, provides an expenditure breakdown, indicating varying spending levels across different weddings. Around 5 lakh weddings are estimated to have expenses averaging Rs. 3 lakhs each, while others range from Rs. 6 lakhs to over Rs. 1 crore per wedding. This diverse spending pattern underscores the broad economic impact of the wedding season on various sectors.
Numerous industries stand to benefit from this surge in trade, including home repairs, jewellery, traditional attire, furniture, garments, footwear, and electronics, among others. Wedding-related purchases and services are expected to drive circulation of approximately Rs. 5.5 lakh crore during the six months, the official release from CAIT stated.
Bhartia and Khandelwal underlined the robust demand for wedding venues, with banquet halls, hotels, and farmhouses fully booked nationwide. Beyond venue bookings, services such as decoration, catering, transportation, and entertainment are in high demand, offering lucrative business opportunities. Additionally, event management and packaging of wedding goods have emerged as promising sectors, creating employment opportunities in the service industry. Overall, the thriving wedding season reflects positively on India’s retail sector, showcasing resilience and adaptability amidst evolving consumer trends.
