Wedding ceremonies are celebrated differently even in India with some couples opting for major religious ceremonies, while others lean towards a more intimate celebration.
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Indian weddings are big business. But some of them may not be as big this year as they used to be.
Famous celebrations are lavish week-long events full of elaborate religious ceremonies, extravagant costumes, singing and dancing, and of course lots of jewelry.
Many couples in India get married from November to February, which is considered an auspicious time in Indian culture.
Based on Nikkei AsiaTrade body Confederation of All India Traders (CAIT) estimates that 3.2 million weddings will take place between November and December last year.
Celebrations that month will generate 3.75 trillion rupees ($46 billion) for businesses in the wedding industry, up sharply from 2.5 trillion rupees in 2019, Nikkei Asia reports based on data. data from CAIT.
So it’s no surprise that lavish weddings in India often attract up to 1,000 guests – and that comes with a hefty price tag.
However, the mindset of millennials in India has changed and many are starting to believe that less is better.
Tina Tharwani, co-founder of Mumbai-based wedding planning company Shaadi Squad, says couples are moving away from “big fat” Indian weddings towards intimate celebrations with lists less guests.
Tharwani told CNBC they chose to give guests a more personalized experience at the event, rather than turning it into a competition with their peers to see who could pull off the most epic wedding. .
Smita Gupta, founder of Delhi-based wedding planning company Wedlock Events, agrees.
“The success of a wedding obviously depends on the guests, but today it doesn’t depend on the number of guests,” says Gupta. “They are more worried [about] guest experience.”
Manika Singh, 29, said: “If you call 600 guests to your wedding, you only have to pay extra. She is getting married in December 2023 and plans to invite only a maximum of 250 guests for the main celebration which will be held at Jim Corbett National Park in Uttarakhand.
Renting the venue for two days will cost the couple 1,500,000 rupees ($18,400), or about 600,000 rupees ($7,400) more than it was before the pandemic and higher inflation.
Feeding people is not cheap
But cutting her guest list comes with a caveat.
To fulfill her parents’ wish for a big wedding, Singh will also host a luncheon for 300 guests at the family home the day before.
“You won’t even know half of the people, they’re just acquaintances of your parents,” she said, adding that this is a common practice that couples often do to settle a family.
Even though couples cut down on the size of their wedding, they still spend just as much. Even with a smaller guest list, Gupta says, spending big on the venue, food and decorations is still the norm.
Singh agrees, adding that inflation has pushed up food prices, and rice prices “have skyrocketed”.
Rising inflation has led many soon-to-be couples to spend large sums of their budgets on food.
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Despite India’s retail inflation falling from 5.88% in November to 5.72% in December, cereal and dairy prices continued to rise. according to Reuters.
Singh predicts food to be the most expensive item at both the luncheon and the wedding reception in December.
That confirms her decision to reduce the number of guests at her wedding but instead spend more on outfits and jewelry, which cost her 700,000 rupees ($8,600).
“More people means your wedding is less luxurious,” says Singh. “We can splurge on that instead of feeding everyone.”
Gold is expensive? No problem
gold price hit an eight-month high on Tuesdaywith spot gold trading at $1,877/oz.
That doesn’t stop soon-to-be couples from buying gold for their big day, says Ramesh Kalyanaraman, chief executive officer of Kalyan Jewelers.
Kalyanaraman said high costs don’t necessarily prevent people from making big purchases, but they can wait a few weeks to see if prices drop. “It’s not a drop” in sales, he said, but “a delay in their purchase.”
According to the World Gold Council, India’s gold industry contributes 1.3% to the country’s GDP and is dominated by small and medium enterprises.
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And that is no different from the time of Covid.
Kalyanaraman said wedding jewelry fares are much higher during the pandemic, as people can’t spend money on entertainment or rent a large wedding hall due to government restrictions.
“Gold jewelry is not a fashion accessory; It’s really part of every custom and ritual.
In some Indian cities, parents start buying gold for their daughters from birth and will continue to add to the collection as they grow older, Kalyanaraman said. Many of those pieces were then worn on their wedding day.
Singh said she has a different stance and will not wear expensive jewelry. She will just buy a new set of jewelry and use another set of jewelry from her engagement. For the rest, she “just wears fake jewelry.”
