A recent research report by Jefferies pegs the market size of India's wedding industry at around ₹10 trillion (around $130 billion). If "wedding" were a retail consumption category, it would rank second after food and grocery. An estimated 8 to 10 million weddings take place in India each year.
The average Indian wedding, according to the Jefferies report, costs more than three times the average yearly household income. Given the significance of this event, financial planners emphasise the need to prepare for it meticulously.
Start early, set target
Planning for a wedding should begin early. While the child is still young, parents should decide how lavish a wedding they would like to have and set a target amount accordingly.
"Typically, parents have a reference point based on a wedding they have attended. We gather details on the type of wedding they envisionthe venue, number of guests, and amount to be spent on jewellery, clothing and the honeymoon. These factors help us decide the budget," says Renu Maheshwari, Sebi regis tered investment advisor (RIA), cofounder and principal advisor, Finscholarz Wealth Managers.
Adds Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors: "Questions related to whether it will be a local or a destination wedding help families think more deeply and provide realistic estimates. In addition, they should consider the amount of gold they would like to gift, and whether it's already available or needs to be acquired over time."
He informs that the estimated cost of weddings today ranges from ₹25 lakh to 2 crore per child.
Diese Geschichte stammt aus der July 15, 2024-Ausgabe von Business Standard.
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