Tag: Wedding Season

CAIT President projects record ₹4.74 lakh crore business in wedding season

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Confederation of All India Traders (CAIT) forecasts a ₹4.74 lakh crore business potential in the wedding industry, with Delhi alone anticipating four lakh weddings in November.

This projection aligns with CAIT’s earlier estimate of about 35 lakh weddings occurring within the concise timeframe of November 23 to December 15, 2023.

BC Bhartia, President of CAIT pointed out to CNBC-TV18 that the Goods and Services (GST) collection figures in October as a clear sign of a vibrant festive season for retailers.

“The October revenue collection of GST was basically dependent on sales during Diwali. We expect GST to increase further in November because, with festivities, the marriage season will also go side by side,” he said.

GST collection in October 2023 increased 13% year-on-year (YoY), making it the second highest-ever collection of ₹1.72 lakh crore, according to the Ministry of Finance data released on Wednesday, November 1.

As of November 13, retail markets across India registered a record trade of ₹3.75 lakh crore during this festive season so far, per the traders’ body.

Also Read | Wedding insurance can shield your big day from the unexpected: Here’s a look at policies available

The wedding season is also expected to lift the alcohol industry, with beer sales outpacing other spirits, as events and weddings bounce back to pre-COVID numbers, according to Nuvama Institutional Equities.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wedding insurance can shield your big day from the unexpected: Here’s a look at policies available

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

As the wedding season approaches, the excitement and happiness surrounding these significant events are tangible. The celebration of love and unity among cherished friends and family creates indelible moments. However, the opulence and complexities associated with weddings also involve a considerable financial commitment, underscoring the importance of safeguarding against unforeseen uncertainties that could potentially disrupt these joyous occasions.

This is where the necessity for wedding insurance becomes apparent—a protective measure against financial losses arising from disruptions, cancellations, or postponements of the special day.

Weddings are susceptible to various natural and man-made risks, making it imperative to address these potential challenges. A wedding insurance policy functions as a safety net, providing coverage across a spectrum of potential threats.

According to Policybazaar, an insurance aggregator, the typical policy period spans seven days from the wedding, offering a comprehensive solution to ensure the smooth flow of events during this crucial time.

Understanding the essence of wedding insurance

The significance of wedding insurance lies in its ability to cover major risks that could significantly impact one’s wedding plans. It extends protection against:

Cancellation or postponement: Whether due to natural calamities, property damage, or unforeseen circumstances like theft or burglary, this coverage reimburses expenses incurred from printed cards, advance payments to vendors, travel reservations, and more, according to Bankbazaar.

Property damage: From earthquakes and fires to theft and burglary, coverage extends to decorations, jewellery, appliances, and other specified items.

Liability coverage: The policy also shields against damage or loss to third parties during the event due to accidents or injury.

Personal accident: Wedding insurance covers hospitalisation expenses resulting from accidents during the event.

Understanding exclusions and timelines

While wedding insurance covers a range of risks, there are exclusions:

• Terrorism, civil unrest, or bride/groom kidnapping aren’t covered.
• Delays due to flight issues or sudden unavailability of the venue may not qualify.
• Property damage due to negligence or wear and tear might be excluded.
• ‘Cold Feet’ scenarios aren’t covered.

A look at available wedding insurance policies

(Source: ICICI Lombard plus Future Generali)

The premium of these policies will depend on the size and type of cover opted for and will typically be 0.2-0.4% of the sum insured.

Documents required for the claim process

Essential documents for filing a wedding insurance claim include:

• Claim form
• Policy details
• Details of damaged property
• Invoices or receipts of valuables
• FIR copy (in case of theft)
• Relevant purchase and location details
• Confirmation from an expert for irreparable damage

Wedding insurance claim process

In the unfortunate instance of an incident during the ceremony, the claim process involves:

• Promptly informing the insurance company.
• Fill out the claim form and submit it with the required documents.
• The insurer then assesses the loss or damage.
• If the claim is genuine, compensation is paid out. In case one is dissatisfied with the resolution, legal recourse is an option.

Tips to optimise the insurance policy

According to Policybazaar, customers should ensure that the sum insured aligns with their expenses. They should understand policy limitations on specific items like jewellery or vendor engagements.

