India set to spend Rs 4.25 lakh crore on weddings this season

NEW DELHI: India is projected to witness 35 lakh weddings between November and mid-December 2024, up from 32 lakh weddings during the same period in 2023.

This is expected to generate an estimated expenditure of Rs 4.25 lakh crore, according to Prabhudas Lilladher (PL) in its latest report titled BAND, BAAJA, BAARAAT & MARKETS.

Earlier this year, between 15 January and 15 July, over 42 lakh weddings were held, generating an estimated expenditure of $66.4 billion (Rs 5.5 lakh crore), according to a survey by the Confederation of All India Traders (CAIT).

PL stated that the recent cut in gold import duties from 15% to 6% is anticipated to lead to a notable increase in gold purchases nationwide, particularly during the upcoming festive and wedding seasons.

“Given gold’s cultural and religious importance, along with its status as a valuable investment, this reduction is expected to significantly boost demand,” the report added.

India’s wedding season also positively impacts the stock market, driven by heightened consumer spending. Sectors such as retail, hospitality, jewellery, and automobiles see substantial benefits from this increased demand.

India, the world’s most populous nation, hosts about 1 crore weddings each year, making its wedding industry the second largest globally. Reports suggest this sector is the fourth-largest industry in India, with annual spending reaching $130 billion and creating millions of jobs.

Moreover, the Government is planning to boost tourism by promoting India as a prime destination for international weddings.

“The initiative will begin by highlighting around 25 key destinations across the country, demonstrating how India can cater to various wedding preferences. Building on the success of the Make in India campaign, this strategy aims to capture approximately $12.1 billion (INR 1 lakh crore) that is currently spent on destination weddings overseas,” PL stated in its report.