India’s wedding season is just around the corner, and with it comes a surge in spending that makes it the second-largest wedding industry in the world. According to the Confederation of All India Traders (CAIT), a whopping 35 lakh weddings are projected to take place between November and mid-December. This translates to an estimated expenditure of ₹ 4.25 lakh crore, according to Prabhudas Lilladher’s report, ‘Band, Baaja, Baarat and Markets.’ This represents a significant increase from the same period last year when 32 lakh weddings were reported.
The wedding industry has already witnessed a significant boom earlier this year. Between January 15 and July 15, the CAIT survey reported over 42 lakh weddings, generating an estimated expenditure of ₹ 5.5 lakh crore. This surge in spending is likely to continue throughout the festive season, driven by the recent cut in gold import duties from 15 per cent to 6 per cent.
Gold, a culturally and religiously significant precious metal in India, is also a valuable source of investment. The reduced import duty is expected to drive gold purchases nationwide, further fueling the wedding season’s economic impact. The confluence of festivals like Diwali and Dussehra with the wedding boom creates a unique period of heightened consumer spending, which benefits various sectors, including retail, hospitality, jewelry, and automobiles. This increased economic activity is reflected in the Indian stock market, with company stocks corresponding to these sectors experiencing an uptick.
On an annual basis, India hosts around one crore weddings, contributing to a staggering $130 billion in expenditures. This makes the wedding sector the fourth largest industry in the country, according to The Economist. The government is also actively promoting tourism in India by encouraging international wedding events, aiming to attract around ₹ 1 lakh crore in revenue. This strategic initiative recognizes the significant economic potential of the wedding sector, both domestically and internationally.
