look news india
Wedding Events in India: Indian weddings have always been known for their grand planning. And because of these expensive events, the wedding market in India has now crossed $130 billion. According to an estimate, an average Indian family is spending more than Rs 12 lakhs. Which is three times more than the annual income.
The report also revealed that this cost is three times the average annual household income of Rs 4 lakh. According to global brokerage Jefferies, India, known as the largest wedding destination in the world, hosts at least 8 million to 10 million weddings every year.
10 lakh crore market
According to the report, the Indian wedding ceremony market is expected to reach $130 billion (about Rs 10 lakh crore) in the financial year 2023-2024, second only to the total food and grocery sector retail market of $681 billion. The ratio of wedding expenditure to GDP is very high compared to other countries.
According to reports, weddings in India have deep cultural significance and involve huge expenditure, often disproportionate to the income level. According to the report, wedding-related expenses include a wide list of products and services including jewellery, apparel, event management, catering, entertainment, etc.
China is currently at the forefront
According to Jefferies, India's wedding market is nearly twice that of the US, however, China's wedding market is nearly twice that of the US.