The big fat Indian weddings have not been as glitzy and extravagant this wedding season of May-June 2023. Most wedding garment manufacturers reported average to poor sales this season, mainly due to a general economic slowdown, high prices, and weakening of the post-pandemic pent-up demand. With India having almost 25 per cent of the world’s weddings, which translates to one out of four weddings happening on earth globally, this segment has always been a very lucrative one with most Indians ready to spend beyond their means.
The wedding market was at an all-time high in 2022 after Covid years of stalled wedding plans, but now as the economic situation hits ground reality with the general rising inflation along with the high costs of food and clothes wedding supply chain, has come down.
CMAI report highlights slow growth
A recent survey of around 110 wedding garment manufacturers by the Clothing Manufacturing Association of India (CMAI) shows almost 83 per cent respondents feel there has been slow growth in May- June wedding season compared to last year. More than 60 per cent of wedding market outfitters and other suppliers have attributed this slowdown to general economic inflation while 14 per cent feel it’s the high cost of practically everything. Another 13 per cent say it’s the lesser number of auspicious dates as compared to 2022 that has led to a drop in sales.
“Currently the market is seeing a fairly significant slowdown, which has been caused by the overall inflationary conditions in the market. The first quarter of the current financial year is likely to be disappointing for the industry, and the impact is being felt by both the value as well as the upper segments of consumers,” says Rajesh Masand, President of CMAI.
Cost cutting limits guest list and wedding paraphernalia
With persistent heat wave across India, lighter embroideries, and pastel colors were in demand compared to heavier designs and mid-range wedding apparel for the guests and the bride’s trousseau sold better than expensive varieties. Media exposure to Western culture is influencing dressing patterns, of the younger generation leading to a gradual shift from traditional clothing to Indo-fusion clothing, which has affected sales of pure ethnic wear.
The grand Indian wedding with its huge guest list and wedding trousseaus has always been the growth driver of fashion and luxury business. India's luxury market is one of the fastest growing in the world, with a projected value of $8.5 billion in 2023 which has increased by around $2.5 billion from 2021, says Euromonitor International.
Although with the post-pandemic high, the apparel industry for 2022-23 was estimated to grow by 15-20 per cent, it seems with overall cost of production having gone up substantially, this volume growth would still be below previous year by 3-5 per cent. Although the average size of weddings has come down, the budgets have not been drastically reduced as people are now spending the same amount but in smaller and experiential ways, such as a smaller guest list but at a resort or destination wedding; having many functions spread over the week with limited guests than a huge one-day extravaganza. However, since no one wants to make a big sacrifice on their wedding day, wedding outfitters are accepting the cut in good faith while remaining hopeful of the good days continuing to roll.
