Indians are fascinated with weddings. From curiosity regarding the bride’s dress to the groom’s dance, we love almost everything about this celebration of love. And when Indians marry, it is hardly a small affair.
Everyone is talking about Reliance Industries chairman Mukesh Ambani and his wife Nita Ambani’s youngest son Anant Ambani’s wedding to Radhika Merchant, daughter of pharma tycoons Viren and Shaila Merchant. The grand event is being covered by not just Indian media but also its international counterparts. While the focus is on the Ambani’s nuptial ceremony, there is an aspect of Indian weddings that should interest you.
The Indian wedding industry is valued at $130 billion, making it the second largest sector after food and grocery ($681 billion). No, we are not kidding! India’s big fat wedding market According to a recent Jefferies report, India’s wedding market is only second to food and groceries in terms of consumption. In fact, families spend more on weddings than education.
The average Indian wedding costs around $15,000 (about Rs 13 lakh), nearly twice the amount spent on a child’s education from pre-school to graduation. “Interestingly, an average Indian couple spends approximately 2x on weddings vs education (pre-primary to graduation), in sharp contrast to countries such as the US where the spend is less than half vs education,” the report noted. India’s wedding industry is about double the size of the US market but still smaller than China’s.
“The Indian wedding industry is nearly twice the size of the US industry ($70 billion), though smaller than China’s ($170 billion),” according to the Jefferies report. Weddings are a multiple-day affair in India, with several functions being hosted by the bride and groom’s families. “Weddings have a deep cultural significance in India and drive large consumption spending, often disproportionate to income levels,” the report noted.
While India hosts about eight to 10 million (80 lakh to one crore) weddings every year, China records seven to eight million (70-80 lakh) and the US – 2 to 2.5 million (20-25 lakh). According to a recent report by WedMeGood, an Indian wedding planning website and app, the Indian wedding industry is growing at an annual rate of 7-8 per cent.
The industry is estimated to have touched $75 billion in the 2023-24 wedding season. Growth of luxury wedding market It is as grand as it can get. Lavish ceremonies at equally splendid locations – India’s luxury weddings have it all.
The rich and famous incur an average expenditure of Rs 20 lakh to Rs 30 lakh on weddings, with the upper end of the spectrum spending much more. These costs generally cover five to six functions, plush accommodations at luxury hotels, top-notch catering with menus curated by Michelin-star chefs, decor and performances by artists and celebrities. There are usually guests between 300 and 500 at luxury weddings, which make for a major segment of the market, as per the Jefferies report.
Love for destination weddings Everyone wants a destination wedding! Why not marry at a royal fort in Rajasthan if you can afford it? The 2023-24 wedding industry report by WedMeGood found people prefer to get hitched at exotic locations, with destination weddings surging to 21 per cent in 2024 compared to 18 per cent in 2022. Goa, Udaipur, Jaipur, Kerala and Uttarakhand are popular domestic destinations among couples, while global destinations that allure them include Thailand, Bali, Italy and Dubai. Rishikesh is also poised to emerge as a hotspot for those tying the knot in India.
But not everyone is hopping on the plane for a destination wedding. Some are instead opting for intimate celebrations, with 12 per cent of couples interested in personalised weddings, as per the Mint report. ALSO READ : SC to hear plea seeking review of last year’s verdict on same-sex marriage How weddings boost other sectors The wedding industry comprises small businesses and individual service providers.
With different regions and religions having their unique customs and rituals, local businesses help to cater for those diverse and specific needs, NDTV reported citing the report by Jefferies, an investment banking and capital market firm. “Economic activity across India surges during the wedding season, especially during the first peak period which also coincides with the festive period in India, and sector beneficiaries track this closely,” the report stated. Several sectors benefit directly from the holy matrimony.
Wedding drives spending in categories like jewellery, apparel, food and beverages, photography, wedding planning, decoration, and so on. More than half of jewellery sales come from bridal purchases. Over 10 per cent of the spending on clothing is for weddings.
Catering makes for 20 per cent of wedding expenses, while event management services account for 15 per cent. Wedding planners usually charge between 8-10 per cent of the total event budget. “Wedding professionals have reported a 15-22 per cent increase in their business year-on-year from 2022 to 2023, coming off the back of the rise in destination weddings.
The customer base is also evolving which is paying more and more attention to detail,” Mehak Sagar Shahani, co-founder of WedMeGood told Mint. The wedding industry also fuels other sectors indirectly. The paint industry benefits from weddings as families usually renovate their homes ahead of the ceremony.
The sales of consumer electronics such as televisions, smartphones, and home appliances surge as they are often given as wedding gifts. Now you know why it’s called a big fat Indian wedding! With inputs from agencies.
