In our country, marriage is considered to be the most expensive occasion. Indian parents spend lakhs of rupees to arrange grand weddings for their children. Sometimes parents spend their entire life’s earnings on it and some even go into debt because of it.
A report says that an Indian spends twice as much on his marriage as he spends on his education. This may seem like a wasteful expenditure in the eyes of some people but the interesting thing is that this wasteful expenditure works to give a strong support to the Indian economy.
Recently, Prabhudas Lilladher’s PL Capital report said that this year, between November and December, more than 35 lakh weddings will take place across the country, which is expected to generate a total business of Rs 4.25 lakh crore. Last year, at this time, 32 lakh weddings took place across the country.
Citing a survey by the Confederation of All India Traders (CAIT), the report said that more than 42 lakh weddings took place in India between January 15 and July 15 this year. The total business from these weddings was estimated to be more than Rs 5 lakh crore.
‘People’s purchasing power increased on gold’
In this report named ‘Band Baja Baraat and Market’, it is also being estimated that after the import duty on gold is reduced from 15% to 6% in this year’s budget, there may be a bumper jump in the purchase of gold jewellery. The reduction in customs has increased the purchasing power of people on gold.
Indian economy will get a booster dose
Every year during the October to December quarter, Indian businessmen have a great time. Diwali and wedding season leave no stone unturned in increasing the vibrancy of the markets. In this affair, people spend a lot of money on jewellery, clothes, vehicles, furniture and electronics. In such a situation, in this wedding season which lasts for 1 month, a cash flow of Rs 4.25 lakh crore will be seen for the supply of all the things and facilities related to the wedding.
Wedding season is beneficial for the stock market
Before marriage, people get their houses repaired and painted, apart from this, things used in the wedding like bridal jewellery, clothes, furniture, home appliances and vehicles are also purchased. Along with this, booking of venue, catering and hotels is also done. It is worth noting that during the wedding season, the demand for many things increases a lot and this is a good opportunity for the companies manufacturing these things to earn profits. This increases their profit margin.
People in India spend money generously during weddings. Jefferies’ report has revealed that Indian parents spend twice as much on their children’s weddings than they do on their education. Some people even take loans from banks for this. In many cases, both the boy and the girl take personal loans for the wedding and honeymoon. The trend of taking loans from banks for weddings is increasing and this season too, the banking sector will earn a good income from weddings.
India has the second largest wedding industry in the world
Every year 80 lakh to 1 crore weddings take place in India. The average expenditure on a wedding is about 12 lakh rupees. According to a Jefferies report, the size of India’s wedding industry is about 130 billion dollars i.e. 10 lakh crore rupees which is the second largest wedding industry in the world after China. The size of China’s wedding industry is 170 billion dollars.
Government is promoting destination wedding
Nowadays the trend of destination wedding has increased. Recently some celebs have set a new trend by having destination weddings. In destination weddings, the wedding is organized at a tourist place or a historical place away from home. And whenever it comes to destination wedding, the first thought that comes to mind is Rajasthan, because this place is famous for its royal heritage. The central government is also working on creating destination wedding sites at 25 places across the country. The government’s objective behind this is also to increase foreign investment in India.
