The wedding season on India – usually November and December, is a calculated $51 billion opportunity for Indian businesses, taking into account the increase in spends for gold jewellery, clothes, wedding planning services, etc.
In India, most weddings take place between the end of the festival Diwali and the first couple months of the next year. Traditionally, Indian weddings are an extremely elaborate affair. They last for several days. From rituals, music, entertainment, food and parties that go on till late into the night.
The wedding industry is poised to see 8 percent-11 percent growth in sales despite inflation hitting the less well off particularly hard this year. As per the Confederation of All India Traders, the sales this year, between Nov. 23 to Dec. 15 will be about Rs 4.25 lakh crore ($51 billion).
Wearing and gifting gold and other forms of jewellery isn considered auspicious during weddings. And, with the annual demand of around 800 tons, India is the world’s second largest bullion consuming market. Sales this year are expected to be better than last year and the increase in prices due to the Israel-Hamas war do not seem to impact the consumption.
Furthermore, the wish to have an elaborate wedding is something families as well as brides and grooms look forward to. This need has only been further dialled up by the grand displays of Bollywood celebrity weddings as well as popular shows such as Made in Heaven and Indian Matchmaking. The trend to make a wedding Instagram-worthy has only been growing.
Unsurprisingly, it is the middle and affluent class that are spending the most. It is natural consumer behaviour for consumers to spend based opt their expectations for their lives ahead.