Weddings regain glitz as budgets rise, yet to peak, say industry experts

Marriages might be made in heaven but for those on the earth, the occasion to celebrate the exchange of vows is back to being an expensive affair. And no one's complaining.

Not too long ago, the world watched in awe as business tycoon Mukesh Ambani's son Anant Ambani tied the knot with Radhika Merchant in a whopping Rs 5,000-crore affair.

While those are astronomical numbers, the middle class and upper middle class, too, joined the party through 2024 and the lull in the wedding market seen in 2020-2021 appears to be a thing of the past.

According to a Justdial report released on December 24, metropolitan cities drove 34 per cent growth in demand for wedding services with the national capital dominating with a 44 per cent rise in wedding searches and 4x surge in resort venue searches.

 

Till November this year, wedding budgets saw a 6.7 per cent increase year-on-year with the average spend at Rs 35.6 lakh, according to a survey done by all-in-one wedding planning solutions provider WedMeGood, which caters to 1.8 million monthly users across its web and app platforms.

Numbers shared by the Confederation of All India Traders (CAIT) suggest a similar trend.

The average wedding spend in 2022 was about Rs 20 lakh, in 2023 it rose to Rs 25 lakh, whereas this year it went up further to Rs 30 lakh per wedding, CAIT Founder and General Secretary Praveen Khandelwal told PTI.

Gold and jewellery rates, too, went up through the year, reflective of the change in mindset so far as wedding spends are concerned.

The country's gold imports recorded an over four-fold increase to USD 14.86 billion in November, according to commerce ministry data.

Gold prices, which were about Rs 63,500 per 10 grams in January, are hovering around Rs 80,000 in December.

The increase in imports was mainly on account of festival and wedding demands, as per the data.

Jewellers said not just gold, the demand for alternative jewellery, too, went up this year.

Sheetika Tondon, Founder of Amaltas Jewels -- a contemporary jewellery brand offering certified lab-grown diamond ornaments -- said, "As gold prices continue to soar, Indian jewellers are seeing a shift in consumer behaviour, particularly in the wedding sector. This year saw customers gravitating towards lightweight, versatile designs and value-driven alternatives like lab-grown diamonds and gemstone jewellery."  The destination weddings segment, the worst-hit in 2020 and 2021 due to the Covid pandemic, is also back with a bang.

According to WedMeGood, about one in every four weddings was held away from the hometown.

The share of destination weddings in 2022 was 18 per cent, which rose to 21 per cent in 2023 and surged further to 26 per cent this year, WedMeGood Founder Mehak Shahani said.

"Destination weddings are steadily on the rise. While traditional hotspots like Rajasthan remain popular, there is an increasing trend of couples seeking unique locations and personalised experiences. This shift is moving towards larger, multi-day events that accommodate extended families, often with guest lists exceeding 250 people," Leena Murthy, Founder of The Ark Lifestyle, a luxury wedding and event planner based out of India and Dubai.

With the rise in wedding budgets, those engaged in associated sectors, such as wedding photographers, wedding card dealers, choreographers, and orchestras, also saw a sharp growth through 2024.

According to the Justdial data, the demand for cinematic wedding photographers was up 2x, while that of wedding card dealers was 44 per cent, photographers 28 per cent, choreographers 24 per cent, and orchestras 15 per cent.

The average wedding photography budget in India was 4-5 per cent, said Akash Agarwal, Co-founder of WeddingNama -- a luxury wedding photography brand.

"Internationally, this percentage is much higher and can range somewhere around 10-15 per cent or even more. Even though it seems like wedding photography budgets have gone up a lot, there is still a lot of scope for growth when we look at international standards. As a collective, the wedding photography industry has grown leaps and bounds in the next decade and it still is one that's going to grow further," Agarwal said.

Industry players have observed a change in wedding demands, with couple preferring "immersive experiences" over traditional methods.

"The focus is now on creating memorable experiences through innovative design, decor, and services, rather than just the destination itself...

"Couples are willing to increase budgets by up to 50 per cent for these unique experiences, driving growth in the wedding industry," Murthy said.

However, despite the steep rise in wedding spends, "the ceiling has not been hit yet", Shahani said.

"Spends in 2025 are largely going to be determined by how hospitality prices increase or stabilise. Given that venues and food form about 60-70 per cent of wedding spends -- and that we are seeing room rates also stabilise now -- we may not see a huge increase in spending next year," he said.

According to Murthy, "Key trends for the year include personalised surprises and extended celebrations, AI-driven planning, minimalist decor with statement pieces, innovative food experiences, and emphasis on sustainability. While overall budgets remain stable, couples are strategically allocating funds to reflect their values and create memorable moments."  "Industry projections indicate it could reach Rs 10 lakh crore by 2025.

Additionally, the wedding services market in India is forecast to experience substantial growth, with estimates suggesting it could expand from Rs 1 lakh crore to Rs 3.5-4 lakh crore in the next five years," CAIT's Khandelwal added.