A recent study has revealed that the average wedding budget in India this year has surged to ₹36.5 lakh, marking a 7% increase compared to 2023. For couples opting for destination weddings, the spending is even higher, averaging ₹51 lakh. This growth is largely attributed to a 10% year-on-year rise in wedding-related costs, including venue rentals and catering expenses, according to the report by wedding firm WedMeGood.
Key Factors Driving Wedding Spending
Shashank Gupta, founder of TailorMade Experiences, a Delhi-based wedding planning firm, explained that Indian families are increasingly prioritizing weddings alongside other major financial commitments like purchasing homes. He noted that couples are allocating the largest portions of their budgets to the venue, food, and professional wedding planners.
Survey Insights:
1. The WedMeGood study surveyed 3,500 couples, finding that:
2. 9% of couples spent over ₹1 crore on their wedding celebrations.
3. 9% allocated between ₹50 lakh and ₹1 crore.
4. 23% of couples had a budget between ₹25 lakh and ₹50 lakh, while 19% spent between ₹15 lakh and ₹25 lakh.
5. For 40% of couples, the wedding budget was under ₹15 lakh.
Funding Sources:
The report also revealed how weddings are being financed, with 82% of couples relying on personal or family savings. About 12% took out loans, while 6% used asset liquidation to cover costs.
Changing Trends:
Mehak Sagar Shahani, co-founder of WedMeGood, noted that today’s couples are prioritizing unique experiences. Gen Z couples, in particular, are embracing new trends such as cocktail mixing, gaming sessions, and pop-up restaurants at wedding venues. Some are even introducing Western-style events like themed welcome dinners.
Weddings Driving Significant Economic Activity
The Confederation of All India Traders (CAIT) estimates that approximately 48 lakh weddings will take place during the November-December period, generating an estimated ₹6 lakh crore in business. This highlights the growing economic significance of the wedding industry in India.
