By Peden Doma Bhutia
March 18, 2024

It was an final A-List occasion – Rihanna, Ivanka Trump, Mark Zuckerberg, Bill Gates, Disney CEO Bob Iger, Bollywood celebrity Shah Rukh Khan, Bhutanese King Jigme Singye Wangchuk, and cricket legend Sachin Tendulkar. 

While the visitor checklist reads like a mini-Davos summit, they had been all company on the pre-wedding bash of Anant Ambani, youngest little one of Mukesh Ambani, one of many richest males in Asia with a internet price of $114 billion.

To perceive the nuptial’s scope, take into account that the three day celebration was simply the pre-game. The precise wedding ceremony isn’t till July.

Ambani’s daughter’s wedding ceremony in 2018 was huge too. Hillary Clinton and John Kerry confirmed off their dance strikes whereas Beyonce carried out. It reportedly cost $100 million.

Indian weddings redefine extravagance: From helicopters to high fashion, non-public jets for company to feasts match for royalty (actually!), these weddings aren’t simply celebrations. They are large financial engines, driving billions in spending.

Between November 23 and December 15, 2023, about 3.5 million {couples} tied the knot in India resulting in spending that totaled round INR 4.25 trillion ($57 billion), based on a survey by Confederation of All India Traders. 

That’s a variety of spending in simply 23 days, and consists of all the pieces from venue bookings to catering to decorations. And then after all, there are elaborate pre-wedding shoots, prepared to offer any Bollywood manufacturing a run for its cash.

Skift Research estimates {that a} typical Indian wedding ceremony at a world vacation spot prices about $215,000.

Weddings Check-In to Hotels

As weddings evolve into grander affairs, there’s a rising development to host these extravaganzas at luxurious hospitality venues.

“In the past, families would typically rent out large spaces for weddings, rarely considering hotels,” mentioned Parthip Thyagrajan, CEO of WeddingSutra, a marriage planning enterprise. “But times have changed. Today, hosting a wedding at luxury hotel properties has become the norm, driven by the allure of brands like W, Ritz-Carlton, Taj and Oberoi.”

City resorts are additionally seeing a surge in wedding ceremony bookings.

In 2023, Marriott hosted over 900 weddings in India, contributing practically 10% to its revenues in India. The lodge chain expects this development to maintain going sturdy into 2024, based on Khushnooma Kapadia, Marriott’s vice chairman advertising — South Asia.

In 2016, Marriott launched “Shaadi by Marriott,” a one-stop store for customized weddings. Last 12 months, recognizing a rising choice for bespoke, artisanal weddings, Marriott launched “Shaadi by Marriott Bonvoy Reimagined.”

“With a vast portfolio of 148 hotels and 17 brands spanning cities, smaller markets, and resort destinations across India, Marriott is able to cater to weddings of all sizes and styles,” Kapadia mentioned.

And why did Hilton select Jaipur as the city for the launch of Waldorf Astoria in India? “If you’re going to do uber-luxury in the India market, you need to do it in Rajasthan, so you can attract high-end weddings because that’s where the true dollar value is,” mentioned Alan Watts, Hilton’s Asia Pacific president.

Rajasthan is a well-liked place for each Indian and worldwide movie star weddings, Elizabeth Hurley chosen Jodhpur as her wedding ceremony vacation spot in 2007. The Katy Perry-Russell Brand wedding ceremony of 2010 happened in Ranthambore.

In 2021, Hilton launched a advertising initiative referred to as “Wedding Diaries by Hilton.” 

“This year, under Wedding Diaries by Hilton, we plan to personalize experiences with celebrity chefs and sustainable weddings aimed at reducing carbon footprints. Simultaneously, our food and beverage offerings will expand, incorporating partners committed to conscious practices,” mentioned Manish Tolani, vice chairman and industrial director at Hilton India.

The Olympics of Celebrations

These celebrations have a far-reaching financial influence, particularly on the tourism sector.

Picture this state of affairs, mentioned Thyagrajan from WeddingSutra: A household travels to attend a vacation spot wedding ceremony in Mahabalipuram. Once the festivities are over, they stick round to discover Chennai, perhaps head to Pondicherry, or enterprise additional into South India. 

Once thought of a luxurious reserved for the rich, vacation spot weddings are additionally gaining recognition. 

Destinations like Thailand, UAE and even European hotspots are eyeing India’s extremely high-net price people. They know that Indian weddings are about greater than just some days of celebrations; they’re about prolonged stays, procuring sprees, and exploration, noticed Thaygarajan.

Thailand is likely one of the prime wedding ceremony locations for Indians. “We host about 400-500 Indian weddings each year,” mentioned Siriges-a-nong Trirattanasongpol, director of Tourism Authority of Thailand’s (TAT) New Delhi workplace.

