Indians spend nearly double on weddings compared to what they spend on education, a new report has revealed. The Indian wedding market is valued at an astounding $130 billion (approximately ₹10.7 lakh crore), twice the size of the US wedding market, according to a recent report by Jefferies, an investment banking and capital market firm.
The comprehensive study was based on various available data and visits to key industry hubs.
Wedding vs Education expenses in India
The average cost of an Indian wedding is around $15,000 (approximately ₹12.5 lakh), the report said. This is nearly double what an average Indian couple spends on education from pre-primary to graduation.
Economic impact
The Indian wedding market is twice the size of the US market but smaller than China's. On average, Indians spend five times the country's per capita GDP of $2,900 (over ₹2.4 lakh) on weddings and more than three times the average annual household income of around ₹4 lakh.
Luxury weddings
Luxury weddings, which cost between ₹20 lakh and ₹30 lakh, represent a significant portion of the market, with the upper end being much more extravagant.
These budgets typically cover expenses for hosting five to six functions/events, luxurious accommodations at top-tier hotels, lavish catering, decor, and entertainment, though expenses related to jewellery, wedding attire, and airfare are not included.
Growth of sectors
The wedding industry is made up of many small businesses and individual service providers. This is because different regions have unique wedding traditions, allowing local businesses to cater to specific needs.
Indian weddings boost several industries:
Jewellery - Over half of jewellery sales come from bridal jewellery. Apparel: More than 10% of clothing spending is for weddings. Catering and events: Catering makes up 20% of wedding costs, while events make up 15%.
Prime Minister Narendra Modi has encouraged Indians to "wed in India" instead of going abroad for destination weddings. This aims to support the local economy.
