Weddings in India are known to be grand, but in 2024, the scale of celebration has reached some new heights and so has the budget. According to a study by WedMeGood, the average wedding budget this year is Rs 36.5 lakh, a 7 per cent increase from 2023. Destination weddings, often associated with ‘luxury and exclusivity’ cost over Rs 51 lakh on average. The report highlights that this rise is associated with a 10 per cent year-on-year increase in wedding expenses which includes venue rentals and catering.
What Is The Wedding Budget This Season?
The study, based on a survey of 3,500 couples, reveals that 9 per cent of couples spent more than Rs 1 crore on their wedding.
Another 9 per cent had a budget of Rs 50 lakh to 1 crore. A substantial portion (around 40 per cent) of couples spent less than Rs 15 lakh on their wedding while 23 per cent had budgets ranging between Rs 15 lakh to 25 lakh.
How Are Couples Financing Their Wedding?
Indian weddings, with their pom and grandeur, are often organised based on the social standing of a family. Many go overboard, but financing the wedding is typically a personal affair. The study finds that 82 per cent of weddings were funded through personal or family savings.
Around 12 per cent of couples opted for loans, while 6 per cent liquidated their assets to fund it.
A GenZ Flip In Wedding Celebrations
Weddings in 2024 are more inclined towards experiences than keeping up with traditional expectations. What sets apart weddings this year is the shifting generational focus of couples from traditional ceremonies to contemporary trends.
Says Mehak Sagar Sahani, co-founder of WedMeGood, “Couples are splurging on experiences like cocktail mixing sessions, gaming zones, and pop-up restaurants at venues.”
Couples today embrace Western traditions as well - fitting them together with indie celebrations like themed welcome dinners.
Destination Weddings: A Growing Choice
Once considered a niche segment, destination weddings are the new definition of luxury. They now account for 25 per cent of all Indian weddings, the report states. And it’s not some foreign location which is taking the couples away, but revered Indian hotspots which are catching the eye.
Around 60 per cent of these weddings were held in Goa, Rajasthan and Kerala with a budget of over Rs 1 crore.
Moreover, wedding planners are increasingly being preferred, wherein 16.7 per cent of couples are hiring professionals to make sure their big day is celebrated without a hitch.
The wedding planners typically help manage the complexity of multi-day destination events, from logistics to personalised guest experiences.
Indian weddings usually peak in November and December. The recent estimates from the Confederation of All India Traders (CAIT) suggest that almost 48 lakh weddings will be held during this two-month- window this year. This is expected to generate around Rs 6 lakh crore in business.
