Weddings blitz opens up a $51 billion opportunity for India
From accessories to match a fresh outfit for each of the four days of celebrations, to personalized gifts for hundreds of guests, her family has been out shopping every weekend since the date was finalized in August.
Shreya’s ceremony in the eastern state of Jharkand is one of the 3.5 million nuptials planned between the end of November and mid December. The so-called wedding season represents a $51 billion opportunity for Indian businesses, as consumers increase spending on gold jewelry, clothing, wedding planning services and home ware.
Kumar Rajagopalan, chief executive officer of the Retailers Association of India, expects an 8%-11% growth in sales across industries associated with wedding spending such as jewelry, garments, footwear and designer clothing from the end of November to January.
Most Indians tie the knot between the end of the Hindu festival of Diwali and the first few months of the new year.
Traditional weddings last for several days, featuring elaborate rituals and entertaining guests with music, colorful outfits, food and parties stretching late into the night.
Despite inflation hitting the less well off particularly hard this year, the season’s first weeks are expected to see good business.
Overall sales during Nov. 23 to Dec.
15 will be about 4.25 trillion rupees ($51 billion), the Confederation of All India Traders estimates. Wearing and gifting gold is considered auspicious in this period and households spend a large share of their wedding budget on jewelry.
With annual demand of around 800 tons, more than half of which is bought for weddings, India is the world’s second-biggest bullion consuming nation.
