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A wedding with all kinds of luxury, extravagance, and lavishness is called a big fat wedding. There are people in society who spend a large amount to make the wedding a humongous event. There is a big budget on vendors, décor, photography, etc. Today there is a lot of competition in the Indian Wedding Sector everybody wants to show themselves large.
If we look at the statistics then around 1.3 to 1.4 crore couples tie knot every year. In this, there is less than 1% of people who spend a few crores on big fat weddings.
The wedding industry in India is flourishing and the statistics support this fact. Currently, the industry is over Rs 300,000 crore and is growing at 25-30%. The estimated cost of weddings in India starts from Rs 5 Lakh to 5 crores. People in India spend one-fifth of their wealth collected in their lifetime at the wedding.
Gold is a vital part of any wedding. If we calculate one marriage per family every 20 years, the country averages roughly 10 million marriages every year. An average of 30 to 40 grams of gold is spent in every marriage across the country, thus the total consumption of gold comes between 300 to 400 tonnes annually.
The per capita income will be doubled or tripled in the next few decades and the consumption of gold during weddings will also increase. The marriage market is set to boom in the coming years like never before.
Not only the jewellery business there are many sectors which are getting the boom due to Indian Weddings like the décor sector, photography and videography sector, fashion industry, etc. With this growth, the Indian Wedding Sector will set a benchmark in the Indian market.