The Indian wedding sector is seeing a strong revival, with yearly growth rates of 7-8%. According to WedMeGood, the business may have reached $75 billion in the 2023-24 wedding season, indicating a considerable recovery from pandemic effects.
The platform’s annual survey of 2,900 couples and 500 merchants demonstrates the industry’s progress over three years, negotiating hurdles brought by the pandemic and pointing to a hopeful return to pre-pandemic levels.
Notably, the typical wedding currently welcomes 310 guests, up 14.8% from 2022.
Many merchants are raising the value chain as customers’ spending power increases and the luxury market expands, according to Mehak Sagar Shahani, co-founder of WedMeGood.
“Wedding professionals projected a 15-22% growth in business year on year from 2022 to 2023, owing to the boom in destination weddings. The customer base is also evolving, with more and more attention to detail,” Shahani remarked.
Financially independent millennials are actively contributing to their wedding expenditures, with 70% taking part in some way. There is a 59% preference for equal financial contributions from the bride and groom’s family, indicating a shifting social dynamic. The current trend is expected to continue in 2024.
The draw of exotic destinations is expanding, with destination weddings increasing to 21% in 2024 from 18% in 2022. Rishikesh is set to become a new mecca for weddings.
There is also an increasing trend towards smaller, more customized weddings, with 12% of couples choosing modest events. This tendency demonstrates a preference for experiences above excess.
In terms of wedding jewelry, there is a clear trend toward pragmatism, with 36% of brides preferring fake jewelry and 16% opting for rentals.
With shifting attitudes and economic circumstances, the Indian wedding sector seems to be on track for long-term development.
In 2023, the Indian wedding business generated Rs 4.74 trillion, up 26.4% from 2022. The sector is India’s fourth biggest, fueled by increased disposable income, urbanization, social networking, and the advent of wedding technology.
According to the Confederation of All India Traders (CAIT), the 2023 wedding season is likely to see roughly 38 lakh marriages, producing around Rs 4.74 lakh billion in revenue. This is the largest projection ever, with CAIT projecting 35 lakh marriages between November 23 and December 15, 2023.
