The wedding industry in India is valued at nearly $130 billion, with groceries coming in second: Jefferies

Given that the Indian marriage season begins in July, the wedding-related economy is expected to soar this year as well.

According to the Jefferies survey, over half of all jewelry purchased in India has a marriage theme.

According to a recent Jefferies analysis, India's wedding market is expected to have risen to $130 billion, second only to food and grocery in terms of consumption, creating a massive economic boom.

The wedding season in India is a time of great economic activity, with the initial peak period being between October and December to coincide with the holiday season. The wedding season starts in July this year.

The memo emphasizes that the typical Indian spends Rs 12 lakh, or about $15,000, on a wedding; in some situations, this sum is more than what a child's 18 years of schooling would cost. According to the Jefferies study, India has a wedding spend-to-GDP ratio of 5x, which is much greater than numerous other nations when compared worldwide.

The season of weddings

India may be the world's most popular location for weddings, surpassing even China and the United States, with between 80 lakh and one crore marriages held there each year. The Indian wedding business is less than that of China, but it is almost twice as large as the US wedding market.

Large sums of money are also spent on expensive jewels, clothing, food, and drink at the major festivities in India, with a strong regional focus.

According to the Jefferies analysis, wedding jewelry accounts for over half of all jewellery purchases made in India, with gold being the most popular metal and accounting for more than 80% of the market.  Among the stocks that have historically benefited from this are Titan and Kalyan Jewellers.

Additionally, weddings account for more than 10% of the clothing industry's earnings. In addition, the spike in demand for wedding-related products benefits businesses such as catering, decorations, photographers, planners, invitations, travel, presents, technology, cars, and paints.

Spending explosion

Contemporary wedding extravaganzas provide expert services including international food, top-notch entertainment, and event coordinators. The discriminating clientele is also choosing destination weddings more often, favoring extravagant events that span two to three days on beaches or on ships.

Drive to your destination

The Indian historical sites are now being promoted by the wedding business to non-Indian couples. According to the Jefferies analysis, Goa, Rajasthan, Himachal Pradesh, and the Andaman Islands remain popular destinations for weddings in India, and new places are opening up to take advantage of the trend.

According to a poll referenced in the message, parents arranged over 90% of marriages in India, a statistic that has held true throughout decades and educational levels.

With a market capitalization of more than Rs 1,200 crore and a roughly 60% market share, Matrimony.com is the industry leader in this sector.

As per the Jefferies paper, initiatives like the government-backed 'Wed in India' campaign stimulate increased economic activity and provide prospects for both local vendors and enterprises from other industries.