Indians are spending nearly twice as much on weddings as they do on education, according to a new report by investment banking and capital market firm Jefferies. The report reveals that the Indian wedding market is valued at an astounding $130 billion (approximately Rs 10.7 lakh crore), making it twice the size of the US wedding market.
Comparing Wedding and Education Costs
The average cost of an Indian wedding is around $15,000 (approximately Rs 12.5 lakh), the report states. This expenditure is nearly double the amount an average Indian couple spends on education from pre-primary to graduation.
Economic Footprint of Weddings
Despite the Indian wedding market being twice the size of the US market, it is still smaller than China’s. On average, Indians spend five times the country’s per capita GDP of $2,900 (over Rs 2.4 lakh) on weddings, and more than three times the average annual household income of around Rs 4 lakh.
The Extravagance of Luxury Weddings
Luxury weddings, costing between Rs 20 lakh and Rs 30 lakh, represent a significant portion of the market. These high-end celebrations typically include expenses for hosting five to six events, luxurious accommodations at top-tier hotels, lavish catering, decor, and entertainment, excluding jewellery, wedding attire, and airfare costs.
Boost to Various Industries
The wedding industry in India supports numerous small businesses and individual service providers, each catering to the unique traditions of different regions. Indian weddings significantly boost several industries, including:
Jewellery: Over half of jewellery sales come from bridal jewellery.
Apparel: More than 10% of clothing spending is dedicated to weddings.
Catering and Events: Catering accounts for 20% of wedding costs, while events make up 15%.
Encouraging Local Celebrations
Prime Minister Narendra Modi has encouraged Indians to “wed in India” instead of opting for destination weddings abroad, aiming to support the local economy.
This report underscores the immense economic impact of weddings in India, highlighting the significant difference in expenditure on weddings compared to education.
