CAIT – Confederation of All India Traders is expecting a big boom in the market in the upcoming wedding season. Last year market was a bit slow, but it had done a business of around 3.75 Lakh crore. This year there is an expectation that the market will grow by 1 Lakh Crore as said by CAIT.
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Nothing strengthens authority so much as silence.
What is CAIT?
CAIT stands for Confederation of All India Traders. It is the apex body of the trading community in India. CAIT represents over 8 crore traders and more than 40,000 trade associations across the country. It is the world’s largest MSME organization for the non-corporate sector. CAIT was formed in 1990 by a few traders who were inspired by the advice and vision of the late Prime Minister Shri Atal Bihari Vajpayee. The traders wanted to create a forum to handle traders’ problems and provide effective services to them. CAIT works very actively to resolve traders’ issues and release advisories for traders from time to time.
Market in last festive season
Recently the market has seen moderate growth in Diwali. This Diwali market did a business of 3.75 lakh crore, which is a very huge amount. Seeing the business in this festive season, experts are seeing a big boom in economy in upcoming wedding season.
India's wedding season in focus
— WION (@WIONews) November 26, 2023
Business worth $63 billion is anticipated in the upcoming wedding season@SaroyaHem joined by BC Bhartia, National President, Confederation of all India Traders (@CAITIndia), for perspective
Watch more: https://t.co/wojetdJccS pic.twitter.com/gCl7zeR6f3
Wedding season in India
“A successful marriage requires falling in love many times, always with the same person.”
This year wedding season will start on 23rd November and end on 15th December. The second phase of wedding season will start on 15th January and it will continue till 24th of July. It is expected that 38 Lakhs wedding ceremony will happen. In which around 1 Lakh wedding will happen with an expense of 1 crore and above. 5 Lakhs marriages will occur with an expense of 20 Lakhs and above. It is a very big amount that will generate a number of jobs in this sector. It will benefir a large size of population.
इस साल शादियों के सीजन से व्यापार के नए रिकॉर्ड बनेंगे और देश की अर्थव्यवस्था को फायदा होगा -प्रवीण खंडेलवाल, सेक्रेटरी जनरल, CAIT@deepaliranaa @IBJA1919 @CAITIndia #WeddingSeason #Gold #Jewellery pic.twitter.com/LLceUR0gsT
— CNBC-AWAAZ (@CNBC_Awaaz) November 22, 2023
Recently Prime Minister Narendra Modi said – he is troubled by the trend of some “big families” conducting weddings abroad, and urged people to hold such celebrations on Indian soil so that the country’s money does not leave its shores. It proves how important is this wedding season for India’s economy. It is correct also, that most marriages in foreign happen on their own soil, so the same should be done here also. It is good for the Indian economy.
People tend to spend a big chunk of money on welcoming guests (Hospitality). Around 80% of spending occurs on hospitality, the rest 20% on the groom and bride. Food plays a big part in hospitality, tent comes in second spot. Gift for relatives is also compulsory.
What is your plan to do on this wedding season? Enjoy this season with a fun and food, that will boom the market and Indian economy.