Indian Weddings to Spark a €67 Billion Business This Winter
By Shilpa Dhamija06 décembre 2024
With about 4.8 million weddings slated to be celebrated in November & December alone, India’s big fat wedding season is expected to generate a staggering €67 billion for wedding-related businesses according to projections by an Indian trade body.
Most Indian weddings are planned around auspicious dates of the Hindu lunar calendar. This year the abundance of such ‘lucky dates’ during the winter season has sparked a surge in weddings. On November 12th alone, the National Capital Region (NCR), encompassing Delhi, Noida, and Gurugram cities witnessed a record 48,000 weddings in a single day!
The Indian trade body CAIT estimates that around 50,000 weddings this season are likely to splurge more than €112,000, each on festivities, while another 50,000 are expected to spend between €56,000 and €121,000.
Jewellery sales are experiencing a significant surge compared to the rest of the year, even with soaring global gold prices, as Jewellery remains a treasured and auspicious investment during Indian weddings. Anticipating this demand, the Aditya Birla Group, one of India’s leading fashion conglomerates, launched its debut Jewellery brand, ‘Indriya’, earlier this summer with an investment of €560 million. The brand has already established 10 stores across major metro cities ahead of the busy wedding season.
In a move to boost local gold consumption, India reduced import taxes on gold earlier this year from 15% to 6%. Notably, India is the second-largest importer of gold from Switzerland.
Luxury fashion brands are also tapping into the wedding boom. Italian luxury footwear label Aquazzura debuted its first India store in New Delhi just before the season. Meanwhile, Reliance Industries, led by Mukesh Ambani, launched the largest outlet of its luxury beauty retail chain, Tira, at Mumbai’s luxury mall Jio World Plaza. Spanning over 6,200 square feet (approximately 576 square meters), the store aims to cater to the rapidly growing demand for luxury beauty and wellness products in India.
For destination weddings within the country, Rajasthan and Goa states remain top choices. Rajasthan offers opulent royal palaces, while Goa provides scenic beachside luxury resorts. Luxury hospitality properties ranging from Shangri-la to Taj Hotels and Marriott are offering bespoke wedding event services to wealthy Indians not just in India but around the world.
Last winter, India hosted 3.2 million weddings during the auspicious days of the season.
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