21k weddings in Delhi on Akshaya Tritiya; traders expect Rs 1K cr biz

New Delhi: Wedding-related businesses in Delhi are expected to surpass Rs 1,000 crore in one day as the national capital is witnessing around 21,000 marriages to coincide with Akshaya Tritiya -- an auspicious day in the Hindu calender.

Akshaya Tritiya, celebrated annually on the third day of the bright half of Hindu calender month Vaisakha, falls on Wednesday this year.

According to the Chamber of Trade and Industry (CTI), this is one of the peak days of the wedding season, benefiting a wide range of businesses including banquet halls, hotels, caterers, salons, decorators, event managers, and orchestras.

CTI estimated that the overall wedding-related business in the Delhi on Wednesday could exceed Rs 1,000 crore.

"Rates of banquet halls and hotels have seen a 10-15 per cent increase due to high demand," CTI Chairman Brijesh Goyal said.

CTI General Secretary and gold trader Gurmeet Arora said that the gold and silver trade alone is expected to see a turnover of around Rs 200 crore. However, with gold prices at record highs, buyers are showing more interest in light-weight jewellery.

"The price of gold has risen significantly. Ten grams of gold is currently priced at around Rs 97,000, compared to Rs 73,500 on Akshaya Tritiya last year. As a result, traders are focusing on smaller, lighter gold and diamond jewellery pieces to meet customer demand," Arora said.

Families are estimated to spend around 10 per cent of their wedding budget on clothing, 15 per cent on jewellery, and 5 per cent each on electronics, sweets and dry fruits. Gift items account for around 4 per cent of spending, according to Deepak Garg, Senior Vice President, CTI.

In the services category, 5 per cent of the budget typically goes to banquet halls and hotels, 3 per cent to management, 10 per cent to tent and decoration services, and another 10 per cent on other services such as catering, he said.

Flower decoration makes up 4 per cent of total expenses, while transportation, photography, and music-related services together account for about 15 per cent, he added.