ALSO READ | Decoding wedding gift taxation in India: Know ways to exempt it

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Decoding wedding gift taxation in India: Know ways to exempt it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

As the wedding season draws near, the exchange of gifts becomes an integral part of celebrations. Amidst the joy, it’s crucial to understand the nuances of gift taxation. For starters, Section 56 (2) of the Income-tax, 1961 covers the taxation of gifts received from anyone and at any occasion.

According to the Act, gifts received by an individual during their wedding are not taxable. This exemption encompasses items such as jewellery, properties, cash, stocks, and more. Section 56 of the Income Tax Act explicitly exempts these gifts from taxation.

While the gifts themselves remain untaxed, any subsequent income stemming from these presents holds taxable status. For instance, if a couple receives property as a wedding gift and rents it out, the rental earnings are taxable.

But there are prerequisites for these exemptions. Gifts must be received explicitly on the occasion of marriage, excluding engagements or other ceremonies. Moreover, the gifts must directly reach the individual or the couple, excluding any other family member. Failure to meet these criteria renders gifts exceeding ₹50,000 taxable.

Preserving records of gifts and their values during weddings serves as a safeguard. This practice, coupled with capturing moments of gift exchanges, aids in potential future scrutiny by tax authorities. Lack of genuine proof of an item being a wedding gift might result in hefty fines or penalties.

It’s critical to note that exemptions only apply to gifts received from individuals. Gifts from companies or other entities are taxable, adding their value to the recipient’s income.

Furthermore, while vehicles received as wedding gifts might initially evade taxes, any subsequent sale or commercial use, such as leasing it as a taxi, incurs taxable obligations.

Here’s a look at other exemptions of gift tax:

(Source: Clear)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Phase 2 of wedding season likely to be very strong, says CAIT

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

[wealthdesk shortname=”Matrimony.com” isinid=”INE866R01028″ bseid=”540704″ nseid=”MATRIMONY” sector=”Miscellaneous” exchange=”nse”]

The season of big fat Indian weddings is underway. According to the Confederation of All India Traders (CAIT), a total of 32 lakh weddings have taken place till December 14 this year with Rs 3.75 lakh crore worth of expenditure. And phase two, starting from January 14, 2023, is expected to be very strong. Murugavel Janakiraman, Founder and CEO at Matrimony.com and Praveen Khandelwal, General Secretary at CAIT discussed more on the demand trends in this wedding season.

The first phase of Indian weddings ended on December 14, 2022, and the second phase will begin on January 14, 2023. India has crossed Rs 4 lakh crore of wedding expenditure this season. “Next phase, which is going to start from January 14, 2023, to July 15, 2023, is going to be a robust season and ultimately the economy will be benefited,” said Khandelwal.

According to a survey conducted by CAIT, in 35 cities, the wedding expenditure this season is going to be very high.

During COVID, there was a surge in the number of people signing up for matrimonial websites. However, the momentum did not continue.

“Post-COVID, we saw a drop in the number of people signing up. We didn’t have the similar kind of growth or uptick that we had during the COVID period,” said Janakiraman.

This had some impact on the growth of the business.

Next year, the growth is expected to touch the earlier level of growth, Janakiraman added.

According to Khandelwal, after two years of COVID, this is going to be a rising period for weddings for the next couple of years.

The number of invitees to weddings has gone down but the spending has been on the higher side.

People now want to spend more. Destination wedding is growing at a fast pace. Therefore, there is tremendous demand at least for the next couple of years — for 2023 and 2024, said Khandelwal.

For the entire discussion, watch the accompanying video

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s big weddings are back | FNP Venues and weddings expect over 100% growth this year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The big fat Indian weddings are back. A market that is worth $50 billion came to a complete standstill in the last 2 years due to COVID-19 restrictions but the sector is hoping this wedding season will bring back its shine.

The wedding season starts from November and goes on to February, The sector is expecting 3.2 million weddings in the country versus just 2.5 million in the previous year. With the wedding season returning in full force, hotel bookings, wedding planners, jewellery industry, food and sweets segments are back in demand.

Vikaas Gutgutia, Founder and Managing Director at Ferns and Petals is expecting a 100 percent growth for the sector this year.

