How Indian Weddings Shape Our Financial Landscape

In the present time, the Indian wedding industry has become the country’s fourth-largest industry, conducting business worth billions of rupees every year. Filled with traditions, these weddings not only symbolise the union of two individuals but also play a significant role in the Indian economy.

Let’s delve into how the wedding industry in India is evolving with new trends and who stands to benefit from it.

What’s Happening?

According to Business Standard, a yearly report released by WedMeGood indicates that the Indian wedding business is rapidly rebounding, growing at a rate of 7-8% annually. Additionally, in 2023, wedding-related businesses earned Rs 4.74 lakh crore, marking a 26.4% increase compared to 2022. Consequently, India’s wedding industry has become the fourth-largest in the country. There are several reasons for this growth, including urbanisation, rising incomes, the use of technology for weddings, and the influence of social media.

This report was prepared by the website and app named WedMeGood, which assists in wedding planning. The survey involved discussions with over 2,400 couples and more than 500 wedding-related businesses. It revealed the trends in weddings held from September 2023 to April 2024 and how people’s preferences are changing.

Changing Landscape of Weddings

Social media platforms have significantly altered the landscape of Indian weddings. Short video sharing not only determines how most weddings are captured but also influences how they are organised.

Indian weddings are traditionally rich in rituals and customs, but nowadays, couples also want to celebrate them in their own unique ways. Hence, the demand for destination weddings, special decorations, and unique photography-videography is on the rise.

The Surge in Destination Weddings

Now, let’s talk about the trend of destination weddings! The trend of destination weddings is on the rise in India. In 2022, only 18% of weddings followed the destination wedding trend, which is expected to increase to 21% by 2024.

The survey also revealed that while Thailand was the most preferred destination earlier, West Asia has now taken its place. Approximately 30% of businesses reported that people are increasingly choosing Dubai, Bahrain, and Oman for their weddings. Among domestic destinations, Rishikesh is rapidly emerging.

What It Means for Investors?

The Indian wedding industry is not lagging behind in providing investment opportunities, as various businesses benefit from weddings, including wedding planners, catering companies, decoration companies, event management companies, photography and videography companies, hotels, and jewellers.

What’s Next?

With the wedding season comes increased activity in hotels. According to Hyatt India Consultancy, their wedding business has increased by 200% from 2019 to date and by 50% from 2022 to date. This means that more people are now choosing hotels for weddings than ever before.

This indicates that people are now spending more on weddings and want to celebrate them in grand style. Hotels are also offering special packages and amenities, further fueling this trend.

That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!

*The article is for information purposes only. This is not an investment advice.

*Disclaimer:?Teji Mandi Disclaimer