India set to spend Rs 4.25 lakh crore on weddings in Nov-Dec?

India will spend Rs 4.25 lakh crore on 35 lakh planned weddings in Nov-Dec 2024 as reported by Prabhudas Lilladher (PL) in its latest report titled BAND, BAAJA, BAARAAT & MARKETS.

 Incidentally, a survey by the Confederation of All India Traders (CAIT) disclosed that between 15 January and 15 July of the current year, over 42 lakh weddings held generated an estimated expenditure of $66.4 billion (Rs 5.5 lakh crore).

The impact of the wedding season on gold purchases

PL further stated that the recent cut in gold import duties from 15% to 6% is expected for a notable increase in gold purchases throughout India, especially 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 stated.

The wedding season has a strong impact on the stock market, driven by the increased spending behavior of people. Retail, hospitality, jewelry, and automobile sectors will also experience considerable benefits in this season.

On average, India hosts around 1 crore weddings per year, making its wedding industry the second largest in the world. 

Reportedly, the Indian wedding industry is the fourth-largest industry in the country, with annual spending reaching around $130 billion and generating millions of jobs.

Government’s plan to make India the top wedding destination

The Indian government is planning to bolster its tourism industry globally by promoting India as a top-tier destination for international weddings.

As reported by PL, "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.”

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