“Wedding is the time when the demand and supply in flowers hit the roof. On an annual basis, wedding probably consumes two-third of the total flower consumption of the country. If I compare it with the pre-wedding year which is 2019 to now, I can definitely see 100 percent jump,” he said.

Also Read: NSE likely to introduce trading of electronic gold receipts: SEBI

With weddings returning to their full glory, demand for commodities such as jewellery, sugar, edible oil and food grains everything is picking up. The jewellery sector is expecting to see 10-12 percent higher demand as compared to pre-COVID levels. India being the second largest consumer of gold, World Gold Council says 50 percent of demand comes from weddings or jewellery.

That’s not the only commodity seeing a boost in demand.

India’s sugar market estimates to record 27.5 million tonnes of demand in this year with chocolates, sweets and cakes driving growth. Edible oil imports have also risen during this wedding season.

So is this wedding season a year of recovery?

Surendra Mehta, Secretary of India Bullion and Jewellers Association and Atul Chaturvedi, Executive Chairman at Shree Renuka Sugars discussed further.

Also Read: ‘One India One Gold Rate’ | Kerala to introduce uniform gold price — How will you benefit?

For the entire show, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Are big fat Indian weddings back? Vendors rejoice as post-pandemic sales soar even as inflation pinches

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

This November, the vibe of the country has changed — streets are witnessing the glamour of the band, baja and baraat as Wedding da Season is here!

Weddings may be said to be made in heaven, but their grandiosity and extravagance is made in India. This is evident from the fact that the Indian wedding industry is worth Rs 3.68 trillion, according to a 2016 report by KPMG titled ‘Market Study of Online Matrimony and Marriage Services in India’.

According to an estimate by the Confederation of All India Traders (CAIT), over 32 lakh weddings will be solemnised between November 14 and December 14. The wedding market is expected to generate business worth Rs 3.75 lakh crore in this period. Last year, the estimate was at 25 lakh weddings.

“Couples whose weddings got postponed last year due to COVID-19 are tying the knot this year from November 2022-March 2023. This wedding season is seeing almost an increase of 20-30 percent in numbers of weddings happening, as compared to 2019,” said Parthip Thyagarajan, Co-founder and CEO, WeddingSutra.com

The wedding venue surge

Most vendors across sectors that CNBC-TV18.com talked to said they are booked, suggesting robust growth.

“In the past year, the overall wedding business has dipped by almost 60 percent, but because the previous year’s weddings are rescheduled to happen now, 80 percent of the venues are booked in advance and we are looking at robust growth figures. We estimate a 25-30 percent rise in venue bookings this year,” said . Vikaas Gutgutia, MD and Founder, FNP Venues, FNP Weddings & Events.

He further added that FNP venues and weddings business will see more than a 100 percent growth this year.

Paritosh Ladhani, JMD, Sincere Developers which owns Taj Hotel & Convention Centre Agra, is expecting a growth of 20 percent in revenue in the segment. Meanwhile, due to a 3x boost in wedding enquiries, Damandeep Singh, General Manager, Karma Lakelands Gurgaon, expects to see a rise of 40 percent in revenue as compared to 2019.

Also read: Rajasthan wedding market sees a boom as 1.5 lakh marriages set to take place in November

Adding to that, although mid-November to mid-December is the peak for the wedding industry, the shenanigans go on through year.  “In terms of bookings in advance, they are made six months prior and for us this year, our wedding bookings have been almost 200 percent more than the pre-pandemic years,” said Gorav Arora, General Manager, Novotel, Mumbai – Juhu Beach.

Trend and spend

Vendors said that as per the weddings that have already happened this year, the guest lists in some cases have increased. The average wedding guest list is 250-500 people.

“From 400-500 guests on an average pre-COVID, it has now come down to 200-250. But the spending has not reduced as couples are focusing on the guest experience,” said Anam Zubair, Head of Marketing — WeddingWire India.

“As per our data this wedding season, large venues (250-300 guests) are in high demand. When it comes to spending, hosts have easily paid in the range of Rs 4,200-5,000 on average to hotels on double-sharing rooms. And Rs 550-1,200 are being charged by hotels for major meals (vegetarian),” said Munjal Thakkar, Managing Director, Promenade Hospitality.

