Jefferies Highlights Enormous Economic Impact of Indian Weddings, Driving 130 Billion Industry Across Sectors
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A new report highlights the significant economic impact of the Indian wedding industry, valued at $130 billion, making it the second-largest industry after food and grocery in the country. The report, by investment banking and capital market firm Jefferies, reveals that the Indian wedding market is twice the size of the US market but smaller than China’s.
The report estimates that the average expenditure on an Indian wedding is around $15,000 (approximately Rs 12.5 lakh).
Average Expenditure Of Indian Couple
Interestingly, an average Indian couple spends about twice as much on weddings compared to education, from pre-primary to graduation.
Comparison With Other Country
This is a stark contrast to countries like the US, where wedding expenses are less than half of educational costs.
Comparison With India’s Per Capita GDP
On average, spending on a wedding is around five times India’s per capita GDP of $2,900 (over Rs 2.4 lakh) and more than three times the average annual household income of around Rs 4 lakh.
India’s Wedding Spend To GDP Ration
The report notes that India’s wedding spend-to-GDP ratio is significantly higher than many other countries.
What Report Says About Luxury Weddings?
Luxury weddings, which cost between Rs 20 lakh and Rs 30 lakh, involve even higher spending, with the upper end being particularly lavish.
Indian Weddings Sector
The report emphasizes that due to the size and scale of the industry, Indian weddings are a crucial growth driver for various sectors, including jewellery, apparel, catering, and travel.
Jewellery Industry Revenue
Over half of the jewellery industry’s revenues come from bridal jewellery, and more than 10 per cent of all apparel spending is driven by weddings and celebration wear.
Wedding Jewellery Expenses
Wedding jewellery accounts for the largest proportion of wedding expenses at nearly 25 per cent, followed by catering at 20 per cent, and events at 15 per cent.