This While there was talk of the Rs 5,000 crore wedding of industrialist Mukesh Ambani’s son Anant Ambani and Radhika Merchant, it has become expensive for common people to celebrate this special day. The middle class and upper middle class, however, spent heavily on weddings this year and the slowdown in the wedding market in 2020-2021 now appears to be a thing of the past. According to a Justdial report released in December, demand for matrimonial services increased by 34 percent in metropolitan cities. There was a 44 percent increase in wedding-related searches in the national capital and a four-fold increase in resort destination searches. According to a survey by WedMeGood, which provides all wedding planning services, the wedding budget has increased by 6.7 percent year-on-year till November this year. The average expenditure has been Rs 35.6 lakh.
Average wedding expense increased to Rs 30 lakh
Wedmigood serves 18 lakh users on a monthly basis on its web and app platforms. Data shared by the Confederation of All India Traders (CAIT) also indicates a similar trend. CAIT founder and general secretary Praveen Khandelwal told PTI that the average wedding expense in 2022 was around Rs 20 lakh, in 2023 it will increase to Rs 25 lakh, while this year it will increase to Rs 30 lakh per wedding. The marriage took place. Gold and jewelery prices also increased over the year, reflecting a change in mindset regarding wedding expenses.
Gold import increased 4 times in November
According to Commerce Ministry data, the country’s gold imports increased four times to $14.86 billion in November. Gold prices were Rs 63,500 per 10 grams in January, which are around Rs 80,000 in December. According to the data, the increase in imports was mainly due to festival and wedding demand. Jewelers said that this year the demand for not only gold but also alternative jewelery has increased. Shitika Tandon, Founder, Amaltas Jewels said, “As gold prices continue to rise, Indian jewelers are witnessing a change in consumer behaviour, especially around weddings. This year, customers chose lightweight, versatile designs and options like lab-grown diamond and gemstone jewellery.”
Return of destination wedding
The ‘destination wedding’ segment, which was most affected in 2020 and 2021 due to the COVID-19 global pandemic, has also made a strong comeback. According to Wedmigood, one in four marriages took place in a destination other than the hometown. Mehak Shahani, founder of Wedmigood, said that the share of this segment in weddings was 18 percent in 2022, which increased to 21 percent in 2023 and increased to 26 percent this year.
(With inputs from PTI/Language)
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