On destination wedding front, Mehak Sagar, Co-founder of WedMeGood. quoted data collected from their app from vendors and said 18 percent of the weddings that have happened this year are destination weddings. “Domestically, Jaipur Goa and Udaipur continue to dominate, but destinations like Puri, Pushkar and Mahabaleshwar have also joined the mix,” she added.

As per their data, people are looking for properties close to their hometowns.

“The preference for wedding locations that are within driving distance for the host family is the biggest difference we have noticed since COVID,” said Akarsh Mathur, General Manager, The Deltin, Daman. He also added that customers are increasingly concerned about cleanliness and favour lodgings with strict quality requirements.

Wedding planners and decoraters have been a bit hit in this section. Shruti Tiwari, Managing Director, VLW Global, a destination wedding planner in Goa, said the number of events this year have gone up by 20 percent but as the internal cost of labour, transport, and florals have shot up, the take-home revenues aren’t crossing the 2019 level.

Also read: Expect weddings to be $0.5 trillion market in India over 10 years: Matrimony.com

On catering front, Sanjay Vazirani, CEO Foodlink F&B Holdings India, said that for premium catering demand, the price band is an average of Rs 5,000 per person in Tier 1 cities and Rs 3,000 per person in Tier 2 cities.

“In terms of trends, it has moved to shorter menus, Veganism, reducetarianism and flexitarianism is on the rise. Expecting a revenue growth of 25 percent for existing markets from 2019,” he added.

Inflation, although, is a big factor as he said procurement cost has increased, so margins have decreased.

According to Rupabh Sethi, co-owner of one of Delhi’s oldest and biggest sweet shops, Madan Lal Halwai, the average rate of mithai boxes this wedding season is from Rs 500-1,500.

“There is an overall 30 percent increase in total revenue as compared to 2019. However, owing to inflation, the profit margins have come down,” he added.

When it comes to wedding photography and videography, artists are overbooked primarily due to the weddings that were postponed and rescheduled.

“It can be said that at least for me, weddings have become bigger than before. I have filmed the most extravagant weddings this year. There’s been pent-up energy of sorts which I can feel,” said luxury wedding videographer and founder of The Wedding Filmer, Vishal Punjabi. This wedding season, he is already pre-booked and has had over 5,000 wedding queries for the month.

Also read: New high expected in hospitality due to festivities & long weekends

According to him, the company has seen about a 200 percent increase in bookings and 500 percent increase in enquiries as compared to pre-pandemic times.

Siddharth Goel, Co-founder, Camlition Productions, believes that the demand for a photographer in a wedding has increased a lot because everyone wants the perfect picture for the perfect moment. “We’re also seeing a trend of VR wedding shoots, or 360-degree wedding shoots,” added Goel.

All that glitters is not just gold

Jewellery shops this wedding season roo are very hopeful of surpassing the pre-pandemic sales.

“The sales percentage is expected to grow by around 20 percent this wedding season compared to 2019, thereby increasing the overall revenue share by around 10-15 percent,” said Rupesh Jain, Founder & CEO, Candere by Kalyan Jewellers.

Furthermore, he noted that people are moving away from traditional gold heavy jewellery in favor of fine diamond jewellery. Pink gold and white gold jewellery are becoming more popular than yellow gold.

Kalpnik Choksi, Director, Ishwarlal Harjivandas Jewellers, Ahmedabad, said that this year so far, they added about 27-30 percent to the annual revenue. In 2019, it was about 20 percent.

Urvish Soni, CTO, Yashoda Jewels, is expecting sales to add about 25 percent to the annual revenue as compared to 15-20 percent in 2019.

The ultimate matchmaker, Sima Aunty in Netflix’s Indian Matchmaking, believes that “efforts are meaningless if stars are not aligned”. With the vendor sentiment, it can be said that this wedding season, stars are indeed aligned well for the industry which is looking to get back on track after the setback due to the pandemic.

