The Indian wedding industry is valued at $130 billion (approximately Rs 10.7 lakh crore), which makes it the second-largest, only second to food and groceries.
Indians spend nearly double their expenditure on weddings compared to education, according to a recent report by Jefferies, an investment banking and capital market firm.
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The Indian wedding industry is valued at $130 billion (approximately Rs 10.7 lakh crore), which makes it the second-largest, only second to food and groceries.
Jefferies’ comprehensive study, based on extensive data analysis and visits to key industry hubs, highlighted that the Indian wedding market surpasses the US but falls short of China.
The report mentions that the average Indian wedding costs around $15,000 (approximately Rs 12.5 lakh), nearly twice the amount spent on education from preschool through to graduation.
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Described as a major driver of discretionary spending, the Indian wedding industry holds substantial economic influence across various sectors.
On average, Indians allocate five times their per capita GDP of $2,900 (over Rs 2.4 lakh) towards weddings, surpassing 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 major segment of the market.
These budgets typically cover expenses for hosting multiple functions at upscale venues, luxurious accommodations, lavish catering, and elaborate decor and entertainment.
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However, expenses related to jewellery, wedding attire, and travel are excluded from these estimates.
The wedding industry comprises a plethora of small businesses and independent service providers, each catering to unique regional traditions. This diversity allows local businesses to tailor their offerings to meet specific wedding requirements.
Several sectors benefit directly from Indian weddings.
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Jewellery: Over half of jewellery sales are attributed to bridal purchases.
Apparel: More than 10% of clothing expenditures are allocated to weddings.
Catering and events: Catering constitutes 20% of wedding expenses, while event management services account for 15%.
Prime Minister Narendra Modi has advocated for more weddings to take place within India rather than abroad, aiming to boost the local economy through increased domestic wedding expenditures.
