The Indian wedding season is upon us and the market gearing up for a huge boom.
According to the Confederation of All India Traders (CAIT), India is expecting 48 lakh weddings in just the next two months. This will likely generate around a staggering ₹6 lakh Crore in business.
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Weddings are an integral part of the Indian culture and that is reflected in the economy as well. With a total market value of $130 billion, the wedding industry is the second largest in India after food and grocery.
Winter is a peak season for Indian weddings as the weather is best fitting for the celebrations with less risk of rain and humidity. This season brings benefits to key sectors including jewelry, clothing, event management, and hospitality.
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While people are excited about the upcoming surge in the market, this also raised some concerns for the middle class which is constantly trying to have the biggest weddings. People spend their entire savings and sometimes even take loans to have two days of celebration.
It has become a competitive market not just for the businesses but also for the parents who are constantly trying to one-up their weddings to boast among their relatives. While celebrations are in order for such a huge occasion, there must be a healthy balance.
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