Introduction:

The Evolution of the Indian Wedding Industry and Trends Shaping the Future

A Big-Fat Indian Wedding? Isn’t this a trend that is getting popular by the day with new things emerging? Maybe it’s deciding on the wedding hashtag, the influence of your matches from dating apps like Hinge, Tinder, Bumble, etc. or finally giving into your parent’s ask and going for an arranged marriage and finding the perfect partner. Whatever it might be we all know that Indian Weddings are known for their grandeur, customs, and pretty vibrant celebrations. And in recent years it might not be wrong to say that the Indian Wedding Market has been transformative and grown exponentially, both in terms of cultural significance and economic impact. With an increasing number of destination weddings and a thriving ecosystem of vendors and planners, the industry shows no signs of slowing down. Let us share a glimpse of this fantabulous industry with you:

The Heartbeat of the Indian Wedding Industry:

First, let us share with you what may be a little boring but necessary data about the Indian Wedding Market Size and a breakdown of a few things:

Source: Jefferies

The Indian Wedding Market Size was measured at $130 Billion in which the major share which is about 27% of the expenditure was undertaken in the Jewellery Purchase; ~19% was done in the Catering and Food and Beverage aspect and about 15% covered the Event Cost that might be booking a venue, On-day execution of the event, etc. Talk about size huh! Comparing these with other countries, let’s come to the two biggest GDPs of the world – China and the USA:

Source: Jefferies

Talk about spending right? The Indian wedding Industry is huge and we Indians love our status quo which is perfectly represented by the fact that an average Indian couple spends two times more on weddings than on education (pre-primary to graduation), in sharp contrast to countries such as the United States, where the spend is less than half. These costs are driven by various factors such as elaborate venues, intricate decor, multiple ceremonies, and high-profile entertainment.

Categories defined by IBEF

The Confederation of All India Traders (CAIT) has divided Indian Weddings into 5 categories as per the estimated expenditure per wedding. Following is the category-wise breakdown of total number of Indian Weddings held in CY2023:

Source: IBEF

As per CAIT the average cost of an Indian Wedding hovers around Rs. 12 Lakhs which is almost 3 times the average annual income of an Indian Household and almost 5 times the per capita GDP of India. Yikes! That’s a big number but compared to the raw emotions like dancing on an item song with your favorite cousins, laughing at the dance of the drunken uncle at a cocktail function, and the other memories that are created on a wedding day, these numbers look apt.

Economic Significance

In India, in the months of November-December itself from CY2021-CY2023 approximately 31 lakh weddings have taken place, making it a lucrative market for vendors and planners. The data for the same has been shared by CAIT on IBEF and is seen below:

Source: CAIT

Out of these, if we consider weddings with an estimated expenditure of more than Rs. 10 Lakhs, then around 54% would fall in the mid-to-high expenditure range, showcasing the diverse financial landscape of Indian marriages. Even in Major hotel chains weddings have great importance:

• In Hilton India, around 12-40% of room share comes from weddings. For some properties like DoubleTree by Hilton in Kukas, this number hovers around 60%. (Source: Financial Express)
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• Weddings are also a significant part of Marriott's business. According to reports, 5,000 weddings were held in Marriott properties across India in 2022, with wedding-related events accounting for 12% of total income last year. (Source: Financial Express)
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• As per the Standalone numbers stated in the Annual Report FY2023-24 of IHCL, banqueting income contributed to about 21% of their annual revenue, emphasizing the sector's impact on the hospitality industry. (Source: IHCL)

Emerging Trends in the Indian Wedding Industry

The Destination Wedding Market

The rise of destination weddings is one of the most notable trends in the Indian wedding industry. More couples are opting for exotic locales over traditional city venues, making destination weddings a booming market segment. Conducting over 150+ weddings ourselves we have seen couples shift from the hometowns of the bride or groom and inviting 500-700 odd people to having an intimate destination wedding by having one grand function in their local city and then having 3-4 odd functions at a scenic destination. As per Tata, an average luxury wedding at one of the Taj Hotels can even cost couples from Rs. 2 to 25 crores showing the spending power of the Ultra-rich in India (Talk about bling-bling right). Even WedmeGood, in their annual wedding industry report of 2023-24 stated that there was a growth in destination weddings compared to 2022 wherein now 21% of couples opted for a destination wedding compared to 18% of couples in 2022.

Hotspots for Destination Weddings

Whether it's a royal palace in Jaipur or a beachside resort in Goa, India boasts a plethora of stunning wedding venues. Additionally, there has been a surge in Indian Weddings in a foreign destination with some of them even becoming hotspots for Indian Marriages. Following are the locations we have identified as destination wedding hotspots among the Indian audience.

