The Indian wedding industry is huge and interestingly the market never drops or goes negative. When it comes to wedding in India, people do not mind spending at all. Every manufacturer and retailer involved with marriage market eagerly waits for the wedding season in India to boost their business. Well, with each passing decade, Indian wedding is getting grandeur. It has become a trend and possibly a compulsion today. But, none complaints. It is instead good news for the retailers and associated players because of the tremendous business opportunity that comes along every year.
Indian Wedding Industry
The current Indian wedding industry is over Rs 100,000 crore and advocates a growth of to 30 per cent annually. An estimated cost of wedding with no expenses spared may vary from 5 lakh to whooping Rs 5 crore in the country.
Report on 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
- Favorite 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 Mehendi market in India: Worth Rs 5000 crore
Item-wise expenses on Indian weddings
- Dinner cost: Rs 700 to 1000 per person
- Pandal decoration cost: Rs 10,000
- Bridal designer saree/lenhga cost: Between Rs 10,000 to 50,000
- Designer shervani cost: Rs 15,000 to Rs 40,000
- Wedding invite cost: Rs 500 to Rs 1500 per card
- Bridal make up cost: Between Rs 5000 to Rs 50,000
- Bridal Mehndi cost: Between Rs 1000 to Rs 5000
With each passing year, it is seen that the basic traditional look is fading away and a more corporate look is picking up.
If we estimate the current population to be around 1.25 billion and considering an average family with five members, there are around 250million 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, one of the auspicious elements in Indian wedding is spent in every marriage across the country. The total consumption thus comes between 300 to 400 tons annually.
It is expected that the marriage market will further flourish over the next five to ten years.
If as many as one crore marriages are solemnized in the country annually, the Indian marriage market bags around Rs 1 lakh crore to Rs 300,000 crore each year.
The prospering associated industries
Today everyone is making money out of marriages, be it from entertainment to décor, beauty clinics, cosmetic giants, travel, tourism and even matrimonial web sites. Even foreigners contribute to the Indian wedding industry as a lot them get married lavishly in India.
Again when it comes to online portals like Shadi.com, Bharatmatrimonials and others bags revenue of Rs 200-250 crore from match-making annually. The traditional tentwallas still centering the frame, creative wedding planners are also making the most of it. The wedding planners in India make all arrangements required in the wedding, but with a big amount. But since the largest segment in the country are the middle class lot, budget wedding have made its way too.
Fashion designers, florists, confectionery makers and event managers are a part of the flourishing wedding market. Studying the Indian wedding market, Bregeut has launched its expensive watches ranging between Rs 8-15 lakh in the country.
The most demanded décor include replicas of temples, palace look-alikes or Sheesh Mahals etc.
Talking about the wedding card market in India, for the 10 million marriages performed annually, the cards worth a roundup of Rs 8000 to Rs 10,000 crore or even more. Chawri Bazaar, Karol Bagh, and Lajpat Nagar in Delhi are few of the places to approach to for quality cards. A few other highly specialized printers are also in Dadaseth Agiary Lane in Central Mumbai.
The Indian market has changed drastically over the years. People have become more style and brand conscious. They are ready to spend hefty only to look their best. The apparel market is seen to be benefitted from this attitude.
How can we forget about the wedding dhol, bands, baggies with elephants, horses and camels, lightings etc? They are also an important part of Indian weddings. The estimated figure comes up to Rs 5000 crore annually.
Flowers are important to create a delicate atmosphere around the wedding. According to an estimate, decorating the wedding venue and showering rose petals to welcome guests requires another Rs 2000 to 10,000 in India.
To sum up, the Indian wedding and the associated industries are growing by leaps and bounds and is hence destined to prosper.