The auspicious astrological alignment for weddings bows out this weekend, but only after shining star light, star bright for India’s wedding industry this year. Everyone, from hotels to F&B caterers to wedding planners to jewellery businesses, has been laughing all the way to the bank thanks to this season’s wedding boom, valued anywhere from Rs 4.25 lakh crore to over Rs 5 lakh crore, depending on who you ask.
But one thing everyone agrees on, it’s boom time! This very well makes the wedding industry the fourth largest industry sector in the country, and it is only going up, up and further up, inflation be damned.
“Inflation doesn't impact wedding season, as people will spend come what may. Some restraint (is) still possible for festive shopping (but) not much scope to scale down wedding shopping,” observed Praveen Khandelwal, secretary general of the Confederation of All India Traders (CAIT).
Its flair and panache may have taken a knock during the Covid years, but if you go by all estimates, the big fat Indian wedding is back, and how! CAIT estimates more than 35 lakh marriages to be solemnised in just this 23-day period that ends tomorrow, spawning a business of over Rs 4.25 lakh crore. This is a 25 per cent increase from the previous year.
The International Convention for Wedding Fraternity (ICWF) puts it higher, at over Rs 5 lakh crore. Samit Garg, partner, ICWF, said, “The growth trajectory of the wedding industry in India this year is indeed impressive. Weddings are now viewed as expressions of personal style and social status. This change in perspective has led to a surge in investments in wedding planning and execution, as families seek to make a profound statement through these events.”
The spending push has been catalysed by social media with its virality of references and design trends, leading to thematic, personalised, and destination weddings becoming the norm. Small towns, too, have embraced wedding planners. “This expansion underscores a cultural shift, with people in smaller towns embracing contemporary wedding concepts,” added Garg.
This loosened purse string has seen a bounty that has been bestowed on anyone from hotels to jewellery businesses to even car and bike makers. Taj Hotels, for example, has been a market leader as far as hotel weddings go. Explained Parveen Chander, executive vice president (sales & marketing) of Indian Hotels (IHCL), the parent company of Taj, “Weddings have always been an important segment for IHCL with a substantial contribution towards the overall revenue of the company. Taj has been a leader in the wedding segment for over a century. Timeless Weddings is the brand’s unique wedding proposition which gives its guests the choice of some of the most exotic and magical locations, carefully curated menus by our renowned chefs, innovative themes and the quintessential Taj hospitality.”
Another big winner has been the gold and jewellery sector. Kalyan Jewellers, for example, says its revenue growth has been 35 per cent in October and November, mainly on the back of the wedding season demand. “We are expecting this growth momentum and demand surge to continue till February 2024,” said Ramesh Kalyanaraman, executive director of Kalyan Jewellers.
The Federation of Automobile Dealers Association (FADA), in its latest outlook, pins hopes on the wedding rush for a post-Diwali boost in sales. “The two-wheeler category is poised to benefit from a liquidity boost, particularly in agricultural regions and the ongoing marriage season, with around 38 lakh marriages expected to drive vehicle sales,” FADA said.
While tradition reigns supreme in the ceremonies, some curious new trends have also come into play, going by industry insiders. Heavy traditional jewellery and gold still reigns, but at least amongst a younger set, contemporary options are getting popular. “Cosmopolitan couples between the ages of 25 to 45 are seeking design-centric pieces that can be styled for the wedding season and beyond. (They want) pieces that are not only suitable for weddings but also versatile enough to play a larger role in (their) lifestyle,” Gaurav Singh Kushwaha, founder & CEO of BlueStone told THE WEEK.
Another interesting trend is the increasing clamour for sustainability from brides and grooms, with requests to use biodegradable materials and minimise waste. “Couples today are trying to minimise carbon footprint with a mindful approach of eco-friendly solutions, special menus, ingredient-based dishes, digital invitations and sustainable decor options,” said Chander of Taj Hotels.
But one aspect remains almost universally traditional — auspicious dates are still as determined by astrologers. The absolute peak season with a clutch of many such dates started on November 23 and will come to a temporary end tomorrow. The next phase of weddings start with a few dates in mid-January, before picking up again in February.
No end of ringing at the money tills, though.