Annual Valuation Of The Big Fat Indian Wedding Industry Reaches Rs 4.5 Trillion
The renowned Big Fat Indian wedding is a spectacle. With a staggering one crore weddings occurring annually in India, the wedding industry is witnessing an impressive growth rate of 25-30 percent. It's a global dream for many to attend one, and within the country, people spare no effort to make it a reality.
Factors driving this surge include increasing urbanisation, a growing GDP, and a rising aspirational middle class with greater spending capacity. The wedding industry is estimated to be a staggering Rs 4.5 trillion, although figures can vary due to its largely unorganised nature.
Digital transformation is influencing the wedding landscape, with a preference for digital invitation cards over traditional ones. According to the Confederation of All India Traders (CAIT), the 23-day wedding season alone generated a business worth Rs 4.25 trillion, with 3.5 million weddings taking place between 23 November and 15 December, 2023.
In the same period last year, a survey reported a total of approximately 3.2 million weddings, contributing to a business of Rs 3.75 trillion.
The wedding expenses vary across categories, with an estimated 50,000 weddings falling into the luxury category (expenses of Rs 1 crore or more), another 50,000 in the Rs 50 lakh per wedding category, and around six lakh weddings at Rs 25 lakh. The majority of weddings, approximately 1.2 million, incur expenses of around Rs 10 lakh, while another one million weddings spend about Rs 6 lakh each.
Despite a decrease in the average wedding size, budgets remain constant. The enduring charm of the big fat Indian wedding takes on a new form. Individuals continue to invest the same amount, but now they focus on smaller, more experiential aspects, elevating the guest experience through heightened personalisation and customisation.
Pre-Covid, the typical guest count averaged between 350 and 400. Despite a reduction in the average guest count to around 250 due to covid, budgets remain robust. People are opting for more exclusive options such as resort or destination weddings, maintaining similar expenditure levels on fewer guests. India holds a significant share, representing 25 per cent of the world's weddings, highlighting the scale of the industry. China and India represent half of the world’s weddings.
The wedding industry in India often operates with black money, and inflation has impacted various aspects, including supplier costs and the manufacturing supply chain. Vendors report a 20 per cent year-over-year increase in revenue in 2022. Hotel and venue costs have risen due to supply constraints, and global demand has led to unconventional wedding days.
Globally, there is a willingness to spend on weddings, mirroring trends in the travel and hospitality industry. Despite increased costs, people are inclined to invest in these memorable and unique experiences.
