India’s Wedding Season Powers A $6 Tn Economy, Global Market May Grow To $429 Bn by 2030

The wedding industry in India, a billion-dollar ecosystem, continues to thrive despite economic ups and downs. Known for its grandeur and cultural significance, the sector evolves with changing consumer preferences while remaining deeply rooted in traditions. 

With the conclusion of Kharmas, an inauspicious period that began on December 15, 2024, the stage is set for the resumption of auspicious activities, including weddings. Starting January 16, the wedding season will officially kick off, featuring 75 auspicious dates throughout 2025. This season of auspicious dates will culminate with Shivratri this year.

Now, let’s look at the statistics. According to the Confederation of All India Traders (CAIT), India is expected to witness approximately 4.8 million weddings between November 2024 and March 2025, covering the latter half of 2024 and the early months of 2025. This will drive economic activity worth $6 trillion.

Source: Business Standard

Globally, India is the second-largest wedding market, trailing only the United States, underscoring its immense economic influence and rising global recognition. 

The Wedding Services Market has showcased impressive growth in recent years, expanding from USD 267.08 billion in 2023 to USD 284.87 billion in 2024. This upward trend is set to continue, with the market projected to grow at a robust CAGR of 7.02%, reaching an impressive USD 429.56 billion by 2030.

Key Sectors Benefiting from the Indian Wedding Boom

According to industry experts, the ongoing wedding boom in India is expected to benefit both the goods and services sectors significantly. Here’s a breakdown of the key areas poised to gain from this surge in celebrations.

Goods Sector

A substantial portion of wedding spending is allocated to goods, with clothing and jewelry dominating the list.

• Clothing and Apparel (10%): Sarees, lehengas, and other traditional attire remain top priorities for couples and families.
• Jewelry (15%): Gold, diamonds, and traditional ornaments are essential in Indian weddings.
• Electronics and Consumer Durables (5%): Home appliances and gadgets are popular wedding gifts.
• Dry Fruits, Sweets, and Snacks (5%): These are staples in gift hampers and for guests.
• Groceries and Vegetables (5%): Catering to large wedding feasts involves considerable spending in this category.
• Gift Items (4%): Personalized and traditional gifts hold a significant share.
• Other Goods (6%): Miscellaneous items such as wedding favors also contribute to the spending.

Source: Business Standard

Services Sector

The spotlight falls on venues, catering, and decorations in the services sector.

• Banquet Halls and Wedding Venues (5%): Booking premium venues is a key expenditure.
• Event Management (5%): Professional planners ensure the smooth execution of grand events.
• Tent Decoration (12%): This includes elaborate setups for outdoor or semi-outdoor functions.
• Catering Services (10%): High-quality food and diverse menus are non-negotiable for Indian weddings.
• Floral Decoration (4%): Fresh flower arrangements add charm and elegance to the celebrations.
• Transportation (3%): Logistics for guests and the wedding party require meticulous planning.
• Photography and Videography (2%): Capturing memories professionally remains essential.
• Orchestras and Bands (3%): Musical performances set the tone for celebrations.
• Light and Sound (3%): Professional setups enhance the ambience.
• Other Services (3%): Additional services like make-up artists and live entertainment are also in demand.

Source: Business Standard

Rising Trend: Social Media Services

There has been a notable increase in spending on wedding social media services. Couples opt for curated digital coverage to showcase their special moments online, reflecting a growing trend towards personalized and technology-driven celebrations.

Matrimonial Dynamics in 2024

As wedding trends continue to evolve, let’s take a closer look at the latest changes in the industry. WedMeGood conducted a comprehensive survey, collecting insights from over 3,500 couples planning their weddings between April 2024 and March 2025. Additionally, feedback was gathered from more than 500 wedding vendors, including planners, photographers, makeup artists, and venue providers.

The 2024 trends show a growing preference for later marriages, with the average age for love and arranged unions at 28. Bumble, Hinge, and Shaadi.com remain top choices for serious dating and matrimonial matches.

Wedding Financing

Wedding financing in 2024 reflects millennials’ active role in financial independence. Over 80% of wedding expenses were covered through personal or family savings, while around 12% relied on loans and 6% liquidated assets, mainly to fund high-cost categories. While jewelry remained the top expenditure, venues, catering, and décor also constituted a significant portion of the spending.

