CAIT President projects record ₹4.74 lakh crore business in wedding season
According to the Confederation of All India Traders (CAIT), Delhi alone may see four lakh weddings in the month of November.
The Confederation of All India Traders (CAIT) forecasts a ₹4.74 lakh crore business potential in the wedding industry, with Delhi alone anticipating four lakh weddings in November.
This projection aligns with CAIT's earlier estimate of about 35 lakh weddings occurring within the concise timeframe of November 23 to December 15, 2023.
BC Bhartia, President of CAIT pointed out to CNBC-TV18 that the Goods and Services (GST) collection figures in October as a clear sign of a vibrant festive season for retailers.
“The October revenue collection of GST was basically dependent on sales during Diwali. We expect GST to increase further in November because, with festivities, the marriage season will also go side by side,” he said.
GST collection in October 2023 increased 13% year-on-year (YoY), making it the second highest-ever collection of ₹1.72 lakh crore, according to the Ministry of Finance data released on Wednesday, November 1.
As of November 13, retail markets across India registered a record trade of ₹3.75 lakh crore during this festive season so far, per the traders' body.
Also Read | Wedding insurance can shield your big day from the unexpected: Here's a look at policies available
The wedding season is also expected to lift the alcohol industry, with beer sales outpacing other spirits, as events and weddings bounce back to pre-COVID numbers, according to Nuvama Institutional Equities.
(Edited by : Shweta Mungre)
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