June 30th 2024.
New Delhi: The Indian wedding industry is massive, with an estimated worth of over Rs 10 lakh crore. Surprisingly, it is only second to the food and grocery industry in terms of size. According to a report, Indians spend twice as much on their wedding ceremonies compared to education expenses. This shows the importance and grandeur attached to weddings in Indian culture.
In a year, India sees around 80 lakh to 1 crore weddings, which is significantly higher than China's 70-80 lakh and the US's 20-25 lakh. This makes India the largest wedding destination globally. Even though the Indian wedding industry is almost double the size of the US industry, it falls short when compared to China's extravagant wedding industry. This highlights the significant role of weddings in the Indian economy.
Weddings hold the second spot in terms of consumption categories in India, with only food and grocery taking the lead. The report states that if weddings were considered a category, they would be the second largest retail category in India. This shows the immense impact of weddings on the Indian market.
Indian weddings are known for their elaborate and extravagant celebrations, which involve a series of rituals and customs. This not only fuels the consumption of items like jewellery and apparel but also indirectly boosts the sales of automobiles and electronics. Despite efforts to control the spending on weddings, luxury weddings at exotic locations continue to showcase the opulence and grandeur of Indian weddings.
The report states that India's wedding industry is estimated to be worth $130 billion, which is almost twice the size of the US wedding industry. This highlights the significant contribution of weddings to key consumption categories. With an average of 8-10 million weddings happening every year, weddings play a vital role in driving the economy in categories like jewellery, apparel, catering, stay, and travel.
Indian weddings are known for their multi-day and multi-event celebrations, which can range from simple to ultra-lavish. The region, religion, and economic background of the couple play a crucial role in determining the scale and cost of the wedding. The Hindu calendar's lunisolar system adds another layer of complexity, as weddings can only take place on auspicious days, which vary every year.
Surprisingly, even in a value-conscious society, Indians tend to overspend on weddings, regardless of their economic class. The average expenditure on a wedding is around $15,000, which is significantly higher than the per-capita or household income. In comparison to countries like the US, where education expenses take priority over weddings, Indians spend twice as much on weddings as they do on education.
Luxury Indian weddings are a sight to behold, with exotic domestic and international locations, luxurious accommodations, and lavish catering curated by Michelin star chefs. These weddings also feature performances by professional artists and celebrities, making them a once-in-a-lifetime experience.
Apart from directly contributing to the economy, the wedding industry also has indirect effects on sectors like automobiles, consumer electronics, and paints. These industries witness a surge in demand during the wedding season, and industry players closely monitor wedding dates to align their marketing strategies and inventory management.
According to the report, most wedding planning begins 6-12 months in advance, and the most elaborate weddings can have up to 50,000 guests. The bridal attire, especially in the luxury segment, is known for its heavy and intricate work, with some lehengas weighing up to 10 kgs. In 2021, Italian luxury brand Bvlgari launched their first India-only jewellery piece, the Mangalsutra, highlighting the significance of weddings in Indian culture.
Lastly, the report mentions that the cost of decor is often underestimated in Indian weddings. The couple's offbeat food requests, such as chocolate pani puri, waffle dosa, and pineapple-flavoured paneer, are also mentioned, showcasing the extravagant and unique elements of Indian weddings.
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