MUMBAI: India’s weddings are famously lavish — lasting days and with hundreds if not thousands of guests — but this season many families are cutting costs even if it risks their social standing.
###
It is symptomatic of a sharp slowdown in the world’s fifth-largest economy, with Indians spending less on everything from daily essentials to once-in-a-lifetime celebrations.
###
Growth has hit a six-year low and unemployment a four-decade high under Prime Minister Narendra Modi. Prices are rising too, squeezing spending on everything from shampoo to mobile data.
###
Chartered accountant Palak Panchamiya, for example, has already slashed the budget on her upcoming Mumbai nuptials by a third, trimming spending on clothing and the guest list.
###
“Initially I chose a dress that cost Rs73,000 ($1,000),” Panchamiya told AFP as she picked through outfits at a recent marriage trade fair.
###
“But my partner felt it was too expensive, and so now I am here reworking my options and looking for something cheaper.”
###
India’s massive wedding industry is worth an estimated $40-50 billion a year, according to research firm KPMG.
###
The celebrations can last a week and involve several functions, a dazzling variety of cuisines, music and dance performances, and lots of gifts.
###
Foreigners can even buy tickets to some events.
###
But these days, except for the super-rich — a recent Ambani family wedding reportedly cost $100 million — extravagance is out and frugality is in as families prioritise saving.
###
“Earlier Indian weddings were like huge concerts, but now things have changed,” said Maninder Sethi, founder of Wedding Asia, which organises marriage fairs around the country.
###
Cracks emerged in 2016 when the Indian wedding season, which runs from September to mid-January, was hit by the government’s shock withdrawal of vast amounts of banknotes from circulation in a bid to crack down on undeclared earnings.
###
Mumbai-based trousseau maker Sapna Designs Studio shut for months as the economy was turned on its head by Modi’s move.
###
“No exhibitions were happening and there were no avenues for us to sell either,” said Vishal Hariyani, owner of the clothing studio.
###
Hopes for a recovery proved short-lived when the cash ban was followed by a botched rollout of a nationwide goods and services tax (GST) in 2017 that saw many small-scale businesses close.
###
Since then, keeping his studio afloat has been a challenge, with consumers increasingly reluctant to spend too much, says Hariyani.
###
“We customise our clothes as per their budgets, and now week-long weddings have been converted to just a 36-hour ceremony,” he told AFP.
###
“We have to pay GST, pay workers and even offer discounts to customers,” he added.
###
Analysts say gloomy economic conditions have pushed India’s middle class to pile their cash into savings.
###
“The whole economy has slowed down and reduced spending on weddings is a by-product of that. Everyone except the super-rich are affected,” Pradip Shah from IndAsia Fund Advisors told AFP.
###
“It is reflective of how sombre the mood is,” he said.
###
In a country where families traditionally spend heavily on weddings — including taking on debt in some cases — the downturn is also a source of sadness and shame, with elaborate celebrations often seen as a measure of social status.
###
“We haven’t even invited our neighbours. It is embarrassing but the current situation doesn’t offer us much respite,” 52-year-old Tara Shetty told AFP ahead of her son’s wedding.
###
“In my era, we always spent a lot and had thousands of people attending the weddings,” she explained.
###
“My wedding was supremely grand, and now my son’s is the polar opposite.”
###
Sign up for the Business Brief###
Sign up for the Business Brief