Mumbai:
In the upcoming wedding season, that is, between November and mid-December 2024, an estimated 35 lakh weddings will take place in India, with a total expenditure of Rs 4.25 lakh crore (₹4.25 trillion) in India, according to a report by PL Capital-Prabhudas Lilladher.
According to the report, “It is estimated that 35 lakh weddings will take place in India between November and mid-December alone… This figure was 32 lakh during the same period in the year 2023… Rs 4.25 lakh crore is expected to be spent on these events this year…”
According to the report titled ‘Band, Baja, Baraat and Markets’, the reduction in gold import duty in the Union Budget presented in July will boost big spending during the festive and wedding season.
Decreasing import duty on gold will increase demand
The report said, “Recently, the import duty on gold was reduced from 15 percent to 6 percent, which is expected to increase the purchase of gold across the country, especially in the upcoming festive and wedding season… Gold has cultural and religious importance, it is also very important as an investment, so the reduction in import duty is expected to increase the demand significantly…”
The report quoted a survey by the Confederation of All India Traders (CAIT) saying that between January 15 and July 15, more than 42 lakh weddings took place in India, with an estimated expenditure of Rs 5.5 lakh crore (₹5.5 trillion). Now, between November and mid-December this year, 35 lakh more weddings are expected to take place, with an expenditure of about Rs 4.25 lakh crore.
Stocks also rise during the wedding season
Usually, the country’s stock markets also witness a boom during the festive and wedding season. The main reason for this is the increase in consumer spending. This increased demand benefits the retail sector as well as the hospitality, jewellery and automobile sectors.
India also sees a surge in spending on premium services such as airlines and hotel bookings during the wedding and festival seasons. This increased demand leads to higher profit margins for companies, which ultimately supports India’s economic growth.
The government’s plan to promote 25 wedding venues will also be beneficial
The report also said that the government’s plan to recognise 25 special places in the country as wedding destinations and promote India as the top choice for international weddings will increase foreign exchange flow into the country.
According to the report, “The initiative will begin by highlighting around 25 special locations across the country… Modelled on the success of ‘Make in India’, the strategy aims to attract the estimated US$12.1 billion (approximately ₹1,01,300 crores) that is currently spent on destination weddings abroad to India…”
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.