(Image source from: Freepik.com)
Indians allocate nearly twice as much money for weddings compared to education, according to a recent study by a reputable financial firm. The Indian wedding industry is valued at an impressive $130 billion (around Rs 10.7 lakh crore), making it the second-largest industry after food and groceries. The comprehensive study, based on extensive data analysis and visits to key industry hubs, revealed that the Indian wedding market surpasses the United States but falls short of China. The average Indian wedding costs around $15,000 (approximately Rs 12.5 lakh), which is nearly twice the amount spent on education from preschool to graduation. The Indian wedding industry is considered a major driver of discretionary spending and holds significant economic influence across various sectors.
Furthermore, Indians, on average, allocate five times their per capita GDP of $2,900 (over Rs 2.4 lakh) towards weddings, exceeding three times the average annual household income of approximately Rs 4 lakh. Luxury weddings, ranging between Rs 20 lakh and Rs 30 lakh, constitute a substantial segment of the market. These high-end budgets typically cover expenses for hosting multiple functions at upscale venues, providing luxurious accommodations, lavish catering, and elaborate decor and entertainment.
Weddings in India encompass a diverse array of small businesses and independent service providers, each tailored to cater to unique regional customs. This diversity empowers local enterprises to craft their services to meet specific wedding demands. Several key industries directly benefit from these celebrations. Jewelry takes the lead, with over half of all sales attributed to bridal purchases. Clothing expenditures also see a significant boost, with more than 10% directed towards weddings. Catering and event management services play a crucial role, accounting for 20% and 15% of wedding expenses, respectively. Prime Minister Narendra Modi has advocated for increased domestic wedding celebrations, aiming to bolster the local economy through enhanced wedding-related spending.
