India’s hospitality sector is witnessing significant growth, strengthened by the country’s rich cultural diversity and its appeal to a global audience. By 2024, the hospitality industry is projected to be valued at USD 247.31 billion, with expectations to nearly double to USD 475.37 billion by 2029, flourishing at a robust compound annual growth rate (CAGR) of 13.96%. A crucial element within this booming sector is the banquet business, particularly energized by a resurgence in wedding bookings. In 2023, this segment alone saw an anticipated growth rate of 20%, resonating the pre-pandemic levels. 

This revival is inspiring the hotels to not only expand their banquet services but also modernize them to cater to the rising trend of personalized and lavish weddings. The rising disposable income of Indians is influencing the desire of the average Indian to have a lavish wedding. As more people invest in making their weddings memorable events, India is becoming a favored destination not just for domestic but also international weddings. This surge is redefining the ‘Big Fat Indian Wedding,’ making it accessible to average Indians beyond the elite. The wedding industry itself is poised to reach a staggering USD 100 billion by 2025, setting the stage for exponential growth in the banquet sector.

Over the past two decades, India has seen a significant growth in the size of wedding business due to increasing disposable income and a demand for lavish celebrations. A survey by the Confederation of All India Traders'(CAIT)  research arm highlighted 2023 as possibly the biggest wedding season yet, with 35 lakh weddings generating an estimated revenue of Rs 4.74 lakh crore that surpasses the GDP of numerous countries.Banquet halls are in great demand as a result of this demand surge. In 2022 alone, online searches for these venues rose by 28%. Significantly, searches increased by at least 33% in tier II cities between February and May, when demand peaks. 

The market dynamics are also changing, with hotels increasingly incorporating banquets into their offerings, moving away from standalone venues. Big hotel chains like Marriott, Hyatt, and IHCL have recognized this potential, launching targeted services and campaigns. Marriott’s “Shaadi by Marriott Bonvoy,” Hyatt’s “#PerfectlyYours,” and Taj’s “Timeless Weddings” are prime examples of such initiatives, each designed to enhance their appeal in the wedding market.

The ‘Wed in India’ initiative, promoted by Prime Minister Modi, further highlights the national sentiment towards celebrating locally. Modeled after the ‘Make in India’ initiative, it encourages hosting destination weddings within India, particularly in places like Uttarakhand, Goa, Rajasthan, Himachal, Andaman and the North East Indian states that provide grand and verdant settings for the exchange of vows. The reason behind this initiative is particularly to keep financial benefits generated from the weddings within the country.

As the Indian wedding business evolves, so too must the approach to banqueting. Hotels are now positioned to offer more than just space, with the capability to provide comprehensive services that include high-quality catering options, superior infrastructure, and stringent safety standards. This change is about welcoming a new age in hospitality that emphasizes custom, luxury, and individualized experiences in addition to responding to market demands.