Indians Spend Nearly Double on Weddings Compared to Education, Study Reveals

A recent report by Jefferies, an investment banking and capital market firm, has unveiled that Indians spend nearly twice as much on weddings as they do on education. The Indian wedding market is valued at an astonishing $130 billion (approximately ₹10.7 lakh crore), making it twice the size of the US wedding market.

Key Findings:

• The comprehensive study was based on various available data and visits to key industry hubs.
• The average cost of an Indian wedding is around $15,000 (approximately ₹12.5 lakh), nearly double what an average Indian couple spends on education from pre-primary to graduation.

Economic Impact:

• The Indian wedding market is twice the size of the US market but smaller than China’s.
• On average, Indians spend five times the country’s per capita GDP of $2,900 (over ₹2.4 lakh) on weddings, and more than three times the average annual household income of around ₹4 lakh.

Luxury Weddings:

• Luxury weddings, costing between ₹20 lakh and ₹30 lakh, represent a significant portion of the market, with some even more extravagant.
• These budgets typically cover expenses for hosting five to six events, luxurious accommodations at top-tier hotels, lavish catering, decor, and entertainment, excluding costs related to jewellery, wedding attire, and airfare.

Growth of Sectors:

• The wedding industry is composed of many small businesses and individual service providers, catering to unique regional wedding traditions.
• Indian weddings significantly boost several industries:
• Jewellery: Over half of jewellery sales come from bridal jewellery.
• Apparel: More than 10% of clothing spending is for weddings.
• Catering and Events: Catering makes up 20% of wedding costs, while events account for 15%.

Prime Minister Narendra Modi has encouraged Indians to “wed in India” instead of going abroad for destination weddings, aiming to support the local economy.