A naukri.com initiative
Bloomberg Quint
1d
3
Image Credit: Bloomberg Quint
Wedding Industry Shines Again With Rising Budgets; Experts Predict Continued Growth
- The Justdial report suggests that metropolitan cities drove 34% growth in demand for wedding services with the national capital dominating with a 44% rise in wedding searches and 4x surge in resort venue searches.
- Wedding budgets saw a 6.7% increase year-on-year with the average spend at Rs 35.6 lakh till November of 2024, according to a survey done by all-in-one wedding planning solutions provider WedMeGood.
- Numbers shared by the Confederation of All India Traders or CAIT suggest the average wedding spend in India in 2024 was about Rs 30 lakh per wedding.
- Sheetika Tondon, Founder of Amaltas Jewels, said, "As gold prices continue to soar, Indian jewellers are seeing a shift in consumer behaviour, particularly in the wedding sector."
- The share of destination weddings in 2022 was 18%, which rose to 21% in 2023 and surged further to 26% this year, according to WedMeGood founder Mehak Shahani.
- The demand for cinematic wedding photographers was up 2x, while that of wedding card dealers was 44%, photographers 28%, choreographers 24%, and orchestras 15%, according to Justdial data.
- Couple preferring 'immersive experiences' over traditional methods, according to industry players.
- "Industry projections indicate it could reach Rs 10 lakh crore by 2025," said luxury wedding and event planner Leena 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," according to Murthy.
- "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," said CAIT's Khandelwal.
Read Full Article
Like
For uninterrupted reading, download the app