Top Local Cities for Destination Weddings in India

Top International Destinations for Indian Wedding

Challenges and Opportunities for Vendors and Planners

The Indian wedding industry presents numerous opportunities for vendors and venues but also comes with its own set of challenges.

1. Logistics and Coordination: Managing large-scale weddings, especially destination weddings, requires meticulous planning and coordination. This involves everything from travel arrangements and accommodation to local vendor management, which can be quite challenging.

2. Customization and Personalization: Today’s couples are looking for unique and personalized experiences. This demands a high level of creativity and adaptability from vendors and planners. Offering customized packages and services can set a business apart in this competitive market. A wedding planning checklist can really be helpful here setting the tone down and clearing the expectations of what the couples want.

3. Getting the Right Venue: From our personal experience, the biggest issue that Indians face is selecting the right venue. Now this issue might sound generic but it’s the damn truth! We have seen people with a high budget settling for more economical options and even vice versa. This is because lack of information and unrealistic expectations at times. (To solve this we have categorized destination wedding venues on our website in 4 categories – Economical, Premium, Luxurious, and Elite. The economical ones are weddings under Rupees 30 Lakhs For Food and a Stay of 200 Guests; Premium ones are Rupees 30 Lakhs to 50 Lakhs; Luxurious are Rupees 50 Lakhs to 1 Crore, and Elite are upwards of 1 Crore. Do check them out)

4. Low Flexibility: See the Indian mentality is to always have that additional bit of luxury in the same pricing, and while this negotiation power might work in some venues and vendors, not every venue and vendor entertains this and this causes couples to lose out on some great things which they might have got with a little more flexibility in the budget. From our experience, couples should look at venues and vendors with a 25-30% space for negotiations, to get the right vendors for them

Trends and Future Predictions in the Indian Wedding Industry

Ok, we think we have shed some light on the mammoth i.e., The Indian wedding Industry. Now like every industry, the Indian Wedding market is also continuously evolving. Here are some trends to watch out for:

1. Online Dating: With the rise of online dating platforms, couples now have more opportunities to meet and marry partners from diverse backgrounds. This has led to more multicultural weddings with WedmeGood reporting that in a survey conducted in their Wedding Industry Report 2023-24 15.6% of the couples met online via a social media dating app. The most prominent seen among millennials today have to be Tinder, Hinge, and Bumble.

2. Wedding Hashtags: Social media has become an integral part of weddings. Couples are creating unique hashtags to document and share their wedding journeys, making it a trend that’s here to stay. The other day while browsing, I found a page named Swag Satrangi (Linking their page here) that just offered paid services to create hashtags for Couples! Talk about a Growing Trend huh!

3. Increasing Average Age of Marriage: The average age of marriage in India is gradually increasing. This shift is resulting in more financially stable couples who are willing to invest in elaborate weddings. Although, research from the National Library of Medicine indicates that the median age of Indian marriage has been improved only by 3 years from 1992-2021 from 16.2 to 19.2; WedmeGood as per their survey has stated that the average age of Indian marriage currently hovers around 28 which we assume to be for areas with better macroeconomic conditions.

4. Technology Integration: Incorporating technology, such as AI, Event Tech Platforms, etc. has been on the rise in the Indian Wedding Industry. Listing here some of the platforms we have seen emerge in the last 2-3 years:

Betterhalf.ai 🡪 An AI Matrimonial Application which provides matchmaking services based on artificial intelligence. They also provide non-matchmaking services (Website Link)

Spalba 🡪 A SaaS-enabled marketplace simplifying event management for enterprises (Website Link)

VivaHit 🡪 A wedding planning tool to make guest management and RSVP management simpler. (Website Link)

Case Study: The Ambani Wedding and Conclusion 

One of the most talked-about weddings in recent times is that of Anant Ambani, the son of Mukesh Ambani, and Radhika Marchant. This wedding set new benchmarks in terms of expenditure and grandeur. From celebrity performances like Rihanna and Justin Bieber to world-class catering by top chefs (Details), every aspect of this wedding was meticulously planned and executed, showcasing the epitome of a luxury Indian wedding.

The Indian wedding industry is a vibrant and dynamic sector with immense cultural and economic significance. From traditional city weddings to exotic destination ceremonies, the industry offers a plethora of opportunities for vendors, planners, and couples alike. By staying updated with the latest trends and leveraging technology, businesses can thrive in this competitive landscape. For those planning to tie the knot soon, understanding these trends and statistics can provide valuable insights for making informed decisions. So Ready to explore more? Check our blog section - Eternal Weddingz to stay updated with the latest trends and insights in the Indian wedding industry.