A recent report pegged the size of the Indian wedding industry at about Rs 10 lakh crore, after the food and grocery segment. On an average, Indians spend almost twice as much on wedding ceremonies as they spend on education. Annually, India hosts 80 lakh to 1 crore weddings, eclipsing figures in China—70-80 lakh—and the US—20-25 lakh.
In a recent note, Jefferies had estimated that while the size of India's wedding market, at USD 100 billion, was almost twice the US market, it was smaller than that of China at USD 170 billion. Weddings are the second-biggest category of retail spending in India after food and grocery and play a huge role in driving consumption across jewellery, apparel, and other associated categories such as autos and electronics.
Even amidst the State's efforts to curb ostentation, the extravaganza of Indian weddings, with multiple ceremonies and high spending, remains a hallmark of societal celebration. In the list of the world's top global destinations for weddings, India alone takes up 8-10 million per year, contribution immeasurably toward building the economy.
Weddings in India are varied and, more often than not, range from insignificant affairs to truly opulent ones, when dictated by regional, religious, and economic influences. This gets further complicated by adherence to auspicious dates in the Hindu lunisolar calendar, which changes every year.
Though Indians are generally reputed to live frugally, weddings are a case of disproportionate spending vis-à-vis income or wealth, a trend cutting across classes. The average spending on an Indian marriage was pegged at about USD 15,000, more than double that spent on education from pre-school to graduation—a scenario vastly different from that in the US, for example.
The very concept of luxury Indian weddings is sublime in their grandeur, which engulfs exotic locales, lavish hospitality, fine cuisine conceptualized by Michelin-star chefs, and live performances by famous artists and celebrities. This high-end segment leaves gross imprints on jewellery, apparel, catering, and travel; of these, major revenues come particularly from segments like bridal jewellery and occasion wear.
This wedding industry indirectly fuels demand for most other industries, be it automobiles, consumer electronics, or paints; business definitely picks up during this festive season. The entire marketing and inventory management has to be played in tandem with the wedding dates, keeping in mind the wedding will be planned and booked 6-12 months in advance.
The richness of the culture and the replete customs that prevail in Indian weddings make the entire phenomenon quite fascinating; it contributes considerably to the growth of economies or consumption patterns across several sectors.
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