Apr 29, 2024 03:04 PM IST
Nikhil Kamath said, “With this industry as fragmented as it is, I can’t think of 5 dominant brands in this space that occupy any kind of mindshare.”
Zerodha cofounder Nikhil Kamath talked about weddings in India and said that “traditionally uncool industries” are now the biggest opportunities. In a social media post along with statistics collated from CAIT, The Knot Worldwide, Wedding Wishlist, Global Opportunity Analysis and industry forecast, he wrote, “With this industry as fragmented as it is, I can’t think of 5 dominant brands in this space that occupy any kind of mindshare.”
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He added, “With everyone focused on the IN-industry right now, whatever is the flavor of the season. Traditionally uncool industries might be where massive opportunities are hiding.”
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The statistics included in Nikhil Kamath’s post are:
- One in four weddings in the world are from India.
- 2023 saw wedding business of ₹4.25 lakh crore, up 13% from 2022.
- India is the second-largest wedding market in the world.
- The first-largest wedding market in the world is the United States.
- Wedding industry is India’s fourth largest industry.
- In the next 15 years, 40 crore weddings are expected in India. Read more: Sensex surges 700 points today: 5 major reasons behind the rally
- The Indian wedding market is expected to grow at a CAGR of 30 per cent, and is soon expected to overtake the US wedding industry.
- Since most of the wedding spending is in cash, the industry could be bigger than estimated.
- ICMAI data from 2018 showed that Indians spent ₹90,000 crore on gold and diamond jewellery during weddings, ₹50,000 crore for apparel and ₹30,000 crore on durable goods.
- Thirty per cent of weddings are fully-funded by parents while 70 per cent are co-funded by parents and the couple, data showed.
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