Marriage(symbolic)
– Photo : Amar Ujala
Expansion
India is the world’s largest wedding venue. Every year 80 lakh to 1 crore weddings take place here, while 70-80 lakh weddings take place in China and 20-25 lakh in America. The special thing is that the common man of the country spends twice as much on weddings as he spends on education (up to graduation). In countries like America, this expenditure is less than half as compared to education.
According to a report by brokerage firm Jefferies, the size of the Indian wedding industry is around Rs 10 lakh crore. This is almost double the size of the US wedding industry. However, it is smaller than China. The size of the wedding industry in the US is Rs 5.84 lakh crore (70 billion dollars), while in China it is Rs 14.2 lakh crore (170 billion dollars). The report said that Indian weddings last for several days and range from simple to extremely lavish. Region, religion and economic background play an important role in this.
The size of the Indian wedding industry is about Rs 1 lakh crore, almost double that of the US
- The average cost of a wedding in India is Rs 12.50 lakh ($15,000), which is several times the per capita or household income.
- Bridal jewellery accounts for more than half of the total wedding expenditure.
- Bridal lehengas in the luxury segment involve heavy intricate work. In some cases, these lehengas can weigh up to 10 kilograms.
- Despite efforts to curb lavish weddings, lavish weddings at foreign locations continue to showcase Indian grandeur.
Consumption of other products including jewellery and vehicles increases
Jefferies said, weddings in India are grand. They involve many types of ceremonies and expenses. During the wedding season, sales increase in many industries including jewellery. Consumption increases in categories like jewellery and apparel during the wedding season. Indirectly, the auto and electronics industries benefit.
Food is the second largest industry after grocery
According to the report, weddings rank second in the consumption category in India. If weddings were a category, they would be the second largest retail category after food and grocery. The size of the Indian food and grocery industry is Rs 56.8 lakh crore ($681 billion).