Emerging from the shadows of the pandemic, India's wedding industry has exploded into a dazzling display of opulence and extravagance. With an annual market value of approximately $130 billion, India's wedding scene dwarfs its American equivalent, though it still trails behind China's colossal market, according to a Jefferies report featured on CNN. "Indians love to splurge on weddings, regardless of their economic status," the report highlights.
The average Indian wedding costs a staggering $15,000 – over three times the country's average annual household income. This lavish expenditure is driven by the cultural significance of weddings as symbols of power and prestige.
Traditionally, Indian parents have saved a considerable portion of their lifetime earnings to fund their children's weddings. In recent years, this trend has been supercharged by India's booming economy, with the nation's billionaires fueling the industry's growth.
Take, for example, Anant Ambani, son of business mogul Mukesh Ambani, who is set to tie the knot in less than a week. The family's preparations are in full swing, as they plan to invite the world's elite from Silicon Valley and showcase their wealth through a stunning jewelry exhibition. "This wedding has significantly boosted demand for suppliers, promoted cultural heritage, and even spurred economic growth," said Tim Chi, CEO of The Knot Worldwide, which offers wedding planning services in India.
A $200,000 to $400,000 Extravaganza
Indian weddings typically span several days and have an average guest list of 325 people, compared to 115 in the US. For the wealthy, these numbers soar. The affluent often choose exotic global destinations for their celebrations. For instance, at Anant Ambani's pre-wedding bash in Jamnagar, western India, over three days, 1,200 guests, including Bill Gates and Mark Zuckerberg, attended.
India's wealthy have unique demands for their weddings. One couple requested an elephant, a sacred animal in Hinduism, for their wedding in Monte Carlo.
A typical luxury Indian wedding can cost between $200,000 and $400,000, according to Jefferies. This budget covers five-star accommodations worldwide, lavish catering, elaborate decorations, entertainment and sometimes international artists. However, Jefferies' estimate excludes expenses on jewelry and attire. Jewelry purchases for weddings account for about half of India's jewelry market spending, according to the investment bank's report. India is one of the largest gold markets, but the appetite for diamonds and precious gems is also growing.
Moreover, no luxury Indian wedding is complete without sumptuous meals, often involving flying in Michelin-starred chefs with the world's most expensive ingredients.
Guests at these lavish weddings don't leave empty-handed. At Ambani’s pre-wedding party, guests received scarves, birdhouses, silver candles and various leather goods.
However, not everyone appreciates the grandeur of Indian weddings, especially when held abroad. At the end of May, the Ambani family hosted a four-day Mediterranean cruise for friends and family, featuring performances by Katy Perry, the Backstreet Boys and Andrea Bocelli. The event angered residents of Genoa, Italy, due to the loud music until dawn. Audible annoyances notwithstanding, such events can generate millions of dollars for a city, from vendor use to shopping, dining and tourism.
The Indian government is trying to discourage affluent families from hosting their weddings abroad. Prime Minister Narendra Modi launched a campaign to encourage luxury weddings within the country. "People often spend significant amounts to marry abroad," Modi said. "Families can enjoy lavish celebrations here for three to four days, providing livelihood opportunities for locals."
India's economy is experiencing dramatic growth and is expected to become the third-largest economy in the world by 2027. According to a report by real estate consultancy Knight Frank, the number of Indians with a net worth of at least $30 million will increase by 50% by 2028, the largest increase of any country in the world. Additionally, by 2030, India's middle class is expected to include about 600 million people, making up 80% of the country's consumer power.