Indian Luxury Wedding Business
With the ongoing wedding season, one can’t help but notice that the Indian wedding industry is a huge one. In an Indian wedding, everyone just spends and does not think of returns. Every manufacturer and retailer involved with marriage related goods eagerly awaits the season to push business. With each passing decade, the Indian weddings are getting luxurious. Three decades ago people hardly thought about the lavish wedding function that has now become a trend and may be a compulsion. However, no one’s complaining; at least not the retailers and associated players because of the tremendous business opportunity that comes along with it. Let’s penetrate deeper.
THE WEDDING MARKET IN INDIA
- No. of Indian marriages in a year: Approx. 1,00,00,000
- Indian wedding market worth: Rs. 100,000 to Rs 110,000 crore
- Gold and diamond jewellery market worth: Rs 60,000 crore
- Apparel market (wedding) worth: Rs 10,000 crore
- Durable goods market worth: Rs 30,000 crore
- Hotel and other wedding related market worth: Rs 5,000 crore market
- Pandal and venue decoration market: Worth Rs 10,000 crore
- Favourite honeymoon destinations: Goa, Jaipur and Udaipur
- Goa wedding cost: Between Rs 1 crore to 1.5 crore
- Jaipur wedding cost: 1 to 2 crore
- Wedding cost in metropolitan cities: Between Rs 25 lakh to 70 lakh
- Wedding invitation card market: Worth Rs 10,000 crore annual
- Bridal Mehandi market in India: Worth Rs 5000 crore
Currently, the country has a population of around 1.25 billion and considering an average family with five members, there are around 250 million families in India. With about one marriage per family every 20 years, the country averages roughly 10 million marriages every year. An average 30 to 40 grams of gold is spent in every marriage across the country, thus the total consumption of gold comes between 300 to 400 tonnes annually.
It is also expected that the per capita income will be tripled in a couple of decades and the per capita consumption of gold during weddings or otherwise will increase. With half of India’s population being under 29 years of age, the marriage market is set to boom like never before over the next five to ten years.
If we take the above figures, it means the Indian marriage market is around Rs 1 lakh crore to Rs 300,000 crore annually, if one crore marriages are solemnized in the country annually.
A person, in India, spends one fifth of the wealth accumulated in a lifetime on a wedding ceremony. That means, a tremendous opportunity for retailers to capitalise on.
The PROSPERING ALLIED INDUSTRIES
Today, everyone from those in entertainment to décor, beauty clinics, cosmetic giants, travel, tourism and even matrimonial websites are making money out of marriages. Even foreigners, who want to solemnize their marriage in India, contribute to the Luxurious Indian Wedding Industry.
Replicas of temples of India, palace look-alikes or Sheesh Mahals are much in demand as decor. The cuisine could be anything from Lebanese to Italian in case you want something different. Star Cruises even launched a cruise to Lakshadweep primarily targeting honeymooners.
The wedding card market in India for the 10 million marriages performed annually is worth Rs 8000 to Rs 10,000 crore. Delhi and Maharashtra alone have more than 500 card printers. In India, people have become very style conscious and want to look their best on their wedding. Things have changed in the past few years, it is more about brands and people are ready to spend to look their best. Apparel market is booming because of this.
The annual market of wedding dhol, bands, baggies with elephants, horses and camels, lightings, is also an important part of Indian weddings which is estimated to be around Rs 5000 crore annual. With the increasing and more disposable income in India, the wedding market of the country is expected to double within next 15 years, the experts feel.