India’s $130b wedding industry, Ambanis’ event and Modi’s call
In less than a week, Anant Ambani, son of Indian billionaire Mukesh Ambani, will marry Radhika Merchant, captivating India with their opulent wedding preparations. India is renowned for its lavish weddings, but this event has set a new benchmark.
Jaw-dropping guest lists, featuring Silicon Valley billionaires and Bollywood stars, underscore Mukesh Ambani’s global influence. Asia’s richest family has displayed wealth reminiscent of the maharajahs and Mughal emperors, setting new standards for Indian weddings, which are growing bigger as India's economy expands.
“The Ambani wedding parties have had a multifaceted impact on India’s wedding industry, influencing trends, boosting demand for wedding vendors, promoting cultural heritage, and driving economic growth,” said Tim Chi, CEO of The Knot Worldwide.
Since emerging from the pandemic, India’s wedding industry has boomed, now estimated at $130 billion, nearly double the size of the American wedding industry, though still smaller than China’s. “Indians love to spend on weddings, irrespective of economic class,” noted a Jefferies report, highlighting that the average Indian wedding costs more than three times the average annual household income, about $15,000.
Weddings in India are not just personal milestones but symbols of power and status. Parents often spend a significant portion of their savings on their children’s weddings, coinciding with India’s economic rise. Sima Taparia, a marriage consultant from the hit Netflix docuseries “Indian Matchmaking,” noted the trend of wealthy Indians hosting grand weddings at exotic destinations and inviting Bollywood stars to perform.
“The Indian wedding is about the power of contacts, relationships, and wealth,” said Aditya Motwane, founder of Motwane Entertainment & Weddings. “These celebrations show everyone that you’ve arrived in life.” Indian weddings typically span several days with an average guest list of 326, much larger than the U.S. average of 115.
For the affluent, these numbers can soar into thousands. Anant Ambani’s three-day pre-wedding party in March featured 1,200 high-profile guests, including Mark Zuckerberg and Bill Gates. The event included a light show with 5,500 drones and a performance by Rihanna.
The ultra-rich often have extravagant and unusual requests. One couple asked Motwane to arrange an elephant in Monte Carlo for their wedding. With India set to become the world’s third-largest economy by 2027, such lavish weddings are expected to become more frequent. A Knight Frank report predicts a 50% increase in the number of Indians with a net worth of at least $30 million by 2028.
The average luxury Indian wedding costs between $200,000 and $400,000, covering five-star accommodations, sumptuous catering, decor, entertainment, and sometimes Bollywood stars or international singers. However, these estimates exclude jewelry and attire, which are significant expenses. Bridal spending accounts for over half of India’s total jewelry market. Nita Ambani’s emerald necklace at the March festivities stunned the internet.
Lavish meals are essential, often involving Michelin-star chefs and the finest ingredients. Many Indian weddings also accommodate dietary restrictions, such as avoiding meat or root vegetables, adding complexity and cost. Motwane recalled planning a wedding in Florence where many guests avoided garlic and onion, prompting the flying in of an Indian-Italian chef.
High-profile weddings like the Ambani’s create a trickle-down effect, setting new trends and standards. Vanessa Almeida, who managed the packaging and delivery of 8,000 gifts for Ambani’s guests, noted that such party favors are becoming popular across India. Demand for wedding videographers has also boomed, with companies charging up to $10,000 for films. Many couples also opt for pre-wedding videos inspired by Bollywood musicals.
While lavish weddings abroad can cause local consternation, they generate significant revenue and employment. For instance, the Ambani’s four-day Mediterranean cruise party brought in an estimated 2-3 million euros over three days.
The Indian government is now trying to capture more of this luxury wedding revenue. Prime Minister Narendra Modi’s “Wed in India” campaign aims to keep affluent families' wedding expenditures within the country, promoting local livelihoods through lavish celebrations.
Source: CNN
