Shaadi season arrives in full swing, fuels big fat business for India Inc
From packed hotel gardens to crowded jewelery stalls and vibrant sherwani sales, India’s wedding season has opened with an energy that retailers and hospitality companies say has powered one of the strongest year-end increases in consumption, according to TOI.
Companies across the categories are gearing up for higher demand as 46 lakh weddings are estimated to generate around Rs 6.5 lakh crore between November 1 and December 14, according to estimates by the Confederation of All India Traders. According to TOI, wedding spending is also on the rise across categories, from saris to beauty salons, with the average spend going even higher.
Seeing that demand for the luxury suit portfolio is strong, Raymond said consumption is increasing across price points. Kurta sets starting at Rs 1,499 and sherwanis priced up to Rs 85,000 under the Ethnix range are registering traction. “Bookings from distribution partners show that some dealers have responded very well despite requesting deliveries in advance,” TOI quoted SL Pokharna, Head of Commercial and Supply Chain, Raymond Group, as saying.
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Hotels are reporting high occupancy rates at destination wedding locations. Reservations are available for all wedding dates at Corbett’s The Riverview Retreat. Leisure Hotels Group sales manager Shahzad Aslam told TOI that the company expects wedding revenue of around Rs 15 billion from 18 events this season, compared to Rs 11 billion from 15 weddings last year. The average spend per wedding currently starts from around Rs 90 lakh. MD Anil Chadha told TOI that ITC Hotels has seen a rise in demand, including new properties in Bodh Gaya and Prayagraj. Monisha Dewan of Marriott International said luxury weddings cost an average of 1.3 lakh rupees and above, while mid-segment events range from 35 lakh rupees to 80 lakh rupees. November saw a strong performance, with the hospitality chain forecasting growth of at least 10% compared to last year. Jewelry brands also reported high demand. Shoppers at Angara prefer 18K gold and larger center stones. “Despite high metal prices, consumers did not hold back. They bought smarter,” said founder and CEO Ankur Daga.
Reliance Jewels noted that the demand for diamond bridal sets has increased significantly. Ramesh Kalyanaraman, managing director of Kalyan Jewellers, said that jewelery accounts for around 15% of the total wedding spend, according to a TOI report, and the company expects sales to increase compared to last year.
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In apparel, demand is driven by UPPER and central India and eastern markets are expected to recover in December, Darshan Dudhoria, CEO of Indian Silk House Agency, told TOI.
While Fabindia reports a shift towards ceremonial style, Ekaya Banaras CEO Palak Shah said customers are opting for newer and timeless saris and is targeting 10%-15% growth. At Aditya Birla Fashion & Retail, Tasva recorded high double-digit same-store growth, while the company’s TCNS division saw an increase in average transaction and selling price. Footwear brand Inc.5 is gaining traction in the mass premium segment.
The economy will also receive wedding support
Economists told ET that the marriage season, coupled with festive-led spending supported by lower GST rates, will boost the economy in the third quarter. Bank of Baroda analysis shows festival and wedding-related consumption at ₹12-14 lakh crore. The wedding expenditure alone is estimated at ₹ 4.5-5 lakh crore.
They expect GDP growth to be around 7% in the September quarter, helped by a surge in demand that started on September 22, when the GST cuts came into effect. GDP data for the July-September period will be announced on November 28. The economy grew by 5.6% in the second quarter of FY25.
“The biggest driver of economic growth in Q3 will be consumer demand driven by the festive and wedding season,” said Sakshi Gupta, chief economist at HDFC Bank.
Bank of Baroda chief economist Madan Sabnavis said the November-December wedding season will further increase spending, especially on jewelery and clothing.
(With inputs from TOI)
