India's Wedding Costs Surge 14%: Expert Advises Early Planning Amidst Rising Expenses

Wedding expenses in India have seen a significant increase, with the average spend rising by 14% year-on-year to approximately ₹32-35 lakh in 2024, up from about ₹28 lakh in 2023. Even average venue costs have climbed from ₹4.7 lakh to ₹6 lakh, with luxury or destination weddings potentially costing ₹1.2–1.5 crore.

Several key factors are contributing to this surge:

• Venue and Scale: Larger guest lists and premium locations drive up costs. Accommodation and food alone can account for about 40% of a destination wedding budget.
• Technology and Experience: Couples are investing more in high-end décor, live streaming, and drone photography, increasing vendor expenses.
• Food and Catering: Elaborate menus and rising per-plate costs are significant budget drivers.
• Social Expectations and Trends: The desire for "Instagrammable" ceremonies, multi-day events, and destination weddings fuels higher spending.
• Inflation and Input Costs: Increased costs for venues, décor materials, labour, and logistics are feeding into the overall spend.

Nehal Mota, Co-founder and CEO of Finnovate, emphasizes the importance of proactive financial planning. She advises treating wedding expenses as a long-term objective, recommending starting savings and investments 7-10 years in advance to accumulate substantial funds, such as ₹30 lakh for an average wedding. This approach helps avoid high-interest debt, allows for prioritization of wedding elements, and prevents compromising other critical financial goals like education, retirement, or home ownership. Involving children in the planning process also instils valuable financial awareness.

Impact: This trend of increasing wedding costs highlights a substantial rise in Indian consumer spending, particularly on major life events. This directly impacts sectors like hospitality (hotels, resorts), event management services, catering, retail (apparel, jewelry, décor), photography and videography, and financial services (loans, investment products for saving). It also reflects evolving social norms and consumer priorities regarding significant expenditures.

Rating: 7/10