A study has found that the average wedding budget this year is ₹36.5 lakh (up 7% from 2023), while those opting for destination weddings spend an average of ₹51 lakh.
The study surveyed 3500 couples (Photo: Arvind Yadav/HT (For representational purposes only))
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This is due to a 10% year-on-year increase in costs, such as those for venue and catering, the report from wedding firm WedMeGood stated.
“Everyone wants to have the best possible wedding. People are spending the most on venue, followed by food, and a good planning agency. In India, most households allocate the biggest budgets towards purchasing house and marriages of their children,” The Times of India quoted Shashank Gupta of Delhi-based wedding planning firm TailorMade Experiences, as saying.
What did the study find?
For its study, WedMeGood surveyed 3500 couples, and found that 9% spent more than ₹1 crore on their marriage festivities, while another 9% spent between ₹50 lakh and 1 crore. The budget for 40% of couples was less than 15 lakh, ₹25 lakh- ₹50 lakh (23%), and ₹15 lakh- ₹25 lakh (19%).
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Additionally, 82% of couples had their wedding financed through personal savings/family savings, 12% took loans and 6% through asset liquidation.
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Additionally, 82% of couples had their wedding financed through personal savings/family savings, 12% took loans and 6% through asset liquidation.
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According to WedMeGood co-founder Mehak Sagar Shahani, people have started to splurge on “experiences.”
Shahani said, "Gen Z couples, for instance, are holding events such as cocktail mixing, gaming sessions, setting up pop-up (temporary) restaurants at the venues. Many are introducing Western concepts such as a themed welcome dinner.
Estimates by the Confederation of All India Traders (CAIT) showed that 48 lakh weddings were slated to be held in the November-December period, generating business worth ₹6 lakh crore.
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Home/Business/Wedding budget ₹37 lakh in 2024, up 7% from last year: Report
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