PEAKLIFE

By Neha Mehrotra

The Indian wedding industry, known for its extravagance and cultural richness, stands as a multi-billion-dollar behemoth in the global market. With over 10 million weddings annually, it is not just a celebration of love but also a massive economic driver, contributing significantly to various sectors of the economy. In recent years, this vibrant industry has witnessed a paradigm shift, with emerging sectors redefining traditional customs and introducing innovative concepts.

According to a survey conducted by the Confederation of All India Traders (CAIT) in the last month of 2023 alone, it is estimated that about Rs 4.25 trillion was spent on weddings and wedding-related purchases and services. Many industries are therefore involved in the wedding industry, like hotels, decoration, entertainment, jewellery, gifting and a lot more.

The Jewellery Business

Wedding jewellery in India is about more than just something you wear on the day. It is an heirloom. The potential of India’s bridal sector is so huge that it has been attracting attention from international jewellery houses, including Bulgari, Tiffany & Co., and more. According to research, the India costume jewellery market, valued at USD 1,788.6 million in 2019, is projected to reach USD 2,126.3 million by 2027, reflecting a compound annual growth rate (CAGR) of 7.0 percent from 2019 to 2027. This data underscores the market’s consistent expansion, with Indian weddings acting as a catalyst for the growth. Traditionally, weddings were synonymous with gold and precious stones, but modern brides and grooms are increasingly gravitating towards fashion jewellery that marries traditional aesthetics with contemporary designs. The surge is not just in demand but in the diversity of styles, with a blend of classic and modern elements becoming the new norm.

Makeup and Beauty

The rise of makeup artists (MUAs) in Indian weddings has been transformative, reshaping bridal beauty with their expertise and creativity. In a market exceeding USD 1.5 billion, MUAs are now indispensable, crafting flawless looks that blend tradition with modern trends. Social media serves as a catalyst, driving demand, as brides seek perfection inspired by virtual influencers. MUAs excel at balancing cultural customs with contemporary aesthetics, offering bespoke services tailored to individual preferences. The surge in destination weddings further propels their demand, requiring adaptability to diverse settings and styles.

Wedding Trousseaus

According to CRISIL Research, the Indian wedding and celebration wear apparel market was valued at approximately Rs 1,020 billion in FY20. This colossal figure underscores the immense significance of weddings and festivities in Indian culture, where apparel plays a pivotal role in symbolising tradition, opulence, and style. However, the paradigm has shifted, with wedding collections no longer restricted to brides alone. The market is witnessing a surge in demand for celebration wear apparel from both couples and their close circles, driving robust growth projections.

Trousseaus, meticulously curated over months, has become a hallmark of the ultimate celebration, featuring bespoke creations that exude luxury and exclusivity. Notable examples, such as Isha Ambani Piramal’s trousseau, rumoured to be worth 11 million dollars, have captured global attention for their sheer extravagance and cultural significance. From the first-ever Indian lehenga by Maison Valentino to gracefully adorned gowns and traditional couture, each ensemble is imbued with the essence of heritage and modernity.

The Floral and Decor Industry

The shift in the floral and decor industry’s prominence within Indian weddings is palpable, with designers now commanding attention and budgets previously unheard of. According to data by The Times of India, standard natural flower decor, once considered basic, now comes with a price tag ranging between Rs 6 lakh and Rs 7 lakh per function, particularly in expansive venues where grandeur is paramount.

Moreover, designers are pushing the boundaries of creativity by incorporating exotic international varieties into their creations. From blooms sourced from Kenya, the Netherlands, and Colombia, to rare and coveted flowers like orchids, proteas, and peonies, weddings with larger budgets are witnessing a surge in demand for these luxurious accents.

Wedding Planners

Over the past two decades, the wedding planning industry in India has witnessed significant shifts in trends and preferences. Once considered a service reserved for the elite, wedding planners are now sought after by a broader audience for their ability to add style and glamour to weddings. These planners act as curators of dreams, transforming visions into reality through meticulous planning, creative flair, and attention to detail. Moreover, the rise of destination weddings has further propelled the growth of the industry, with planners adept at navigating diverse locales and cultures to create immersive experiences for couples and guests alike.

Wedding planners sometimes also help in arranging for photographers and videographers, which is another booming trend in the wedding industry. Couples and families are more than ever ready to spend lakhs of rupees on wedding photography and wish to frame their memories.