Band, Baajaa, Baaraat, Paisa: Wedding Economy Set To Get Bigger In 2024

Nov. 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, and Dec. 4, 5, 9, 10, 11, 14, 15 and 16. Chances are that if you are getting married this year, it's on one of these dates.

If you are not getting married, you are likely to be invited to a wedding on one or more of these dates.

Either would mean spending on food and beverages, venue booking, travel tickets, new outfit or two to wear, something to gift to the newlyweds, and so on.

After Diwali brought some festive cheer to some sectors in the economy, hopes are that a longer wedding season will keep the momentum going. The number of auspicious wedding dates this year are much higher than what was recorded in the last calendar year.

According to estimates by the Confederation of All India Traders, the retail sector, encompassing both goods and services, is expected to benefit from approximately 48 lakh weddings in November and December. This is much higher than the 35 lakh weddings reported last year.

This wedding season will likely generate business worth Rs 6 lakh crore, according to Praveen Khandelwal, a member of parliament from Chandni Chowk, Delhi, and the secretary general of CAIT.

Kumar Rajagopalan, chief executive officer of Retailers Association of India concurred.

Specific categories in discretionary products, such as garments, jewellery, electronics, cars, bikes, beauty and cosmetics, are expected to see a rise in spending. Compared to the last wedding season, sales are expected to be higher to the tune of 15–20%, Rajagopalan said.

Broader shifts towards luxury, yet intimate weddings are also driving demand, said Vikaas Gutgutia, founder and managing director of Ferns N Petals. Gutgutia expects this wedding season to be one of the strongest yet, with a 20–25% increase in bookings compared to last year.

CAIT estimates that while nearly 30 lakh weddings will involve spending of Rs 10 lakh or less. Another 10 lakh will involve spends worth Rs 15 lakh per wedding. About seven lakh will see spends worth Rs 25 lakh each, and a lakh weddings will have budgets of Rs 50 lakh or more.

Nitin Kedia of the All India Jewellers & Goldsmith Federation anticipates sales of 144 tonnes of gold, valued at over Rs 1.15 lakh crore, assuming 48 lakh weddings scheduled in the next two months.

In value terms, the wedding season is expected to be bigger, though volumes might trend lower from a year ago given gold prices. Apart from the auspicious dates, new design launches and innovation by the industry is helping drive sales, he added.

"Despite higher gold prices, we expect a steady demand for wedding jewellery," according to Vandana Jagwani, creative director of jewellery brand Mahesh Notandass and founder of Vandals.

The mindset among customers is indulgent, and there is a noticeable trend toward investing in high-quality, multi-functional pieces. This has kept purchasing trends consistent, if not more robust, than in previous years, she said.

Gold is widely recognised as the one wedding investment that appreciates over time, unlike other wedding expenses that quickly lose value, Abhishek Soni, managing director at House of MBJ, said. Many people now understand that gold remains a valuable asset that not only retains but often increases in worth, making it a key choice for long-term value in wedding spending, he said.

Jewellers are also seeing a rise in lightweight jewellery and rising preferences for lab-grown diamonds and stones are a trend which continues to persist, Kedia said.