CAIT Forecasts Rs 4.7 Lakh Crore Business Surge in India During Upcoming Wedding Season
by EVENTFAQS Bureau Weddings | November 24, 2023 | News
CAIT Wedding Season
Anticipating a bustling wedding season ahead, the Confederation of All India Traders (CAIT) has projected a significant economic boost in India. According to CAIT, the upcoming period from November 23 to December 15 is expected to witness a whopping expenditure of Rs 4.74 lakh crore, attributed to nearly 38 lakh weddings. This projection reflects a substantial increase of about Rs 1 lakh crore compared to the previous year, signaling positive trends for the Indian economy and retail trade.
CAIT Secretary General Praveen Khandelwal revealed that these estimates are derived from information gathered from trade bodies in 30 cities across different states, as well as insights from various stakeholders in goods and services. During the specified period, he stated that around 38 lakh weddings are estimated to take place, contributing to the substantial total expenditure.
In contrast to the previous year's 32 lakh weddings with a total expenditure of Rs 3.75 lakh crore, this year is poised to witness a considerable rise in spending, highlighting encouraging prospects for economic growth. The wedding dates set for this season fall on November 23, 24, 27, 28, 29, and December 3, 4, 7, 8, 9, and 15, as outlined by CAIT.
Delving into regional expectations, Khandelwal mentioned that in Delhi alone, over 4 lakh weddings are anticipated during this season, potentially generating a substantial business amounting to about Rs 1.25 lakh crore. As the wedding season unfolds, these projections indicate a promising economic upswing and a flourishing period for the retail sector in India.
According to CAIT, the upcoming period from November 23 to December 15 is expected to witness a whopping expenditure of Rs 4.74 lakh crore, attributed to nearly 38 lakh weddings.