The Wedding Industry earned Rs 4.74 lakh crore in the year 2023; Reveals Survey

by  EVENTFAQS Bureau Weddings | January 18, 2024 | News

Wedding Industry Survey WedMeGood

WedMeGood recently undertook an annual survey to gauge the dynamics of the wedding market. This involved polling over 2400 couples set to tie the knot between September 2023 and April 2024, as well as surveying more than 500 wedding vendors, including planners, photographers, makeup artists, and venues. The aim was to gather valuable insights into the forthcoming wedding season and discern emerging trends in the industry.

Mehak Sagar Shahani, Co-Founder, WedMeGood said, "Weddings as an industry may have become more digital in avatar, but its significance in making memories for a lifetime remains stronger than ever. This is a unique industry where personalisation is married with convenience, automation is married with handicraft - a space where the traditional and modern co-exist. We hope that our in depth Industry Report sheds light on the ever evolving nature of this industry, and that WedMeGood continues to track the pulse of the modern Indian bride and groom to be."

There has been a notable 14.8% rise in the average size of wedding guest lists since 2022, currently reaching 310 guests. Nonetheless, 12% of couples are opting for more intimate gatherings, placing emphasis on personalization and closeness rather than grandiosity. Millennials are progressively embracing the digital era, with 15.6% disclosing that they found their life partner through dating apps. This emerging trend indicates a modern approach for the upcoming generation, injecting a contemporary flair into the longstanding tradition of marriage.

In 2023, 70% of couples took part in financing their weddings, a trend expected to persist in 2024 as financially independent millennials continue to actively contribute to their nuptial expenses. 59% of users achieved a balanced financial contribution between the bride and groom's families, indicating a shift in the traditional dynamics of financial support. There is a noticeable cultural shift in the attitude towards jewelry, with 36% of brides opting for artificial pieces, and 16% choosing to rent their jewelry. This is a noteworthy trend, highlighting a departure from sentimental attachment to bridal jewelry in favor of financially prudent decisions. Additionally, 52% of individuals embraced eco-friendly practices in their weddings, demonstrating a collective commitment to sustainable celebrations.

An astonishing 85.4% of individuals independently organized their weddings, leveraging personal connections through word of mouth or platforms, while only 14.6% opted for the services of a professional wedding planner. Furthermore, a particularly encouraging sector in the industry is wedding tourism, witnessing a rise in destination weddings to 21% in 2024, as opposed to 18% in 2022. The emerging destination in India, Rishikesh, with its increasing hotel accommodations, is positioned to emerge as a prime location for unforgettable celebrations.

WedMeGood continues to be at the forefront of these transformative trends, offering innovative solutions and personalized experiences to create weddings that truly reflect the unique love stories of their clients. As the industry evolves, they remain committed to providing unparalleled service and making dreams come true, one wedding at a time.