“Gali Janardhan Reddy spends Rs 500 crores on his daughter’s wedding”
Woke up to these newspaper headlines on the morning of 14th November… A week after the demonetization move by PM Modi, the only question that surfaced in my mind was how Mr. Reddy managed to get the finances. Indian weddings are a grand affair, we all are aware of this fact. Spending a fortune has been in tradition in the Indian wedding market, but 500 crores! Be it inflation or deflation, people will get married no matter what; thus, making the wedding industry evergreen. Indian wedding industry, with over Rs 100,000 crore of annual business, is flourishing incessantly. With over 10 million weddings taking place every year in India, there are no doubts that this industry is marked to see a growth of 25%-30% annually.
This was just the gist, read on to find more interesting facts about the Indian wedding industry. Various Industries And How Much Do They Make From Indian Wedding
A wedding is not just about the bride and the groom or their respective families; it is also about the food, the venue, the decor, the music and many other things.
- The Venue The first thing that impresses the family as well as the friends is the venue. It needs to be large enough to seat all the guests. From hotels and farmhouses to banquet halls and clear lawns, any venue you choose, it comes with a big price. People spend lakhs and crores on the venue itself. A wedding at any of these locations can cost you anywhere between Rs 3 lakhs (lawns/banquet halls) and Rs 25 lakhs (farmhouses). This is the minimum price! This expense adds up to around Rs 5,000 crores worth of annual spending. With destination weddings in much demand, a decent marriage in Goa or Rajasthan (favorite destinations) can rob you off of Rs 1.5 crores – Rs 2 crores.
- The Catering Service We Indians live for food. For this very reason, we spend around Rs 200 – Rs 1,000 per head on food in a typical Indian marriage. If you wish to make it more lavish, then the cost can reach as much as Rs 5,000 per plate.
- The Decoration A venue sans decoration is like a butterfly without her colors. With floral decoration highly in demand, a wedding planner in India estimates an expenditure of Rs 20,000 - Rs 25,000 on flowers. The main pandal decoration costs somewhere around Rs 10,000 for a single wedding, and these are the estimates of the simplest wedding ceremony. The annual industry of pandal and other decorations is rounded off to Rs 10,000 crore per year.
- The Music/Band What is a wedding with no music or DJ? A normal event can cost anywhere between Rs 15 thousand and Rs 10 lakhs depending on the scale of your wedding. The annual market for music in India is Rs 5,000 crores. Dhol, bands and other things are included in the overall cost only.
- Apparels And Jewelry For the bride, the groom and the entire family, the wedding day means a lot. Getting all decked up for the big day creates a big hole in our pockets. Apparently, the cost of a bridal dress can range from Rs 30,000 to Rs 2.5 lakhs. The groom’s clothes are less expensive and cost around Rs 20,000 to Rs 50,000. Overall expenditure on apparels in a year for wedding market is around Rs 10,000 crores.
Gold and Diamonds are another items of luxury that cannot be avoided in a wedding. From the bridal jewelry to the gifting items a person sheds around Rs 10 lakhs, but the maximum limit depends on your budget. As I just read that a businessman in South spent Rs 90 crores on the jewelry that his daughter wore on her wedding. This sums up to around Rs 60,000 crores annually.
Indian weddings are indeed a lavish affair and on an average a person spends around one fifth of his life savings on this particular day. The wedding season is here and we are all set to see more growth in the Indian wedding market.