Athira Sethu
Kochi, 2 December 2024
India’s wedding industry is booming now, valued at around $130 billion. This ranks it as the second-largest sector of consumer spending in the country, after only food and groceries. Now that the wedding season is almost here, growth is promised. This busy period starts on November 12 with 30% more dates than there were last year, giving significant business opportunities.
With nearly 48 lakh marriages happening in November and December of every year in India, the Confederation of All India Traders said it stands to generate about Rs 6 lakh crore. Longer the weddings season, and therefore an increased chance to witness rapid economic growth- more, the dates get lengthier that is from around 30 days last time to the current 41. At least 4.5 lakh will happen in Delhi alone itself, which has the potential to create as many businesses of approximately Rs 1.5 lakh crore.
India hosts around 1.1 to 1.3 crore weddings every year, possibly the largest wedding market in the world, bigger than China and the U.S. According to reports, before the pandemic, India’s annual spending on weddings was around $50 billion. The industry is growing fast. A recent report by PL Capital noted that the recent cut in gold import duties is expected to boost gold purchases during weddings, which will benefit sectors like retail, hospitality, jewelry, and automobiles.
This significantly boosts other industries as well. The industry contributes to around more than 10% of the Indian apparel industry and even pulls off the stock market because people go out and spend more during the wedding season.
Matrimony.com believes the “Wed in India” campaign of Prime Minister Modi will steer expenditure from destination weddings overseas and result in an incremental spend of Rs 1 lakh crore in wedding expenditure in India.
With around 66% of India’s population under 35, there is tremendous scope for continued growth in the wedding industry and ancillary businesses. This thriving sector is a major driver of India’s economic growth.
