Inside India’s ₹4.25 Trillion Wedding Empire (Spoiler: It’s Flying High!)

The Great Indian wedding season is back with a bang! A whopping spend of ₹4.25 trillion in wedding-related purchases and services was estimated from November 23, 2023, to December 15, 2023. This accounts for a 13.33% growth compared to the past year’s spending. 

People are increasingly spending on lavish, unconventional concepts to craft unforgettable, joyous occasions. Weddings with entry fees, receptions with unique themes, live shows on board private jets, and fun-filled game evenings are all trending now. 

With ~3.5 million weddings, these joyous occasions account for ~1.2% of the country’s GDP. 10% of these weddings are happening in Delhi, potentially generating ₹1 trillion for businesses. Read more.

Here is the table summarising the estimated expenditures for weddings:

The numbers are definitely staggering, but who is making the most of it?

Well, the major chunk of the spending goes to the hospitality sector, which makes ~12%-60% of its annual revenue through weddings. This is followed by travel, retail precious metals, designers, themes, sustainability and others.

Marriott, one of the major players in hospitality in India, conducted ~5,000 weddings in 2022 alone. Another big player, Hilton, has 24 properties in India. Of these, 23 are wedding-focused, contributing up to 60% to its annual revenue. 

Raddison took this opportunity to introduce a credit scheme in partnership with fintech “SanKash”.  They launched the Marry Now Pay Later (MNPL) scheme, targeting 0.1% of the market share. The scheme offers a flexible credit line of up to ₹25 lakh, adapting to the borrower’s needs. They allow repayment over a year, including a 6-month period with no interest on the EMI.

Following the trend, banks and NBFCs are also taking the leap. Axis Bank, ICICI Bank, IDFC First Bank, HDFC Bank, and NBFCs such as CASHe and IndiaLends are aiming to capture a market share by offering personal loans for weddings. Although the offer seems tempting, only 26% of the individuals prefer to finance their lavish ceremony, according to a survey.

Fun Fact: This was just about Indian weddings in India. But what about the destination weddings with the fattest paycheck?   

Estimates suggest that ~5,000 overseas weddings happen every year, with popular destinations being Dubai, Thailand and Bali. Collectively, these weddings spend ~₹75 thousand crore to ₹1 lakh crore, which means a substantial business is going abroad.

To redirect the amount back to India, Prime Minister Narendra Modi addressed this issue in his ”Mann ki Baat” episode. He introduced a brand new concept of “Wed in India”, similar to the visionary concept of “Make in India”. This is primarily focused on bringing back the ₹1 lakh crore destination spends home. In December, during an investor summit in Dehradun, Prime Minister Modi encouraged Indian citizens to consider Uttarakhand as a venue for their destination weddings.

With the wedding industry booming and evolving, this is an opportune time for investors and entrepreneurs to tap into this lucrative market. Whether you open your own Band, Baaja, Baarat themed agency or invest in the stocks of key players, the wedding sector offers diverse avenues for growth and innovation. 

Start investing now to capitalise on this vibrant and flourishing opportunity! Open your Demat account with Angel One today and join this traditional yet economic trend.

Disclaimer: This article has been written for educational purposes only. The securities quoted are only examples and not recommendations.