Nov 30, 2024 12:57 PM IST
People opting for destination weddings are spending ₹51 lakh on an average, as per a report from wedding firm WedMeGood.
A study has found that the average wedding budget this year is ₹36.5 lakh (up 7% from 2023), while those opting for destination weddings spend an average of ₹51 lakh.
This is due to a 10% year-on-year increase in costs, such as those for venue and catering, the report from wedding firm WedMeGood stated.
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“Everyone wants to have the best possible wedding. People are spending the most on venue, followed by food, and a good planning agency. In India, most households allocate the biggest budgets towards purchasing house and marriages of their children,” The Times of India quoted Shashank Gupta of Delhi-based wedding planning firm TailorMade Experiences, as saying.
What did the study find?
For its study, WedMeGood surveyed 3500 couples, and found that 9% spent more than ₹1 crore on their marriage festivities, while another 9% spent between ₹50 lakh and 1 crore. The budget for 40% of couples was less than 15 lakh, ₹25 lakh- ₹50 lakh (23%), and ₹15 lakh- ₹25 lakh (19%).
Additionally, 82% of couples had their wedding financed through personal savings/family savings, 12% took loans and 6% through asset liquidation.
According to WedMeGood co-founder Mehak Sagar Shahani, people have started to splurge on “experiences.”
Shahani said, “Gen Z couples, for instance, are holding events such as cocktail mixing, gaming sessions, setting up pop-up (temporary) restaurants at the venues. Many are introducing Western concepts such as a themed welcome dinner.
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How many weddings in November-December?
Estimates by the Confederation of All India Traders (CAIT) showed that 48 lakh weddings were slated to be held in the November-December period, generating business worth ₹6 lakh crore.
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