$130 bn wedding industry to grow by 25% this fiscal

Known for grandeur and elaborate ceremonies, the big fat Indian wedding has emerged as a major part of the economy. According to Jefferies, an investment banking and capital market firm, India’s wedding industry is estimated to be worth $130 billion (Rs 11.05 lakh crore), making it the second-largest industry in the country, after food and groceries. What is more interesting is that it is witnessing healthy growth and is likely to register 20-25 per cent growth this fiscal, according to the industry.

The northern region comprising Delhi, Rajasthan, Uttar Pradesh, Uttarakhand, Haryana, Chandigarh, Punjab and Himachal Pradesh constitutes 40-50 per cent of the total market, according to wedding planners. In terms of value, it would be anywhere between Rs 4.42 lakh crore to Rs 5.52 lakh crore. The wedding industry in the country holds huge potential and in recent past it has become an important driver of economic growth. According to experts, a significant portion is spent on gold and diamond jewellery, followed by apparel and durable goods. This is followed by venue and décor and hospitality-related expenses.

According to estimates, around 80 lakh to 1 crore marriages are celebrated each year across the country. Luxury weddings are becoming more popular among Indian millionaires and billionaires.

According to insiders, modern wedding extravaganzas include, hiring professional wedding planners, celebrities for performances and global cuisine. The discerning clients are also increasingly opting for destination weddings which lasts for three-five days.

“One of the unique things which has emerged in the last few years that more and more couples are opting for is the destination wedding. While favourite destinations for weddings in India continue to be Goa and Rajasthan but new places are also emerging such as Kasauli in Himachal Pradesh, Uttarakhand and Kerala. In Punjab, Mohali and Ludhiana are the most sought-after places especially by Punjab-based NRIs,” said Lakshey Bhatia, CEO, Sassy Wedding Studio.

According to Lakshey, for Indians, weddings are seen as prestige events, so families do not shy away from loosening their purse strings.

Wedding planners said a luxury wedding started from Rs 70 lakh and went into crores. Planners are of the view that there is stark difference between spending pattern between in the north and south of the country.

“Northern weddings are entertainment centric while more focus is put on rituals down south. In northern weddings, the major proportion of the expenditure goes on alcohol, food and entertainment which includes hiring celebrities for performances. Southern weddings, on the other hand, are more décor centric which includes fresh flowers and handicraft,” Abhishek Jain, founder, Weddings by Ajthisside, said.

Prerana Agarwal Saxena, founder, Theme Weavers Designs, shared, “The propensity to spend on marriages has risen like anything. They just want to make the moment memorable.”