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With the wedding season fast approaching in India, the country is set to become the world’s second-largest wedding market.
The Confederation of All India Traders (CAIT) forecasts that between November and mid-December, approximately 3.5 million weddings will take place, driving a significant surge in spending.
Weddings during this period are expected to generate a staggering Rs 4.25 trillion in expenditure, according to another calculation made in Markets’ report.
This figure represents a significant increase from last year’s 3.2 million weddings.
The Indian wedding industry is experiencing a robust recovery, growing at an annual rate of 7-8 per cent, as reported by wedding planning site.
India hosts approximately 10 million weddings each year, contributing to an estimated $130 billion in expenditures annually, making it the fourth-largest industry in the country.
The CAIT survey reveals that from January 15 to July 15 of this year, over 4.2 million weddings generated an estimated expenditure of Rs 5.5 trillion.
The industry’s growth is further supported by recent policy changes, such as the reduction in gold import duties from 15 per cent to 6 per cent.
This move is expected to boost gold purchases, driven by the precious metal's cultural significance and investment appeal.