WedMeGood Annual Wedding Industry Report 2023-2024

The Indian wedding industry is a huge economic force, organizing over 10M weddings each year (WOW!). It's not just a local giant; it ranks as the second-largest globally and the fourth-largest in India, providing jobs for millions. Over the last three years, despite challenges from the pandemic, the industry has become even larger and more digital-driven, and more innovative, with the rise of wed-tech players making a significant impact.

We polled over 2400 brides and grooms, along with 500+ wedding professionals, aiming to understand the ever-changing trends in the wedding market and gain insights into the upcoming wedding season. Here's what we found:

1. Matrimonial Dynamics in 2023

Although the prevalence of meeting through dating apps is smaller, it signifies a new avenue for future generations to connect with their partners. The evolving dynamics between tradition and modernity in the realm of matrimony promise an intriguing dance in the years to come.

2. Size of Weddings

The surge from 3.2 (2022) to 4.2 in the average number of wedding functions in 2023 signals a shift toward more elaborate celebrations post-pandemic.  

Interestingly, 12% opting for intimate gatherings underlines a growing trend prioritizing personalization over grandeur—a unique evolution in contemporary Indian weddings.

3. Decision Makers in 2023

Brides are clear decision-makers, taking the lead, with 56% of vendors citing the same and actively shaping the narrative. This shift underscores a paradigm change in societal roles, highlighting the empowerment and individuality that characterize modern weddings.

4. Wedding Financing

Wedding financing in 2023 portrays millennials actively contributing, with 70% of brides and grooms investing in various aspects, showcasing financial independence. This shift reflects economic trends and a personal investment in crafting their special day.

Brides & Grooms predominantly participate in paying for: Wedding outfits, photographers, honeymoon, hair & makeup & engagement rings

5. Cost Split between Bride’s & Groom’s Family

Traditionally, 32% indicated that the financial burden falls on the bride's family. This revelation posed a minor setback during the survey, given that WMG users, predominantly from urban areas with progressive views, prompted a reconsideration of financial responsibilities. The statistics underscore a growing necessity for a more equitable approach—an evolving concept in 2023—emphasizing the urgent call for change.

6. Tech-Infused Evolution

Today, technology is integral to weddings, thanks to social media and the internet. While 65% rely on personal preferences, family/friends, and parental input for wedding decisions, online reviews on platforms like WedMeGood and Google are gaining prominence in vendor selection. This blend of technology and tradition showcases an evolution that complements the human touch.

7. Cultural Wave seen in 2023

• Changing approach towards Jewellery:

36% of brides said that they opted for artificial bridal jewellery, and 16% went ahead with jewellery rental, reflecting rental culture. This wave not only diverts attention from the traditional jewellery market but also signifies changing attitudes toward ownership. The rise of artificial jewellery suggests a move towards practicality and adaptability, challenging the notion that weddings must be synonymous with extravagant purchases.

• Conscious Celebrations:

The wedding landscape is transforming into a space where celebrations are mindful of their ecological footprint. A whopping 52% chose to embrace eco-friendly measures, marking a significant shift towards environmental impact awareness. Beyond just couples, vendors are also stepping up, joining this movement by incorporating organic materials and environmentally friendly packaging, etc. This shift is not just about saying 'I do'; it's about saying 'I do' with a deeper understanding and commitment to the world we live in.

8. Alcohol Consumption in Weddings

29% allocating a budget exceeding 5 lakhs for alcohol consumption, reflects a shift towards allocating funds for diverse experiences, embracing a 'carpe diem' mentality in weddings. Notably, 55% of weddings remained alcohol-free.

9. Wedding Planners vs DIY

DIY weddings are prevalent, with 85.4% opting for a hands-on approach and word of mouth and apps like WedMeGood playing pivotal roles in planning. While 14.6% hired professional planners, the majority leans towards unique, personalized celebrations.

10. Wedding Tourism & Destination Weddings

One of the most promising segments is wedding tourism, with a rising interest in destination weddings within India. 

The shift towards destinations like Rishikesh domestically and the Middle East internationally signals an expanding horizon for couples seeking unique backdrops.

Overall Wedding Highlights 2023: A Robust Return

Earnings of ₹4.74 lakh crore in 2023 mark a resilient return to pre-pandemic levels. This not only represents economic prosperity but also signifies a robust reaffirmation of the cultural importance attached to weddings in India. 

What 2024 Looks Like

Upcoming trends, from 90-second sizzle reels to eco-friendly initiatives, reflect a transformative era. The emphasis on empowerment, inclusivity, and environmental consciousness suggests that weddings in 2024 will be more than celebrations; they will be statements of evolving values.

 

WedMeGood's Annual Industry Report 2023-24 featured in

 

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