2024-04-27 21:40:10
New Delhi: Nikhil Kamath is a well-known entrepreneur and investor of the country. He is the founder of Zerodha, the largest retail stockbroker. In this season of marriages, he has shared some serious inputs on the expenses incurred on marriage. This shows how Indians are wasting their hard-earned money on marriage. Indian wedding market is worth 50 billion dollars. It is growing at an annual rate of 30 percent. Due to this growth, India can overtake America and become the world’s largest wedding market. Indians are famous for expensive weddings. Marriage is seen to be linked to social prestige. Weddings in India have undergone major changes due to changing aspirations and technological advancements.
Nikhil Kamath, co-founder of Zerodha, has given worrying information about the real cost of Indian weddings. They’ve used a detailed infographic to highlight some scary but true facts.
12 years of hard earned money spent in 2-3 days
According to the report, 35 lakh marriages took place in India between November-December 2023. In other words, approximately 2 weddings were organized every second. Apart from this, the country’s wedding industry grew by 13 percent last year. This took the wedding business to Rs 4.25 lakh crore. This made it the fourth largest industry in the country.
However, the infographic shared by Kamath focuses on the negative aspects of this wonderful and extraordinary industry. It says that an average Indian wedding costs Rs 20 lakh. This means that Indians spend their 12 years of hard-earned money in just 2-3 days. Whereas per capita income is Rs 1.71 lakh.
Most marriages take place with loans
It is further stated that one-fifth of a person’s entire life savings is spent on marriage. 20 percent of all loans taken in India are specifically for weddings. According to Kamath’s infographic, 80 percent of Indian marriages take place with loans.
Indian weddings have become more expensive and lavish in recent times due to rising ambitions and technological advancements. The report highlights some important data points. Like 1 in 6 Indian marriages is influenced by celebrities. 16 percent of Indian marriages are taking place through dating apps. 1 in 5 couples prefer destination wedding. 52 percent of Indian couples prefer artificial jewellery. 1 in 3 Indian weddings opt for e-invites and eco-friendly solutions. Alcohol is served in 46% of Indian weddings.