New Delhi: Wedding season is going on in the country. Indian people are spending lavishly to celebrate wiht bands, bajas and wedding processions. The average wedding budget this year is Rs 36.5 lakh, while people opting for a destination wedding are spending an average of Rs 51 lakh. Roughly, weddings are set to become 7% more expensive in 2024 than last year. This has happened due to the increase in the cost of its venue and catering. According to a study by wedding planning firm Wedmigood, the cost of venue and catering has increased by more than 10% compared to last year. Shashank Gupta, founder and director of wedding planning firm TaylorMade Experience, said that everyone wants the best wedding. People are spending the most on venues. After that on food and a good planning agency. Most families in India budget most for home buying and their children’s weddings. Money is no problem for the rich. They are spending lavishly on weddings.
Budget of more than 1 crore
The budget of weddings of the rich is more than Rs 1 crore. Most of such weddings are organized as destination weddings. Everything from invitations to decorations and organizing is themed. Young couples are bringing many new things into the marriage. Mehak Sagar shahani, co-founder of Wedmigood, said the nature of weddings has changed. People are spending money on new things. for example, the new generation couples are hosting cocktail mixing, gaming sessions, setting up top up restaurants at the venues. Many couples are also offering themed welcome dinners which are a western concept.
The trend of personalized and experimental weddings has helped new-age businesses gain a foothold.Gupta said new age artists and caterers are finding opportunities as couples are spending more on personalized experiences. According to CAIT estimates, 48 lakh marriages are going to take place in November-December which will generate a business of Rs 6 lakh crore.Weddings account for a major share of retail sales in India. This is expected to increase business. Social media and people’s desire to have ‘Instagrammable’ photos is also boosting the wedding business.
How is the Indian wedding industry adapting to the preferences of younger couples?
Interview with Shashank Gupta, Founder of TaylorMade Experience: Insights on the Lavish Indian Wedding Industry
Published by Time.news
Time.news Editor: Welcome, Shashank! With wedding season in full swing and reports showing that Indian weddings are becoming increasingly extravagant, can you give us an overview of current trends in wedding budgets?
Shashank Gupta: Thank you for having me! Absolutely. This year, the average wedding budget is around Rs 36.5 lakh, with destination weddings pushing that figure up to Rs 51 lakh. We’re seeing an overall increase of about 7% in wedding costs for 2024 citing rising venue and catering expenses as primary contributors. this trend signals that weddings are still a top priority for families in India.
Time.news Editor: Interesting! why do you think couples are willing to spend so much, especially on venues and catering?
Shashank Gupta: In India, weddings are one of the most significant life events. Families often consider weddings alongside home buying as their top financial priorities. The push for lavish celebrations with band baaja and themed decor is not just a reflection of cultural expectations but also a means to express status and personal style. As the saying goes, “The best wedding” is a mantra many adhere to.
Time.news Editor: Speaking of themes, how has the landscape of weddings changed recently, notably with the younger generation?
Shashank Gupta: The nature of weddings has indeed evolved.Young couples are increasingly opting for personalized and modern experiences. Rather of conventional elements, couples now spend on cocktail mixing sessions and themed welcome dinners, which were previously more Western concepts. This shift opens up new opportunities for innovative vendors, allowing for greater creativity in wedding planning.
Time.news Editor: You mentioned personalization. How are new-age businesses leveraging this trend?
Shashank Gupta: New-age artists, caterers, and planners are capitalizing on the demand for personalized wedding experiences. Couples desire unique, Instagrammable moments that reflect their own personalities. This demand drives innovation and encourages a thriving marketplace, with customized decor and experiences becoming the norm.
Time.news Editor: What can you tell us about the broader impact of the wedding industry on the Indian economy?
Shashank Gupta: Weddings considerably contribute to retail sales in India. According to estimates, around 48 lakh marriages are set to occur in the upcoming months, potentially generating a business worth Rs 6 lakh crore.As much as the wedding hype is visible on social media, it also underscores how the industry is intertwined with various sectors, boosting everything from hospitality to retail.
Time.news Editor: what advice would you give to couples planning their weddings this season?
Shashank Gupta: My key advice would be to set a realistic budget and prioritize what matters most.With rising costs for venues and catering, couples shoudl consider their must-haves versus nice-to-haves. Collaborating with experienced wedding planners can also ease the burden of management while ensuring a stunning, cohesive experience. Remember, it’s about creating lasting memories, not just following trends!
Time.news Editor: Thank you,Shashank! Your insights shed light on this elaborate industry that continues to evolve in engaging ways.
Shashank Gupta: Thank you! It was a pleasure discussing these trends with you.
This interview aimed to provide insights into the lavish Indian wedding industry, emphasizing current trends and economic impact while offering practical advice for couples planning their big day.