The wedding industry is anticipating a significant upturn this year following more than two years of a slump caused by COVID. From Dev Uthani Ekadashi, the beginning of the wedding season. All the auspicious events, including marriages, engagements, mundan, and griha pravesh, resume. A revival in commerce is anticipated by the thriving wedding economy, which includes the hotel, diamond trade, and retail sectors.
An estimated 38 lakh marriages would take place across the nation, with a substantial influx of almost Rs 4.7 lakh crores going towards wedding purchases and the purchase of different services, according to a report in TOI citing the Confederation of All India Traders.
Marriage season begins on November 23 with the joyous festival of Dev Uthan Ekadashi and continues until December 15. The sector is anticipating a substantial rebound, with a sales above Rs 3 lakh crore this wedding season, according to Brijesh Goyal, Chairperson of the Chamber of Trade and sector (CTI), who spoke with TOI.
More than three lakh marriages will take place in Delhi this year, according to CTI, more than in the previous two years combined. Families picking up where they left off after suffering losses during the pandemic, according to Goyal, are to blame for this upsurge. "Now, after two years, we are seeing the wedding numbers almost the same as pre-Covid ET Online Updated On Nov 23, 2023 at 05:26 PM IST times," according to him. This wedding season, Delhi is predicted to have a turnover exceeding 1 lakh crore rupees.
The Confederation of All India Traders (CAIT) Secretary General, Praveen Khandelwal, made even more optimistic predictions, predicting that over four lakh weddings will bring in over Rs 1.2 lakh crore. Since more than 20,000 weddings are anticipated on this joyous day, November 23, Khandelwal emphasized its importance.
Throughout the season, Kolkata and the surrounding areas are scheduled to host an estimated 50,000 weddings, according to another TOI story. There will be a 35% increase over previous season, bringing in an estimated 50,000–60,000 crore rupees for the city's wedding sector.
Migrant workers, especially those in the hotel and catering industries, are drawn to the wedding business because of the abundance of job opportunities it offers. Khandelwal stressed that following the prosperous Diwali holiday season, businesses are ready to fulfill customer needs during the next wedding season.
Experts in the field anticipate that the jewelry products sector will account for 15% of the total sales, with the hospitality and textile sectors each contributing 10%. The event planning and social media marketing industries have also seen significant growth.
According to Khandelwal, event planning services are in high demand since more and more couples are looking for ways to participate with social media, such as by creating selfie points and wedding reels.
Event planner and social media agency owner Bharat Khanna has noticed a similar uptick in revenue in recent years, and he predicts that it will continue this year.
The wedding season is almost approaching, and with it, the business is preparing for a revival that will bring joy to many and create new jobs.
Comments