What drives the unstoppable growth of India's wedding economy?
All that jazz There was a time when marriages in an Indian household were arranged through references. This changed in the 1970s-80s when newspaper matrimonial ads became the primary medium for finding alliances. The 21st c. brought a bigger shift with the rise of dating websites, soon overtaken by mobile apps.Today, a significant portion of India's 600 mn unmarried individuals can be found on these platforms. Together, they form the foundation of the massive marriage industry, one that's proven resistant to both recession and inflation.
Our demographic dividend is a major concern when it comes to jobs. But when it comes to matrimony, there are few constraints. An estimated 11-12 mn weddings take place each year, involving 22-24 mn individuals. With a potential pool of 600 mn unmarried people, the wedding economy is vast, and growing. Spending on weddings has surged across all income levels, with even those at the bottom of the pyramid trying to emulate the lavishness of the top.
Thorstein Veblen's theory of conspicuous consumption - 'keeping up with the Joneses', or, perhaps, more suitably, 'with the Agarwals' - has become the norm. The journey typically begins with dating platforms, where the search for a partner can start for as little as ₹1,000. From there, it extends to matrimonial websites and elite sweetheart brokers who offer more curated matchmaking services, often including background checks. Together, these services cater to a wide spectrum of users. Dating platforms alone are estimated to have a turnover of around ₹8,000 cr, with 80-90 mn persons actively using them.Jefferies has reported that the wedding market is the second-largest retail segment in India, second only to food. Weddings are expensive affairs, typically involving spending on venues, catering, wedding planners, event managers, decorators, make-up artists and DJs - especially for the ubiquitous sangeet, a tradition now gaining popularity even in southern and eastern states.
These celebrations often stretch over several days, with significant outlays not just by the bride's and groom's families, but also by guests - on clothing, jewellery and gifts. Destination weddings, which have grown increasingly common, add travel costs for 100-200 guests to the overall spend.
At the lower end, a wedding may cost ₹3-5 lakh, with the average hovering around ₹10-12 lakh across India's roughly 10 mn marriages each year. At the upper end, lavish weddings can cost ₹3-5 cr or more, depending on the scale and the 'statement' the hosts wish to make. As a result, the Indian wedding industry is valued at ₹11-12 lakh cr. India Brand Equity Foundation's estimate: ₹10.8 lakh cr ($130 bn). Beyond visible expenses, there's also the oft-unspoken cost of 'gifting' - the usual euphemism for dowry - which can include property, luxury vehicles, jewellery and furniture. The scale and spread of wedding-related spending have a significant multiplier effect across several sectors, particularly services. For instance, a single wedding can employ 100-200 people on a gig basis, providing a temporary, but vital, boost to the informal workforce.How does economics explain this process? Nobel Prize-winning economists Alvin Roth and Lloyd Shapley developed a matching algorithm that underpins much of the logic behind modern dating platforms. These platforms have adapted and scaled such algorithms to bring potential partners together efficiently.
Once a match is made, behavioural economics kicks in. The bandwagon effect prompts couples to emulate popular wedding trends, leading to a demonstration effect - where weddings evolve into multi-day spectacles to uphold social appearances. As the number of affluent individuals in India has grown, so has the snob value attached to weddings. This has fuelled demand for differentiators such as destination weddings, themed ceremonies and even celebrity appearances, each adding a premium to the overall experience.The wedding industry is notably recession-proof and is projected to grow to ₹18-20 lakh cr over the next five years. While Covid temporarily disrupted the trend - with online weddings becoming a brief norm - those days are behind us. Much like companies calling employees back to office, society, too, has returned to full-scale, in-person celebrations. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tech company CEO shown the door is back with AI bang
In the NSE vs. BSE battle, the real winner will be someone else
Arrest of Pak spies signal the changing face of grey zone warfare
Can inclusive growth dividend transform economic security in India?
