Weddings can be a lavish celebration all around the world. But here in India, we love to take things up a notch and steal the whole show with grandeur and elegant arrangements. All the extravaganza of these weddings has rightfully earned the nickname of “The big fat Indian wedding”.
With the pandemic in full swing last year, weddings were subdued for a while, but with things getting back to normal, Indian weddings are back with their mojo. There is an estimate of 1.5 lakh weddings to take place in Delhi alone, generating a business worth ₹50,000 crores. And around 25 lakh weddings in the country, in this 14 November-13 December time span.
These estimations were made by the traders association Confederation of All India Traders (CAIT). As several events were being postponed over the past two years, this year has seen a huge increase in the number of weddings.
India is the second-most populous nation, it has more than 50 crores of its youth unmarried all laying between the age group of 20-39 years old.
Every year around 6 crore Indians look for the perfect match. This match-making leads to a grand 1.1 crore wedding expense. On average, 30,000 marriages take place in India, every single day.
Weddings can be a massive and expensive affair. The cost of a wedding can go up to Rs 25 lakhs to Rs 5 crores in major metro cities. The rest of them spent nothing less than Rs 10 lakhs to Rs 20 lakhs.
Also Read: In Pics: Check Out The Indians Who Changed Our Idea Of Big Fat Indian Weddings By Being Unconventional
According to CAIT, wedding venues, decorations, food, and beverages are the biggest segments where money is spent, almost 60% of the total wedding expenditure. Then comes the jewelry, which takes up 20% of the budget. Indians are known for their love for gold. Several reports provided by the World Gold Council are proof.
11% of all gold that’s mined in the world is with Indian families, 60% of gold purchasing is done primarily for a wedding. The wedding market has witnessed massive growth in the country, despite being primarily an unorganized sector.
Banquet halls, hotels, open lawns, farmhouses, and many other places are all geared up for this season. Weddings have a positive effect as a variety of services get hired.
Weddings are about $80-$100 billion business opportunities. This industry is growing at 30% per year. In the next 10 years or so it can probably go up to $ 0.5 trillion.
I am invited to 3 weddings next week and now all I will be thinking about while eating gulab jamun with ice cream is, “Kitna kharcha kiya hoga yarrr.”
Image Sources: Google Images
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