Indian weddings have always been a grand affair and the extravagance and opulence have caused the wedding industry to be the second-largest sector in the country. The Indian wedding industry is valued at approximately Rs 10 lakh crore, making it the second largest sector after food and grocery. According to a report, the average Indian spends twice as much on weddings as on education.
India sees between 8 million to 10 million weddings annually, compared to 7 to 8 million in China and 2 to 2.5 million in the US. A report by brokerage firm Jefferies states, “The Indian wedding industry is nearly twice the size of the US industry (US$ 70 billion), though smaller than China’s (US$ 170 billion).” The report highlights that weddings are the second highest consumption category in India. If considered a retail category, weddings would rank second only to food and grocery (US$ 681 billion).
Indian weddings are grand affairs with considerable ceremony and expense, boosting consumption in sectors such as jewellery and apparel, and indirectly supporting the auto and electronics industries. Despite attempts to limit extravagant weddings, opulent destination weddings abroad still highlight Indian luxury.
“Weddings have a deep cultural significance in India and drive large consumption spending, often disproportionate to income levels,” according to the report. The difference in spending highlights the profound cultural importance attached to weddings, where extravagant celebrations are frequently viewed as a cultural and societal norm, the report highlighted.
Jefferies reported that India hosts between 8 to 10 million weddings annually, making it the largest wedding destination globally. The country’s wedding industry is estimated to be around US $130 billion, nearly double that of the United States, and it significantly drives consumption across various sectors. Indian weddings, known for their multi-day festivities, vary widely from modest to extraordinarily extravagant, influenced by region, religion, and economic status.
The report also highlighted that in India, spending on weddings is twice as much as on education up to graduation, whereas in countries like the US, this expenditure is less than half that of education costs.