The TAT director mentioned that direct flights and proximity to India is a driver, and the nation has the workers to wanted to carry out Indian weddings. The scheme that enables Indians to enter Thailand and not using a visa till May 2024 has additionally helped.

The tourism board frequently organizes occasions like wedding ceremony symposiums and journeys for wedding ceremony planners to lesser-known locations within the nation.

“We also look forward to increasing our wedding centric marketing campaigns by brand integration in wedding shows, Bollywood movies and print advertising in wedding magazines,” mentioned Trirattanasongpol.

Last 12 months, Prime Minister Narendra Modi made an enchantment to “Wed In India,” selling home locations versus abroad areas.

Celebrities like Alia Bhatt-Ranbir Kapoor, Katrina Kaif-Vicky Kaushal, Kiara Advani-Sidharth Malhotra or Parineeti Chopra-Raghav Chaddha, have all hosted their wedding ceremony in India.

How Did We Get Here?

There’s no denying there’s been a change in how households method their kids’s wedding ceremony planning, based on Samit Garg, co-founder and managing director of E Factor Experiences.  

Garg shares an anecdote: There’s this middle-class couple who had a easy wedding ceremony again within the Nineties. Fast ahead to their daughter’s wedding ceremony, and it’s an entire new ball recreation. We’re speaking luxurious locations, skilled occasion planners, days of festivities crammed with top-notch leisure and world delicacies. And let’s not overlook the bride’s gorgeous designer outfit, a far cry from her mom’s modest apparel.

This change in angle may very well be attributed to the financial insurance policies applied within the nation submit 1991, which spurred financial progress and improved dwelling requirements. Influenced by a liberalized economic system, middle-class {couples} began choosing lavish celebrations in comparison with the previous simplicity.

As a outcome, what started historically as communal gatherings then advanced right into a thriving trade involving apparel, jewellery, magnificence companies, items, delicacies, and elaborate decorations.

India is the world’s second-biggest shopper of gold. Gold imports stood at $1.9 billion in December, the height wedding ceremony season, bringing the cumulative imports to $37.85 billion from April-January in fiscal 2024.

“Weddings, being an important market for the industry, have witnessed significant growth in recent years due to rising disposable incomes, demand for intimate and personalized experiences, and government initiatives like the ‘Wed in India’ campaign,” mentioned Ok.B. Kachru, chairman emeritus and principal advisor, Radisson Hotel Group South Asia.

The monetary burden of internet hosting these weddings will be overwhelming, particularly for lower-income households, resulting in debt from societal strain and dowry expectations. Already dwelling on tight budgets, some might resort to borrowing cash from mortgage sharks at exorbitant rates of interest.

Some non-governmental organizations additionally facilitate mass or group weddings, enabling a number of {couples} to marry at a shared venue. This method additionally helps to ease the monetary pressure on households related to particular person weddings.

The Slim and Smart Weddings

There are households that also desire smaller celebrations. Findings from a survey by wedding ceremony planning portal WedMeGood present that round 12% of {couples} desire intimate gatherings, specializing in including private touches to their special occasion.

In some communities, you’ll discover households splurging on jewellery and apparel whereas holding the general wedding ceremony pretty modest. Others would possibly go all out on meals whereas sticking to a extra conservative finances for decor and leisure, Thyagarajan noticed.

And then there are {couples} which are opting to finance their very own weddings. “I made the conscious decision early on to fund my own wedding,” defined Gaurav Gupta, an engineer. “I started saving for it, and if needed, I was prepared to explore financial schemes such as those offering the Marry Now Pay Later option. It’s about taking ownership while ensuring our parents are not overwhelmed with the financial responsibility.”

According to the IndiaLends WeddingSpends Report 2.0, of brides and grooms who plan to self-fund their weddings, 41% plan to make use of their financial savings, 26% mentioned they’d take into account private loans. 

Fintech lenders additionally companion with lodge chains to supply Marry Now Pay Later schemes. SanKash, a journey fintech, partnered with Radisson Gurugram final 12 months to launch the initiative.

“We aim to disburse INR 1 billion ($12 million) in the fiscal 2024,” mentioned Akash Dahiya, co-founder and CEO of SanKash. SanKash’s credit score choices beneath the initiative vary as much as INR 2.5 million ($30,000), relying on buyer necessities, and will be unfold over 12 months with a 6-month no-cost month-to-month installment choice.

SanKash has now partnered with a number of resorts throughout the nation.

Weddings in the present day usually are not nearly traditions; they’re an opportunity for {couples} to point out off their particular person, tastes and preferences. And with India’s economic system — and center class — main world consumption, the value tag for Indian weddings are positive to continue to grow too.