After over two years of lull due to Covid-19, the wedding industry in India is expecting a shard turnaround this year. The wedding season is starting from today, Dev Uthani Ekadashi, which marks the resumption of all auspicious activities such as marriages, engagements, mundan, and griha pravesh. The bustling wedding economy that encompasses hospitality, jewelry trade, and retail is looking forward to a resurgence in business this wedding season. According to an estimate by Confederation of All India Traders, about 38 lakh weddings will be solemnized across the country, with a massive flow of about Rs 4.7 lakh crores by way of wedding purchases and procurement of various services, a TOI report stated.
Brijesh Goyal, Chairperson of the Chamber of Trade and Industry (CTI) told TOI that the industry is expecting a significant recovery, estimating a turnover surpassing Rs 3 lakh crore this wedding season. CTI forecasts over three lakh weddings in Delhi alone, surpassing the last two years’ figures. Goyal attributed this surge to families resuming postponed events after facing personal losses during the pandemic. ‘Now, after two years, we are seeing the wedding numbers almost the same as pre-Covid times,’ he added. The expected turnover for Delhi is estimated to exceed Rs 1 lakh crore this wedding season.
Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT), offered even higher projections, anticipating more than four lakh weddings generating around Rs 1.2 lakh crore in business. Khandelwal highlighted the significance of November 23, as over 20,000 weddings are expected on this auspicious day.
As per another TOI report, an estimated 50,000 weddings are expected in Kolkata and its adjoining areas throughout the season. The wedding industry in the city is expecting business of around Rs 50,000 crore-Rs 60,000 crore, a bump of around 35% from last season.
The wedding industry, known for creating substantial employment opportunities, attracts a large number of migrant workers, particularly in hospitality and catering. Khandelwal emphasized that after the successful Diwali festive season, the business community is well-prepared to meet consumer demands in the upcoming wedding season.
‘According to Suvankar Sen, MD & CEO of Senco Gold Diamonds, there has been a growth of over 30 percent for natural diamond sales due to demand for wedding jewelry as well as gifting for the wedding season.’
Breaking down the expected turnover, industry experts predict that jewelry items will claim the highest share at 15%, followed by 10% each for the hospitality and textile sectors. Notably, the boom in business extends to event management and social media agencies. Khandelwal mentioned that the growing trend of couples seeking social media engagement services, including selfie points and wedding reels, has led to increased demand for event management services.
Bharat Khanna, owner of Element Event Management, acknowledged this trend, stating, ‘In the last few years, event management and social media agencies are witnessing a boom in business too, which is likely to go up this year.’ As the wedding season unfolds, the industry braces for a resurgence, bringing not only celebration but also a boost to various sectors and employment opportunities.
(Originally published on Nov 23, 2023)
