Tanu Shreya, a 27-year-old dentist, has spent the last four months organizing her upcoming wedding. Her family has been out buying every weekend since the date was set in August, from accessories to match a new outfit for each of the four days of celebrations to personalized gifts for hundreds of visitors. Shreya's wedding in the eastern state of Jharkhand is one of 3.5 million weddings scheduled between the end of November and the middle of December. As customers raise their spending on gold jewelry, apparel, wedding planning services, and homeware, the so-called wedding season provides a $51 billion potential for Indian firms.
From the end of November to the beginning of January, Kumar Rajagopalan, chief executive officer of the Retailers Association of India, predicts an 8%-11% increase in sales across businesses connected with wedding expenditure such as jewelry, clothes, footwear, and designer goods.
The majority of Indians marry between the conclusion of the Hindu festival of Diwali and the first few months of the new year. Traditional weddings extend many days, with complex rites and guests entertained with music, colorful clothes, food, and late-night festivities.
Despite the fact that inflation has impacted the less fortunate particularly hard this year, the season's initial weeks are predicted to be busy. According to the Confederation of All India Traders, total sales from November 23 to December 15 will be around 4.25 trillion rupees ($51 billion). Gold is considered auspicious during this time, and households spend a considerable portion of their wedding cash on jewelry.
India is the world's second-largest bullion consumer, with an annual demand of roughly 800 tonnes, more than half of which is purchased for weddings. Titan Co.'s Tanishq, Senco Gold Ltd., Tribhovandas Bhimji Zaveri Ltd., and Kalyan Jewellers India Ltd. will profit the most from the winter shopping binge.
Sales during the October-December period will be higher than last year, and a price increase caused by the Israel-Hamas conflict may not have a significant influence on wedding jewelry demand, according to Chirag Sheth, principal consultant at Metals Focus Ltd. "Indians save for months for wedding jewelry, so if prices go up, they may end up buying 2% or 3% less," he said, adding that the difference is insignificant.
The South Asian nation has one of the fastest rising populations of people with a net worth of $100 million or more, which is reflected in wedding spending. Celebrity weddings in Bollywood and popular series like Made in Heaven and Indian Matchmaking are setting the pattern for what makes an event Instagram-worthy these days.
"Budgets have increased by 10%-20%, but it's not just about spending more," said wedding planner Neeraj Kumar, founder of Le Magnifique in Delhi and Jaipur. People buy what is popular on social media or on TV shows, such as unusual bridal apparel or food packages.
Shreya's wedding and other related events were also influenced by what she saw on Instagram or X, formerly Twitter. Families are spending more on professional planners as the influence of celebrities and social media grows, increasing an industry that is already worth $210 billion. For many, an ideal ceremony means flying families and friends to beautiful locations like Rajasthan's forts or Kerala's and Goa's beaches, raising demand for hotels and airfares.
Unsurprisingly, the middle and upper classes spend the most, according to Rajagopalan. Consumers spend based on their future expectations, and right now "people have a sense that the future will be slightly better for all of them."
