Band Baaja Baraat: Spike In Business For India’s Wedding Sector
The Indian wedding industry is gearing up to leverage the ongoing festive season. The sector is known for its grandeur, opulence and extravagance. Industry leaders are expecting a monumental spike in revenue compared to last year. Notably, Indian families spend a huge chunk of cash on venues, decorations, outfits, jewellery, and gifts for their loved ones.
Riding the wedding fever, Knot Worldwide stated in a report that the Indian wedding industry has been on a growth trajectory and is expected to grow by 10 per cent in 2023, with an estimated USD 50 billion in spending. It has rebounded from the pandemic woes, with 3.2 million events lined up for the November 2022-February 2023 season, up from 2.5 million a year back.
Rituraj Khanna, Chief Executive Officer, Q Events underscored, “The wedding industry has experienced unprecedented growth this year, with an astounding 35 lakh weddings set to take place between 23rd November and 15th December. This surge in wedding celebrations reflects a shift in societal attitudes towards grandeur and opulence, as well as the increasing purchasing power of the middle class.”
According to a report by the Confederation of All India Traders (CAIT), the industry is likely to witness 35 lakh weddings in just 23 days between November 23 to December 15, 2023. This marks an increase from the previous year, where 25 lakh weddings took place during the same period. The report also highlights that businesses are expected to earn Rs 4.25 lakh crore this wedding season.
Shanaya Udwadia, Event planner & Designer, Double S Enterprises underlined, “The surge in weddings with 35 Lakh events scheduled between November 23rd and December 15th certainly reflects the evolving landscape of the wedding industry. The growth can be attributed to various factors, including pent-up demand due to pandemic-related postponements, evolving consumer preferences, and an increase in destination weddings.”
Traders across the country have made extensive preparations to cater to the huge demand for wedding-related goods and services. According to the survey conducted by CAIT, this is the highest-ever business opportunity for the wedding industry. Last year, during the same period, total expenditure reached Rs 3 lakh crore.
Wedding Expenditure Categories And Thriving Businesses
The CAIT survey also revealed that weddings can be divided into five different expenditure categories, based on the budget of the couples and their families. These are about 6 lakh weddings with an estimated expenditure of Rs 3 lakh per wedding, approximately 10 lakh weddings will cost around Rs 6 lakh per wedding, 12 lakh weddings are expected to incur expenses of about Rs 10 lakh per wedding, 6 lakh weddings are estimated to cost Rs 25 lakh per wedding, whereas 1 lakh weddings will have a budget of Rs 50 lakh or more per wedding.
Talking about the economic implications of weddings, Khanna added that the increased spending on weddings stimulates various sectors of the economy, including hospitality, tourism, fashion, and jewellery. Moreover, it creates employment opportunities for a wide range of professionals, from event planners and designers to photographers and caterers.
Acharya Durgesh Tare, Chairman of Spiritual and Vedic Knowledge Committee, CAIT said, “According to the calculation of stars wedding dates in November are 23, 24, 27, 28 and 29 whereas in the month of December, the wedding dates are 3, 4, 7, 8, 9 and 15 which are auspicious days for the purpose of holding marriages. After that, the star sinks for a month till mid-January.”
Emerging Trends
As the industry is highly adaptable and innovative, couples are looking for new ways to express their personality and preferences through their weddings. From outdoor weddings amidst nature to destination weddings and drone shows.
One of the key trends fuelling this growth is the desire for unique and personalised experiences. Couples no longer settle for cookie-cutter weddings; instead, they seek to create memorable moments that reflect their individuality. This has led to a rise in themed weddings, destination weddings, and extravagant ceremonies that incorporate lavish decorations, gourmet cuisine, and entertainment extravaganzas.
Khanna added, “The wedding industry has evolved to cater to the growing demand for experiential elements. From pre-wedding photoshoots and choreographed dances to interactive photo booths and live music performances, couples are investing in creating immersive experiences for their guests. This focus on entertainment and guest experience has significantly driven up the overall spends on weddings.”
The Knot Worldwide also added some of the most popular wedding trends for 2023 across 15 countries, including India.
The report highlighted food and beverages as a key element of Indian weddings, and couples are going beyond the traditional menus to offer immersive, sensory and themed cuisines to their guests. Entertainment also plays a significant part in weddings, and couples are taking it to new heights with drone shows.
Khanna asserted, “The exponential growth of the wedding industry this year is a testament to changing societal preferences and economic prosperity. The trends driving this growth, the substantial spends involved, and the geographical spread of these celebrations all contribute to a thriving and dynamic wedding landscape.”
The Indian wedding industry is one of the largest and most vibrant sectors in the country. As the world opens again after the pandemic, 2023 promises to be a year of joy and celebration for millions of couples and their loved ones.