ET Prime Unicorn 100: A fifth of Indian unicorns saw revenue decline
ET Prime Unicorn 100: Growth slowed for India's leading startups
Stock Radar: CDSL stock rebounds over 40% from March 2025 lows – what should investors do? Check target & stop loss
These large- and mid-cap stocks can give more than 30% return in 1 year, according to analysts
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
F&O Radar| Deploy Short Iron Butterfly in Nifty from potential gains from range
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
44 minutes ago
- Hindustan Times
India seeks exemption from US' 10% baseline tariff
The fate of the 10% baseline tariffs that the Trump administration invoked on imports from all countries on April 2 is among the issues now at the heart of negotiations between New Delhi and Washington as they attempt to hammer out an early tranche of the trade deal, people aware of the matter have said. Delhi is not in favour of replicating, as suggested by the American negotiators, the approach in the trade deal struck between the US and the UK, where British goods are still subject to the baseline tariffs, these people added. According to a person with direct knowledge of the discussions, Indian negotiators are pushing for their American counterparts to remove the baseline 10% rate as well as commit to assurances that the additional 16%, due to be implemented on July 9, will be left off. An American negotiating team led by assistant US Trade Representative Brendan Lynch 4 landed in Delhi on June for what is the fifth time negotiators from either side have gone to the other's capital for face-to-face talks. The American delegation is expected to be in Delhi till June 10, longer than the previously expected two-day visit. ALSO READ | India-US trade negotiations hit top gear, American delegation extends Delhi stay 'Ideally, both the 10% baseline tariff on Indian goods and the additional 16% from July 9 must end simultaneously after an interim deal is signed. Else, India will also have rights to continue proportionately similar tariffs on American goods till the time the US withdraws the entire 26% reciprocal tariff,' one of them said, citing a joint statement by the two countries' leaders issued on February 13 in Washington. While expounding 'Mission-500' to double bilateral trade to $500 billion by 2030 on February 13, the two leaders – Prime Minister Narendra Modi and President Donald Trump – in their joint statement mentioned the need for new 'fair-trade terms' that are 'mutually beneficial', the person said. A second person aware of the matter corroborated India's stance: 'Only a mutually beneficial deal would have a long life'. 'Both India and the US are sovereigns. One is the oldest democracy and the other is the largest democracy. While the US is the largest economy, India is the fastest growing major economy of the world. Hence, the deal must be balanced, equitable, fair and acceptable to their people,' the first person said. The second person added that India sees trade interests between both nations as being 'complementary and not competitive', hence New Delhi is open to giving greater market access to the American goods in the Indian market provided Washington reciprocates. 'The trade negotiations continue in New Delhi covering all these matters in a constructive manner as we speak and both sides are hopeful for a win-win,' he said. ALSO READ | Donald Trump claims India willing to cut 100% tariffs on US goods, 'but…' After UK industries faced American tariffs of 25% on all aluminium, steel and derivatives (announced on March 12), 25% tariff on passenger vehicles (announced on April 3), 25% tariff on automobile parts (beginning May 3), and a 10% baseline tariff on all imports (from April 5) – the UK and the US on May 8 announced an economic prosperity deal (EPD). The mini deal secured some concessions for the UK, but the 10% baseline tariff continued. Both partners are racing to conclude an interim, or regarded as an 'early harvest', deal before July 9, which will be followed by a wider first tranche of Bilateral Trade Agreement (BTA) by September-October 2025. After that a comprehensive BTA will be negotiated, they said. ALSO READ | How Donald Trump decided the tariff for India The current negotiations for an early harvest deal involve greater market access for goods by eliminating tariffs and non-tariff trade barriers, and improving supply chain integration, they said. The current New Delhi round is followed by a face-to-face negotiation between the two teams in the US. During that period, Union commerce and industry minister Piyush Goyal was also in the US from May 17-22 where he held meetings with his counterparts, US commerce secretary Howard Lutnick and USTR Jamieson Greer.
