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My friend is getting married this season. With a business startup venture that is raking in amazing moolah despite the economic slowdown, a string of intentionally/unintentionally failed affairs, and a Lexus car on top of that, at the age of 30, our man feels he’s ready for the ‘marriage market’ now!
Preparations are in full swing 6 months prior to the big day. Here is the ‘tentative itinerary’:
Wedding venue: A beach side resort
Baraat (wedding convoy): Helicopter
Guests invited: Around 3,000
Entertainment & Orchestra: Renowned Bollywood artists
Menu: Inter-continental
Guest Stay: 5-star hotel
When I casually asked him an approximate cost estimate, he told me a whopping Rs. 1.5 crore ($262,579) - without batting an eyelid. And that is minus the shopping costs and the honeymoon, mind you! Despite my best intentions to make him realise the ever swelling wedding budget, he refused to budge. “Hey! This is my day, and I am not going to have any expenses spared. It is going to be the wedding of the century. If I can afford it, then why not?” my friend reasoned to my disbelief.
Welcome to the contemporary Global Wedding Arena, an industry that is thriving on swollen/borrowed wallets, fairytale dreams and unhindered extravagance.
Global Trends
Only 12 years to the new millennium and we have seen some of the most lavish weddings ever. From Chelsea Clinton’s $5 million wedding to Vanisha Mittal’s $55 million event, these larger than life weddings are fast becoming a global phenomenon.
In 2011 alone, the wedding industry was worth $321 billion. And it is only growing bigger with couples worldwide wanting the best there is on the D-Day. Though wedding planners and wedding event management industry did report a dip during the late 2008 to mid 2010 peak recession era, it is business as usual once again. There are several related small and medium enterprises that are thriving as well for example caterers, wedding consultants, bridal wear designers, beauty salons, jewellers, photographers, DJs, florists, honeymoon related tour operators, and hotel industry, that work round the clock to add aura to the wedding day.
The wedding industry is thriving on the mindset that epitomises marriages as the single most high point in our lives perpetuating the fairytale myth of “living happily ever after“ and “until death do us part”. So couples, blissfully unaware of the “relationship liabilities” that lie ahead, invest their life savings and of their parents’, on this ‘single most important day’ of their lives.
Country Standings
The wedding of Chelsea Clinton which was held on the 31 July, 2010. Some reports suggest around three billion dollars were spent on the wedding of the only daughter of the former President of the United States of America, Bill Clinton, making It one of the most expensive weddings in the US history.
USA:
Every year in the United States, there are approximately 2.5 million weddings, and the wedding industry has transformed into an empire that rakes around $40 billion dollars every year. The average wedding cost is close to $27,000 despite a much lower national saving rate. This has more to do with a psychological frame of mind of young people, than knowing the actual financial ramifications of such an event. Destination weddings, bachelor parties, clothing and reception arrangements make up for most of the expenditures. Couples determined to have an extravagant wedding most often receive money from parents, apply for loans, and/or simply pile up a lot of debt on their credit card for several months as they shop for the wedding.
INDIA:
Estimated at a whopping Rs 1,90,000 crore ($40 billion) and growing at an average of about 25% per annum, the Indian wedding industry is not just about riot of colours, traditional rituals, food, and Bollywood music — it is also about exotic locales.
India’s surging middle class, some 400 million-strong, is turning weddings into an event that showcases their economic might. Indian weddings have always been a ‘grand affaire’. From dowry to jewellery and the larger than life wedding receptions, the bride’s parents always have to dole out enough dough to give their daughters away. And this cuts across all economic and cultural barriers. The expense is mostly from the bride’s part of the family, while the groom enjoys all the perks that come with the package.
A wealthy Indian couple hosting their wedding at Secrets Maroma Beach Riviera in Cancun, Mexico. Photo – Luis Murillo
The most ‘in trend’ currently is to fly out entire baraat (wedding participants which are usually about 300-400 people) to distant locales and host the ‘big day’ there. Singapore, Malaysia and Macau are one of the most hot destinations.
