Average wedding budget in India in 2024 is Rs 37 lakh, 9% spent over Rs 1 crore, says Report

Weddings in India are becoming grander, with the average budget for 2024 rising to Rs 37 lakh, marking a 7% increase from last year, according to a report by WedMeGood.

The study attributes this rise to a 10% year-on-year increase in costs like venue rentals and catering. WedMeGood surveyed 3,500 couples across India, revealing diverse spending patterns.

9% spending over Rs 1 crore

While 9% of couples splurged over Rs 1 crore on their wedding, another 9% spent between Rs 50 lakh and Rs 1 crore.

Meanwhile, 40% managed their celebrations within Rs 15 lakh, followed by 23% who spent Rs 25 lakh to Rs 50 lakh and 19% in the Rs 15 lakh to Rs 25 lakh range. Destination weddings emerged as a significant trend, with average budgets climbing to Rs 51 lakh.

Funding wedding through savings

The report said that personal and family savings financed 82% of weddings, while 12% of couples relied on loans, and 6% used asset liquidation to fund their big day.

“Everyone wants 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 the purchase of house and weddings of their children,” Shashank Gupta, founder and director at wedding planning firm TailorMade Experiences, told TOI.

Generating Rs 6 lakh crore in business

The Confederation of All India Traders (CAIT) estimates that approximately 48 lakh weddings will take place nationwide in November and December, generating an impressive Rs 6 lakh crore in business.

Delhi alone is expected to host around 4.5 lakh weddings, which could contribute a substantial Rs 1.5 lakh crore to the city's economy.