Time of India
3 hours ago
- Time of India
Local Court Lawyers Up In Arms Over Shifting Of 34 Digital Courts
New Delhi: Lawyers from the district courts decided on Saturday to roll back their decision to abstain from work in protest against the shifting of the judges of the 34 digital Negotiable Instruments Act courts to the Rouse Avenue courts. Tired of too many ads? go ad free now A statement released by the All District Courts Bar Association of Delhi on Saturday said that the lawyers' coordination committee met the chief justice of and was assured that all digital courts would function strictly as digital platforms only. The remaining proceedings and judicial work only would be conducted in the regular local courts, the statement said. "Necessary directions are being issued to all presiding officers instructing them not to insist on the physical appearance of any stakeholders, including parties, counsel, police officers, etc, in c+ourt," the statement added. On May 30, high court chief justice Devendra Kumar Upadhyaya inaugurated the 34 digital courts at the Rouse Avenue Courts complex to hear cases under the NI Act. Only judges of these courts will operate from Rouse Avenue, while the staff —readers, ahlmads and stenographers — will operate from their respective districts. The association on Friday, June 6 decided to abstain from work opposing the decision of shiftingthecourts. The digital courts deal with cases related to cheque bounces across six court complexes. The Lok Sabha was informed by the Union law minister in Dec 2024 that Delhi ranked fourth among top five Indian states with regard to NI Act cases and has 4.5 lakh pending cases. A judge in a NI Act court, on average, holds 80 hearings every day. According to the National Judicial Data Grid, until June 7, there were 15.1 lakh cases, of which 31% were cheque bounce cases. Tired of too many ads? go ad free now Last year, advocate Jagriti Jain filed a public interest litigation, highlighting administrative lapses in the digital NI Act court in North district. The petition pointed out the huge pendency of cases as well as connectivity problems of the portal used for digital hearings. In April 2024, a division bench comprising then acting chief justice Manmohan and justice Manmeet Pritam Singh Arora directed steps to be taken to address the issue of digital connectivity and network problems. On May 22 this year, the bench disposed of the Jain's PIL, noting that connectivity issues had been resolved after the registrar general of the high court submitted a report on May 9 outlining the remedial measures taken. A second digital NI Act court was established in the North district and all pending matters were evenly distributed between the two courts. Advocate Parthesh Bhardwaj, who appeared for Jain, told TOI, "As of June, with multiple functioning courts, better cause list management and strengthened technical infrastructure, the average time between hearings at digital NI Act courts in all districts has significantly reduced."
New Indian Express
5 hours ago
- New Indian Express
Embed Indian carbon market in global trade context
The PAT experience Though there are several areas where PAT, launched in 2012, could be implemented better, it has created industry familiarity with a measurement, reporting and verification (MRV) mechanism and a good number of accredited energy auditors. The carbon credit trading scheme (CCTS) will reduce the PAT reporting frequency from three years to an annual basisthereby increasing the spend on the MRV as well as speed of emissions reduction. Absent renewable energy, a majority of industrial emissions emerge out of energy consumption. PAT compliance has entailed over ten years of industry efforts to reduce energy consumption. The low hanging fruit of energy intensity has already been picked. Industry majors have invested in best available technology. Without further investment in technology, can the obligated entities reduce emissions further or will they simply bear the cost of purchasing carbon credits from other better performers? Indian carbon market embedded in global decarbonisation PAT was an autonomous measure to discipline industrial energy consumption. It did not function under any multilateral pressure or even context. CCTS on the other hand will have to respond to linkages and contestation with several carbon markets. CCTS will be a tool to defend Indian industry against cheap imports as well as to gain access to carbon conscious export markets. Building the trade dimension into the Indian Carbon market is imperative to create policy and business opportunities. The PAT experience Though there are several areas where PAT, launched in 2012, could be implemented better, it has created industry familiarity with a measurement, reporting and verification (MRV) mechanism and a good number of accredited energy auditors. The carbon credit trading scheme (CCTS) will reduce the PAT reporting frequency from three years to an annual basis thereby increasing the spend on the MRV as well as speed of emissions reduction. Absent renewable energy, a majority of industrial emissions emerge out of energy consumption. PAT compliance has entailed over ten years of industry efforts to reduce energy consumption. The low hanging fruit of energy intensity has already been picked. Industry majors have invested in best available technology. Without further investment in technology, can the obligated entities reduce emissions further or will they simply bear the cost of purchasing carbon credits from other better performers? Indian carbon market embedded in global decarbonisation PAT was an autonomous measure to discipline industrial energy consumption. It did not function under any multilateral pressure or even context. CCTS on the other hand will have to respond to linkages and contestation with several carbon markets. CCTS will be a tool to defend Indian industry against cheap imports as well as to gain access to carbon conscious export markets. Building the trade dimension into the Indian Carbon market is imperative to create policy and business opportunities.
