Wedding ceremonies are held in another way, even in India, with some couples choosing grand religious ceremonies while others lean towards a more intimate celebration.
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Indian weddings are big business. But a few of them might not be as big this yr as they was once.
The festivities are notorious for being week-long extravagant events full of elaborate religious ceremonies, flashy costumes, singing and dancing, and after all a lot of jewelry.
Many couples in India get married between November and February, which is taken into account an auspicious time in Indian culture.
According Asia Nikkeithe Confederation of All India Traders (CAIT) estimated that there could be 3.2 million weddings between November and December last yr.
This month’s festivities would usher in 3.75 trillion rupees ($46 billion) for firms in the marriage industry, a pointy increase from 2.5 trillion rupees in 2019, Nikkei Asia reported based on data from CAIT.
So it’s no surprise that lavish Indian weddings often attract as much as 1,000 guests – and that comes at a high price.
Nevertheless, the mindset of millennials in India has modified and plenty of are beginning to consider that less is more.
Couples are moving away from “big, fat” Indian weddings to intimate celebrations with a leaner guest list, said Tina Tharwani, co-founder of Mumbai-based wedding planner Shaadi Squad.
They decided to provide guests a more personalized experience on the event, slightly than competing with their peers to see who could throw the largest wedding, Tharwani told CNBC.
Smita Gupta, founding father of Delhi-based wedding planning company Wedlock Events, agreed.
“The success of weddings obviously relies on the guests, but nowadays it is not the variety of guests,” said Gupta. “They’re more fearful [about] guest impression.
“In the event you’re inviting 600 guests to your wedding, that is just extra cash you pay,” said Manika Singh, 29. She is getting married in December 2023 and plans to ask only as much as 250 guests for the most important event, which shall be held at Jim Corbett National Park in Uttarakhand.
Renting the premises for 2 days will reimburse the couple by 1,500,000 rupees ($18,400), which is about 600,000 rupees ($7,400) greater than before the pandemic and better inflation.
Feeding people shouldn’t be low-cost
But shortening her guest list got here with a caveat.
To satisfy his parents’ desire for a grand wedding, Singh hosts a feast for 300 guests on the family home the day before.
“You do not even know half the people, they’re just friends of your parents,” she said, adding that it’s a standard practice couples often fall for to reassure their families.
Despite the fact that couples are downsizing the dimensions of their weddings, they’re spending the identical amount. Even with a shorter guest list, spending big on venue, food and decorations stays the norm, Gupta said.
Singh agreed, adding that inflation had pushed up food costs and rice prices had “pierced the roof”.
Rising inflation has resulted in lots of soon-to-be-married couples spending a significant slice of their budget on food.
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Although India’s retail inflation fell from 5.88% in November to five.72% in December, grain and milk prices continued to rise, in response to Reuters.
Singh predicts that food shall be the most costly item at each the feast and the marriage in December.
This confirmed her decision to scale back the variety of guests at her wedding but as a substitute spend more on her outfit and jewellery, costing her 700,000 rupees ($8,600 USD)
“More people means less luxury at your wedding,” Singh said, “We will splurge on it as a substitute of feeding people.”
Expensive gold? No problem
Gold prices hit an eight-month high on Tuesday, with gold spot trading at $1,877 an oz.
But that does not stop future married couples from buying gold for his or her big day, said Ramesh Kalyanaraman, executive director of Kalyan Jewelers.
High costs don’t necessarily deter people from making big purchases, but they might wait a couple of weeks to see if prices come down, Kalyanaraman said. “It is not a drop” in sales, he said, but “a delay in buying.”
In line with the World Gold Council, India’s gold industry contributes 1.3% of the country’s GDP and is dominated by small and medium enterprises.
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And it was no different during Covid.
Kalyanaraman said wedding jewelry ticket volumes were much higher in the course of the pandemic as people were unable to spend money on entertainment or rent large wedding venues on account of government restrictions.
“Gold jewelry shouldn’t be a fashion accessory; it’s actually a part of every custom and ritual,” he said.
Kalyanaraman said that in some Indian cities, parents buy gold for his or her daughters from birth and can add to it as they grow up. A lot of these pieces are then worn on the marriage day.
Singh said she had a special position and wouldn’t be wearing expensive jewelry. She’s going to only buy one set of recent jewelry and use one other from the engagement ceremony. The remaining of the time, she’s going to “just wear fake jewelry.”