HomeIndiaWeddings Now $130 Billion Industry In India; Average Family Spends Rs 12 Lakh

Weddings Now $130 Billion Industry In India; Average Family Spends Rs 12 Lakh


Weddings Now $130 Billion Industry In India; Average Family Spends Rs 12 Lakh

NEW YORK, NY (IANS) – Indian weddings have always been a grand affair and now, an Indian family is spending on average, more than Rs 12 lakh (nearly $14,500) on ceremonies which is five times the GDP per capita ($2,900) and more than three times the average annual household income of Rs 4 lakh, a new report has revealed.

Touted as the largest wedding destination worldwide, at least 80 lakhs to 1 crore weddings happen in the country every year, according to global brokerage Jefferies.

In fiscal 2023-2024, the Indian wedding market reached a whopping $130 billion, second only to the food and grocery sector in the overall $681 billion retail market.

The report said India’s wedding spending-to-GDP ratio is significantly higher than that of other countries.

“Weddings have a deep cultural significance in India and drive large consumption spending, often disproportionate to income levels,” according to the report.

Wedding-related spending, in fact, is sized at $130 billion, spread across a wide range of products and services including jewelry, apparel, event management, catering, entertainment, etc., the report mentioned.

According to Jefferies, India’s wedding market is nearly double the size of the market in the US – $70 billion – but still smaller than that of China – $170 billion. The spending contrast underscores the deep cultural significance placed on weddings, where lavish celebrations are often seen as a cultural and societal expectation, it noted.

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  • Averages don’t mean anything except for business.

    We saw an Ambani wedding recently. The Ambani’s may have spent a total of $100M. Now add the spend of all the guests in gifts, travel costs, clothes and incidentals. That may be a total $100M plus of expenditure in India (and more for those traveling from outside India).

    Now that adds $200M divided by 10M = $20 = Rs 1660 to the average cost of weddings. Every small wedding adds to total expenditure.

    Indian Population = 1,4000,000,000.
    Average Life = 70
    Weddings per average life = 1.4B / 140 (divided by 70 per 2 adults) = 10 Million Weddings per year = 1 crore weddings

    July 2, 2024

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