The wedding season in India is set to generate around Rs 6 trillion in revenue with an estimated 4.8 million weddings scheduled for November and December.
As per the Motilal Oswal Wealth Management Ltd, this marks a significant increase from last year’s 3.8 million weddings, which generated a business of Rs. 4.7 trillion. Delhi alone is likely to see over 4.5 lakh weddings during the two months, according to data from the Confederation of All India Traders.
The bustling wedding market is set to have a ripple effect across various sectors, including jewellery, retail, hotels, and automobiles, as families indulge in extravagant celebrations. Titan, a leader in the jewellery segment, is expected to see a spike in demand due to the customs duty reduction announcement.
Motilal Oswal Wealth Management, in its report, has identified several sectors that are likely to benefit from this surge in wedding-related business. It said five companies are well-positioned to perform well over the short to medium term, owing to the booming wedding season.
Vedant Fashions, which operates the popular ethnic wear brand Manyavar, is projected to experience robust growth, thanks to a spread-out wedding season this year. Eicher Motors’ Royal Enfield brand is witnessing a surge in demand, particularly in the run-up to the wedding season. Safari, a prominent player in the furniture and home décor sector, is expected to see an uptick in revenue due to increased demand driven by pre-festive stocking.
Lemon Tree Hotels is another company set to benefit from the wedding season, the report further said. Confederation of All India Traders (CAIT) has estimated that this fiscal, H2FY25 will see 41 wedding days whereas last fiscal, the second half saw 30 dates, promising an extended period of celebration, and with it, an extended opportunity to boost economic activity.