According to wedding planners and event managers, the average middle class Indian wedding budget is about Rs. 19 lacs ($34,000). Even banks are lending wedding loans. Everyone is trying to have the ‘most talked about wedding’, and with economic wealth and increasing number of young millionaires, the extravagance at weddings is mind-blowing to say the least…
CHINA:
On a beautiful day of the Chinese lunar month, a convoy of ten BMWs led by a Mercedes limousine swivels around the street and stops at Park Hyatt, Shanghai, leaving the onlookers in awe. The newly wed couple step out of the limousine and are immediately surrounded by photographers, video cameras and a cheering crowd, much like any red carpet event…
A new couple ride on a car to tour around the city of Guiyang, South China’s Guizhou Province, before their wedding ceremony on 10 June, 2007. The bride was wearing a dress with a 28-metre-long train. Photo – ChinaDaily.com
This is a typical scene at a modern day wedding in China. Each year, around 10 million people get married in China, and with a growing middle class, the wedding industry in the country is worth around $57 billion and is soaring at an unprecedented rate. China apparently is the biggest market for diamonds, especially for ‘engagement rings’. The wedding gown market is the next most expensive. Bridal gowns are rare in China, and hence brides have to shop overseas to get one of their choice. As is tradition in China, the groom works very hard and saves up for marriage. Often the couple spends all of their annual savings for the ‘big day’. And since most of them opt for a Western-style wedding instead of the traditional one, expenses have only been spiralling. The Chinese bridal industry alone is worth $34.5 billion!
UK:
When Prince William and Kate Middleton got married, the whole world watched the royal ceremony with awe and admiration that took place on a ‘fairy tale’ proportion. Prince Charming’s suit, the beautiful commoner bride’s dress and the magnificent horse carriage costed $70 million!
Prince William, Duke of Cambridge, and Catherine, Duchess of Cambridge, prepare to leave Westminster Abbey following their marriage ceremony. Photo – Dave Thompson/WPA Pool/Getty Images
It is not surprising that the British wedding market is worth $11 billion and the average bride spends between $33,000 and $39,000. The majority of the money, as in other countries, is spent on buying the engagement ring, gown, and paying for the reception and honeymoon arrangements.
Inspired by Kate Middleton’s wedding gown, the traditional Grace Kelly-style, A-line dress, with long laced sleeves, V-neck, buttons up the back, and a long train is on the rage in the UK Wedding gowns fashion list. Another surprising addition is the pre D-Day cosmetic surgery trend that is being followed by the British brides!
UAE :
Perhaps the highest average spending for a wedding, by far, is in the UAE. On an average, brides in the UAE spend about $80,000 on their wedding day, and the UAE wedding industry stands at $700 million annually. With increasing high net worth individuals, the affluent population of the UAE is creating a demand for the most unique wedding extravaganza, propelling the Middle East wedding industry to newer heights.
A typical view of an Emirati wedding reenacted by MELA cultural exchange members. Photo – mideastacademy.blogspot.com
In Arab culture, just like Indian culture, wedding is an opportunity to put an ostentatious display of wealth. It’s no wonder that bills sometimes run into millions of dirhams. A typical wedding lasts from 3 days to 1 week. Emiratis are offered marriage grants upto 70,000 dirhams ($19,000). Dubai has also turned into a favourite wedding destination. The increasing number of bridal shows capitalising on this market is a testimony to the large wedding spendings that exist.
An Afterthought
All’s well that ends well. And yet this crazy spending for just one day, by two people, who are obviously smitten to even think logical; taking vows to spend the rest of their lives in wedded bliss…
Imagine if in times ahead, they may come to realise that perhaps things were not really meant to be, after all the pomp and glory! (This will need another entire new section dedicated to global divorce trends). But never mind, as I am a cynical realist who believes extravagant romanticism is only for the foolhardy. While you guys battle out the pros and cons of a big fat wedding, I am still trying to drive some sense into my friend’s mind and make him ‘swap’ the Baraat (wedding convoy) helicopter for the traditional horse!
20 Comments
Michelle, do you remember what was the wedding expenditure?
Marriage Certificate =$75
Rings = $ 100
The Justice of the Peace who performed ceremony =$50
Less than $300
We went to dinner with family afterwards and had a great time.
wow! that's really a cost-effective wedding indeed. how about the wedding dress? where did you get that and how much did that costed you?
I didn't have a "wedding dress" like you see in magazines. I actually got off from work and changed in the bathroom at the office of the JP hahah! I think I wore something nice but it wasn't like a typical white dress you see in pictures. My husband wore something nice too. But our preference would have been to do it in jeans. hahah! I guess it all depends on the couple. Alot of families here go all out for the wedding, but traditionally in my culture (Latino) we will get people to sponsor something like the cake, the music, etc… I am not a flashy person at all so I wasn't having any of that.
