India's Wedding Sector Surges To $75 Billion, Boasting Annual Growth Of 7-8%

EE News Desk Jan 18, 2024

Experiencing a robust recovery, the Indian wedding industry is seeing an annual growth rate of 7-8 per cent, signaling a significant rebound from pandemic setbacks and potentially reaching $75 billion in the 2023-24 wedding season, as per a WedMeGood report. In a survey involving 2,900 couples and 500 vendors, the industry's evolution over three years is evident, overcoming pandemic challenges and returning to pre-pandemic levels, mentions a media report.

Noteworthy changes include an average wedding now hosting 310 guests, a 14.8 per cent increase from 2022. Fueled by increased consumer purchasing power and a growing luxury segment, vendors are elevating their offerings, notes Mehak Sagar Shahani, Co-founder, WedMeGood.

"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," Shahani points out.

Financially independent millennials are actively contributing to their wedding expenses, with 70 per cent participating in some capacity. The trend towards equal financial contributions from both the bride and groom's families is prominent (59 per cent), indicating a changing social dynamic expected to continue in 2024.

The allure of exotic locations is on the rise, with destination weddings reaching 21 per cent in 2024 compared to 18 per cent in 2022. Rishikesh is emerging as a new hotspot for couples exchanging vows.

Simultaneously, there is a growing preference for smaller, personalized weddings, with 12 per cent of couples opting for intimate celebrations, reflecting a shift towards experiences over extravagance.

In the realm of wedding jewellery, a noticeable trend towards practicality is observed, with 36 per cent of brides opting for artificial jewellery and 16 per cent choosing rentals.

With changing preferences and economic conditions, the Indian wedding industry appears poised for sustained growth.