The global wedding Industry is estimated to be around $182.56 billion in 2023, and is expected to grow at a CAGR of 12.7% from 2024 to 2030. Some factors that are contributing to the growth of the wedding services market include: (a) higher disposable incomes (b) changing consumer preferences (c) shift toward more personalized and elaborate celebrations, (d) influence of celebrity weddings which makes people want to show off and (e) evolution of wedding fashion and bridal industry. The Indian wedding industry is worth approximately $130 billion, which is nearly double the size of the US but marginally less than the size of the Chinese wedding industry. India is the world’s largest wedding destination, with 80lakh –1 crore weddings taking place annually. The wedding industry is the second largest industry in India, after food and groceries and expected to grow 3.7 times in next 5 years. A big driving factor is our emotional bonding with wedding , which makes us spend beyond our means and the fact that 54% of Indian population is under 30. Weddings in India are detailed and characterised by multiple ceremonies and spending. Some of Bollywood’s famous romantic movies are based on Indian weddings only. The industry spurs consumption in categories like jewellery , apparel, catering, hospitality, travel and indirectly benefits autos and electronics and paints. Luxury weddings at exotic locations continue to show off Indian opulence. The average expenditure on an Indian wedding is $15,000 and is usually twice that of on education.
The uptick of all this is weddings boost Aggregate Demand in Economy like anything in multiple Industry segments. A recent Industrialist family wedding expenses was around $600 million and was criticised for opulence. But, we think the positives outweigh the negatives like anything as the spending in wedding is earning of some who in turn spends a part of it and a chain of spending creates demand in the economy as a whole. Any slowdown in Aggregate Demand , if any, gets wiped out by the onset of the big fat Indian weddings starting November.
We as an Industry body think that ‘Wed in India’ floated by our honourable Prime Minister in India is a great idea and we need to promote India and its exotic places as great locations for Indian and global weddings. What do you think?