Also read: Weddings and tourism: A growing matrimony in the Indian economy

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gujarat elections: Wedding season to coincide with poll dates in Gujarat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Gujarat Assembly election dates next month will coincide with the marriage season when a large number of people are likely to remain busy planning and participating in such events, wedding planners have said. Some political leaders said they will try to convince people to take some time out from their social engagements to cast vote.

According to wedding pundits, dates like December 2, 4, and 8 are among the most auspicious for marriages and hundreds of wedding functions are planned during that time.

The Gujarat Assembly polls will be held in two phases on December 1 and 5 and the counting of votes will be taken up on December 8.

The marriage season will get busy from November 22 and last until the beginning of ‘kamurta’ period from December 16 when no auspicious events are planned, as per some wedding planners.

They said hundreds of weddings are planned between November 22 and December 16, with a large number of events scheduled on the auspicious dates of December 2, 4 and 8.

Since COVID-19-related restrictions like night curfew and limit on the number of guests have been lifted, the number of wedding events planned this winter season has risen sharply, they said.

“There is a wedding rush and a large number of such functions are planned this season,” Anand Thakrar from The Shadi Planner, a Vadodara-based firm, said.

“Since the COVID-19 restrictions have been lifted, the number of guests at wedding functions is also seen increasing sharply to 500-1,000 people. This is also a key difference compared to last year,” he said.

Priest Kamlesh Trivedi from Ahmedabad said the auspicious wedding dates are between November 25 and December 14, before the nearly month-long ‘kamurta’ period starts on December 16.

“A large number of weddings are planned on the ‘muhurat’ dates — November 28, 29 and December 2, 4, and 8, which are around the election schedule,” Trivedi said.

Gujarat Congress spokesperson Manish Doshi noted that people have scheduled weddings and cannot defer them for elections.

“But, we will try to convince them to take some time out to cast vote. Marriage is important no doubt, but they can take out some time to participate in this celebration of democracy,” he said.

Doshi claimed the people of Gujarat have made up their minds for a change and will find a way out from their social engagements, including weddings, to exercise their franchise.

Gujarat Aam Aadmi Party (AAP) spokesperson Karan Barot said, “It is the responsibility of the people to ensure the victory of a good candidate, irrespective of which political party he/she belongs to.” Hence, they are requested to vote for their favourite local leader, even if it means taking out some time from their social commitments, he said.

“As a political party, we would like to request them that even as they have to attend weddings or other functions, they must make sure the good candidates win irrespective of the political parties they represent,” Barot added.

Of the total 182 Assembly seats in Gujarat, voting in 89 seats will be held on December 1 and in 93 seats on December 5.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Raymond’s shirt segment not impacted due to high cotton prices as wedding season kicks in

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

[wealthdesk shortname=”Raymond” isinid=”INE301A01014″ bseid=”500330″ nseid=”RAYMOND” sector=”Textiles – Woollen & Worsted” exchange=”nse”]

As the festive season kicks in, the consumption-reliant sectors are betting on a demand uptick. This is after many fast-moving consumer goods (FMCG) companies catering to mass consumption items reported poor sales volumes in the April-May-June quarter.

CNBC-TV18 is speaking to companies across industries to gauge what demand looks like. According to Amit Agarwal, Group CFO at Raymond,  the shirting segment margins have not been impacted due to elevated cotton prices and it expects the current quarter to reflect this.

“If I look at my shirting fabric across my portfolio, we need cotton only for the shirting portfolio. There has not been any margin impact per se, maybe a lack of quarter or two, but not really impacted on the margins per se,” he said.

Read Here: Online festive sales to grow by 28% to reach $11.8 billion in CY22, says report

The company stays bullish on festive demand and expects the demand uptick to continue after that as well.

“Immediately after the festive season, after the Diwali and Dussehra, you get on to the wedding season,” he reasoned.

Raymond has a widespread network in 600 cities and towns and the management is banking on this reach for its last mile push.

Read Here: Exclusive: Meesho mounts first massive celebrity-led festive campaign

The export segment is also looking healthy with the company claiming that its orderbook is full till the end of the current fiscal. The China Plus One strategy added to this.

“Some of the customers which were not coming to us earlier, maybe five-seven years back because of the Chinese buying, they have really come to us and started to give the prices which we wanted and maintaining our margins,” Agarwal said.

For the full interview, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow