Around 48 lakh ceremonies expected, generating business worth Six Lakh Crore
India hosts the highest number of weddings in the world each year, and each is nothing less than a festival for the bride and groom, and their friends and families. Weddings are big business the world over, however, in terms of market size, the Indian wedding industry is still smaller than China’s, but is almost twice as big as the United States’. Beginning from Dev Uthani Ekadashi on November 12, India’s wedding season expects to see 48 lakh marriage ceremonies nationwide generating business worth a whopping Rs six lakh Crore. This is attributed to 18 auspicious wedding muhurats (dates) this season, as compared to 11 in 2023.
According to a study by the Confederation of All India Traders (CAIT), out of these 48 lakh weddings, about 40 lakh will be ‘budget-weddings’ (that cost between Rs 3 lakh to Rs 15 lakh), while around 50,000 weddings will be ‘luxurious’ with a spend of Rs 1 crore or more. About seven lakh weddings will have a budget of 25 lakh while 50,000 weddings will cost Rs 50 lakh and more.
The study estimated that 4.5 lakh weddings which will be solemnised contribute over Rs 1.5 lakh crore to the economy in Delhi. Last year, 35 lakh weddings during this season created business worth Rs 4.25 lakh crore here. Traders say weddings also help boost several other sectors, like clothing, jewellery, automobiles and consumer durables. These industries see higher demand during the wedding season, with companies carefully timing their promotions and stock management around wedding dates. More than half of the jewellery industry’s revenue comes from bridal jewellery, while weddings and celebration wear drive 10 per cent of all apparel spending. According to wedding planners, a new trend emerging is the increasing spend on social media services for weddings.
Explaining this, CAIT’s Secretary General and Member of Parliament from Chandni Chowk, Praveen Khandelwal said that while the Indian wedding industry is largely fragmented and unorganised, there’s room for big players to grow their share. He noted that wedding expenses are divided between goods and services, with main expenditure areas in goods including clothing, sarees, lehengas, and apparel (10 per cent), jewellery (15 per cent), electronics and appliances (five per cent), dry fruits, sweets, and snacks (five per cent), groceries and vegetables (five per cent), gift items (four per cent), and other goods (six per cent).
In the services sector, expenditures will likely go toward banquet halls, hotels, and venues (five per cent), event management (three per cent), tent decoration (10 per cent), catering services (10 per cent), floral decorations (four per cent), transportation and cab services (three per cent), photography and videography (two per cent), orchestra and music (three per cent), lighting and sound (three per cent), and other services (seven per cent).
According to the Jefferies report, an investment banking and capital market firm, the Indian wedding industry is worth US$130 billion and is the second-largest in the world, after food and groceries. The report said an average Indian family spends Rs 12 lakh on a wedding, which is three times their yearly income of Rs four lakh. In contrast, they only spend around Rs 6 lakh on educating their child for 18 years (from preschool to graduation). The largest share of wedding expenses goes to jewellery, at nearly 25%, followed by catering at 20% and events at 15%
According to Acharya Durgesh Tare, Convenor of CAIT’s Veda and Spiritual Committee, auspicious dates for this season fall on November 12, 13, 17, 18, 22, 23, 25, 26, 28, and 29, and on December 4, 5, 9, 10, 11, 14, 15, and 16. Following this period, there will be a pause of about a month before the season resumes from mid-January to March 2025.
According to a report by the Ministry of Commerce and Industry, the Indian wedding industry provides jobs to about 1 crore people including caterers, decorators, photographers and videographers, make-up artists, wedding planners and musicians.
Khandelwal noted that the study has also highlighted a shift in consumer purchasing behaviour, with people increasingly opting for Indian products over foreign goods, reflecting the success of Prime Minister Narendra Modi’s ‘Vocal for Local’ and ‘Atmanirbhar Bharat’ (Self-Reliant India) vision. According to Khandelwal, these estimates are based on auspicious dates, though numerous weddings will also occur on non-auspicious dates. Additionally, various pre-wedding functions, like mehendi, sangeet, and engagements, also represent significant expenses.
