Wedding industry clocks US$ 57.1 billion (Rs. 4.74 trillion) in earnings in 2023, up 26.4%: Report

The Indian wedding industry has ascended to become the fourth-largest sector in the country, driven by factors such as increasing urbanization, rising disposable income, the emergence of wedding technology (wed-tech), and the pervasive influence of social media. The annual report from WedMeGood, a prominent Indian wedding planning website and app, reveals that the industry amassed earnings of US$ 57.1 billion (Rs. 4.74 trillion) in 2023, reflecting a substantial 26.4% increase compared to the previous year. Based on insights gathered from over 2400 brides and grooms and input from 500 wedding vendors, this comprehensive report provides valuable insights into the evolving trends and dynamics shaping the Indian wedding landscape.

Against the pandemic's challenges, the Indian wedding industry has undergone a notable transformation in the past three years. WedMeGood's survey indicates a 14.8% rise in the average wedding guest size compared to 2022, reaching an average of 310 guests, up from 270. Despite this, approximately 12% of couples opted for more intimate gatherings, reflecting a nuanced shift in preferences amidst changing circumstances. The findings offer a glimpse into the upcoming wedding season, shedding light on the resilience and adaptability of the industry in response to evolving socio-economic and global conditions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.