In India, Rs 4.25 lakh crore is estimated to be spent on 35 lakh weddings between November and mid-December. This information has been given in the report of PL Capital-Prabhudas Lilladher. It has been told that during the same period in 2023, 32 lakh weddings took place.
The report titled 'Band Baja Baraat and Markets' said that the reduction in gold import duty in the July budget will lead to big spending during the festive and wedding season. The recent reduction in gold import duty from 15% to 6% is expected to lead to growth in gold purchases across the country.
There may be a huge growth in gold purchases, especially during the upcoming festivals and wedding season. The report said that given the cultural and religious importance of gold and its status as a valuable investment, this shortage is expected to lead to a growth in demand.
More than 42 lakh marriages took place in India between January 15 and July 15
Citing a survey by the Confederation of All India Traders (CAIT), the report said that between January 15 and July 15, over 42 lakh weddings took place in India, with an estimated expenditure of Rs 5.5 lakh crore.
India is estimated to spend Rs 4.25 lakh crore on 35 lakh weddings between November and mid-December. In 2023, 32 lakh weddings took place during the same period.
The stock market also sees a surge during the festive and wedding season
The Indian stock market also sees a surge during the festive and wedding season, the main reason for which is the growth in consumer spending. Sectors like retail, hospitality, jewellery and automobiles benefit greatly from this increased demand.
There is more expenditure on airline and hotel booking during the wedding and festive season
In India, during the wedding and festive season, there is more spending on premium goods and services like airline and hotel bookings. This increased demand leads to growth in the profit margins of companies, which supports the overall economic growth of the country.
25 key destinations will be identified as wedding sites
The report said that the government's plan to identify 25 key destinations in India as wedding destinations and promote India as the top choice for international weddings will lead to growth in forex inflows into the country.
The initiative will begin by identifying around 25 key destinations across the country, showcasing how India can cater to a variety of wedding preferences.
Building on the success of the Make in India campaign, this strategy aims to capture the approximately $12.1 billion (Rs 1 lakh crore) that is currently spent on destination weddings abroad.
Graphics Source: VaskarAssets