Source: wedmegood.com

Rising Costs and Preferences in Indian Weddings

The cost of weddings in India rose significantly in 2024, with expenses increasing by an average of 7% compared to 2023. This surge was largely driven by the hospitality industry, including venues and catering, which raised their prices by over 10%.

The average budget for a traditional Indian wedding stands at ₹36.5 lakh, while destination weddings demand a higher average expenditure of ₹51.1 lakh. These figures reflect the increasing trend of couples opting for grand and memorable experiences, pushing the boundaries of wedding planning. Source: wedmegood.com

Growing Trend of Destination Weddings

Destination weddings continue to gain popularity among Indian couples, with a steady rise in demand for picturesque and unique locations. Traditional favorites such as Rajasthan, Goa, and Kerala remain the leading choices for domestic destination weddings. However, newer locales like Daman, Khajuraho, and Mussoorie have emerged as fresh options in 2024, offering distinct charm and appeal.

On the international front, Thailand, the UAE, and Italy are the most sought-after destinations for Indian weddings. These destinations are renowned for their exotic settings and hospitality. Istanbul has also seen a surge in popularity, attracting couples seeking a blend of culture and elegance.

Source: wedmegood.com

Growth Drivers for the Wedding Industry

Cultural Trends Shaping Preferences

The demand for unique and personalized wedding experiences is rising, driven by evolving cultural trends. Couples increasingly seek celebrations that reflect their individuality, making customization a significant growth factor.

Post-COVID Resurgence in Spending

As economies recover from the pandemic, a noticeable uptick in wedding-related spending has occurred. This resurgence provides an opportunity for businesses to cater to clients eager to celebrate in grander ways after years of restrictions.

Technological Advancements

Technologies like virtual reality are transforming how couples plan their weddings. From immersive venue tours to AI-driven personalized planning, these innovations enhance customer experiences and streamline the planning process.

Growing Popularity of Eco-Friendly and Destination Weddings

Sustainability is becoming a priority for many, with eco-friendly weddings gaining traction. Additionally, destination weddings remain popular, offering couples and guests memorable, travel-centric experiences.

Opportunities for Growth in the Wedding Industry

Comprehensive Service Packages

Bundling services into all-in-one packages can capitalize on the desire for convenience and simplicity, appealing to modern couples who value efficiency in planning.

Embracing Cutting-Edge Technology

AI and machine learning offer immense potential for personalized planning, helping businesses deliver tailored solutions that resonate with clients’ preferences.

Expanding into Emerging Markets

Emerging markets with rising disposable incomes present new growth opportunities. Targeting these regions can unlock untapped spending power.

Catering to Specialized Niches

Targeting niches such as LGBTQ+ weddings or offering customizable virtual services can help businesses stand out in a competitive market. These segments represent significant areas of untapped potential. Source: wedmegood.com

Trends to Watch

Wedding planning apps are leveraging AI to provide seamless services. Tools that offer budget management, vendor comparisons, and guest list tracking are game-changers. While grand physical gatherings dominate, virtual participation for overseas guests is still relevant. Hybrid weddings combine the best of both worlds. Themes reflecting cultural heritage, modern aesthetics, or favorite movies are becoming standard. 

Planners are tasked with bringing intricate ideas to life. Highlights include curated menus featuring regional delicacies, fusion dishes, and exotic beverages. Specialized chefs and mixologists are in demand. Floral installations remain a classic choice, but there’s a notable shift toward using recycled and reusable materials for decorations.

Challenges in the Wedding Industry

Inflation and fluctuating costs of raw materials impact budgets, leading to cost-conscious decisions. Coordinating with multiple vendors while ensuring quality remains a logistical challenge. The wedding sector’s heavy reliance on seasonal muhurats creates operational bottlenecks. Balancing traditional expectations with modern desires requires adaptability and innovation.

Looking Ahead to Shivratri 2025

As we approach Shivratri 2025, the wedding industry stands resilient, driven by cultural fervor, technological advancements, and evolving consumer preferences. With auspicious muhurats providing momentum, this period promises a celebratory high and economic vitality for numerous allied sectors. Whether embracing sustainability or curating unique experiences, the “I Do” industry will make headlines.

Related Posts

• 
  Asian Stock Market: The Complete Guide
• 
  Price to Earnings Ratio | Types, Formula and Limitations
• 
  What is ROCE? A Comprehensive Guide

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

FAQ