I will admit that when I see the beautiful pictures of weddings in magazines and the weddings that are taking place in other countries, I am captivated and imagine myself getting married that way. Like a princess. But, then I think about the price tag and go " Wow! No! I could spend that on shoes and a vacation!" hahaah
That’s really commendable Michelle.I think the biggest challenge is living upto people’s expectations. In Eastern cultures,especially places like India; families & extended relatives play a major role for the Wedding.The guest list is uncontrollable, So if you decide to keep it low key and happen to have a court wedding,away from all the glitz and show, you will be ostracized for the rest of your life!
so Michelle, given your experience and observation, do you think a simple wedding helps enhance the bond of marriage and develops understanding between the couple?
In my country, there are of course many tradtions. I did not choose to follow any of them. However, I believe that each individual couple should do what makes them happy and of course do what is in their financial means. I cannot say for sure if my parents had been loaded with money that I would not have done the same thing if they had pushed for it. However, as it was my husband and I were/are both quite simple people. We just wanted to get married, period. The understanding between a couple should be there regardless of the party or what they are going to wear or where they will travel for the honeymoon. Because after the party is over, this is the person you are supposedly going to wake up to every morning for the rest of your life.
That’s really commendable Michelle.I think the biggest challenge is living upto people’s expectations. In Eastern cultures,especially places like India; families & extended relatives play a major role on Weddings.The guest list is uncontrollable, So if you decide to keep it low key and happen to have a court wedding,away from all the glitz and show, you are more likely to l be ostracized for the rest of your life!
The kind of money people spend on the marriage can very well pay almost 50% of the house cost for the new bride-groom if they save it from their marriage budget, something the bride-groom would normally spend 10 to 15 years to save and pay after marriage.
But then who doesn't want to be a prince or a princess even for a day.
but wouldn't it be nice if you've money for wedding and help a few other couples get married too? why splash everything on yours for one day when you know you can bring a difference to other people's lives? i think it is important to bring happiness in other people's lives to enjoy your own happiness…
look at it like this
if u use this money to pay for the down payment of your house and pay installments for the rest instead of a rent, u cud actually end up owning a house at 35, u cud end up with a 2nd source of income by 40, pay for ur kids education without taking a loan…
it cud actually change standards of living and leave u with much more to do for urself and for the society.
now u want that money to be spent on somebody else's marriage, does'nt fit into my sense. u save to help somebody else splurge..naaaaaa
i mean helping when you're in a position to do so. when you're well-off to spend a few thousand dollars while owning a house, car and other stuff…only when you can afford all that bling!
let them splurge
for a part of it spills around, generating employment with hotels, caterers, dress makers, travel agencies and many others.
for if they give they will give a peanut, but if they splurge it may be a handful of peanuts and it will go to those who worked hard to earn them and not to thse who begged for alms
What crazy and unusual ideas do you have for a wedding, Julia? Some people would like to know your ideas and perhaps make their wedding unique and special too!
You might enjoy these clips:
http://www.youtube.com/watch?v=6ff13zZ0h0k
http://www.youtube.com/watch?v=gimiDBAK2wA
No: D They can not know because then it will not be unique: D So you will see
.
My hubby and I had a VERY scaled down wedding. Since I'm American and he's British, it cost us over $10,000 for the wedding and we had less than 2 months to plan it. I'm not sure how much we spent, but it was definitely under £200. I'm not one who cares much for tradition or materialism so I didn't mind having an extremely small wedding. Not that I have a problem with people that are though mind you.. Atleast they assist the economy by helping local businesses like caterers and florists.
helping local businesses grow by holding local weddings is a good idea for struggling Western economies…
surely China weddding market is interesting for western companies, we are targetting this market for some Italian Designer…
Malaysia SHOULD be one of the top shortlist to get married. especially as a Muslim country, sourcing for halal food is super easy.
Check out http://wedresearch.blogspot.com/2012/11/wedding-banquet-and-party-venue.html
for the hippest place to get hitched in Malaysia. From islands to bustling cities, lushest rainforests and even private clubs
[...] way weddings are being conducted. From traditional to modern, the UAE wedding industry stands at $700 million annually. Emiratis are offered grants up to $19,000 (Dh70,000) and often the expenses run much more than [...]