India’s wedding industry soars to $75 billion, growing 7-8% annually

  • With a rise in purchasing power of consumers and the growing luxury segment, many vendors are moving up the value chain in the wedding industry

Varuni Khosla
First Published16 Jan 2024, 05:36 PM IST
An average wedding now hosts 310 guests, a 14.8% increase from 2022.
An average wedding now hosts 310 guests, a 14.8% increase from 2022. (Pixabay)

New Delhi: The Indian wedding industry is witnessing a robust recovery, growing at an annual rate of 7-8%. According to a report by WedMeGood, the industry may have touched $75 billion in the 2023-24 wedding season, marking a significant rebound from pandemic impacts.

An annual survey by the platform, involving 2,900 couples and 500 vendors, highlights the industry's evolution over three years, navigating challenges posed by the pandemic and leading to a promising return to pre-pandemic levels.

Notably, an average wedding now hosts 310 guests, a 14.8% increase from 2022. 

With a rise in purchasing power of consumers and the growing luxury segment, many vendors are moving up the value chain, Mehak Sagar Shahani, co-founder of WedMeGood told Mint

"Wedding professionals have reported a 15-22% increase in their business year-on-year from 2022 to 2023, coming off the back of the rise in destination weddings. The customer base is also evolving which is paying more and more attention to detail,” Shahani added.

Financially independent millennials are actively contributing to their wedding expenses, with 70% participating in some manner. There is a 59% preference for equal financial contributions from the bride and groom's families, further highlighting a changing social dynamic. The trend is anticipated to persist in 2024 as well.

The allure of exotic locations is growing, with destination weddings rising to 21% in 2024 compared to 18% in 2022. Rishikesh is poised to become a new hotspot for couples tying the knot.

There's also a growing trend towards smaller, more personalized weddings, with 12% of couples opting for intimate celebrations. This trend reflects a shift towards experiences over extravagance.

In terms of wedding jewellery, there's a noticeable trend towards practicality with 36% of brides choosing artificial jewellery and 16% opting for rentals.

The Indian wedding industry looks poised for sustained growth with changing preferences and economic conditions.

 

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First Published:16 Jan 2024, 05:36 PM IST
HomeIndustryIndia’s wedding industry soars to $75 billion, growing 7-8% annually

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