This millennium wedding plans for India’s rich and famous, don’t overlook these 3 financial rules, she says

Weddings are big business in India.

One of the most anticipated weddings this summer will be when Anant Ambani, son of Asia’s richest man Mukesh Ambani, ties the knot with longtime girlfriend Radhika Merchant in July.

Ahead of their big day, Ambani and Merchant threw a lavish three-day pre-wedding bash in March. From Hollywood to Bollywood, Silicon Valley and beyond, the party hosted some of the world’s biggest moguls and celebrities.

All present were the co-founder of Microsoft, Bill Gates, the singer Rihanna and the daughter of the former US president, Ivanka Trump.

“The three biggest cultural moments for India are Bollywood, cricket and weddings,” Mehak Sagar, co-founder of WedMeGood, told CNBC Make It.

The Indian wedding industry is estimated to have brought in about 4.74 trillion rupees (about $56 billion) during the 2023 wedding season, making it a “trillion dollar enterprise,” according to the 2024 Wedding Industry Report by WedMeGood, a wedding planning platform. .

“Considering that it is the fourth largest industry in India, the Indian wedding industry touches perhaps 16 to 20 [other] industries,” Sagar said. It has a direct economic impact on the jewelery and hospitality industries, she added.

Tina Tharwani is no stranger to lavish Indian weddings. The 36-year-old is co-founder and head of business development and customer service for Mumbai-based wedding planning company Shaadi Squad.

Famous for being the mastermind behind American singer Nick Jonas’ engagement to Indian actress Priyanka Chopra, as well as the wedding of Bollywood actress Anushka Sharma and cricketer Virat Kohli, Shaadi Squad’s clientele is among the super-rich and super- celebrities of india

While budgets vary for most weddings, some of Tina’s clients don’t have a budget “even the stars and the moon [are] sometimes it’s not enough for the couple,” Tharwani told CNBC Make It.

From her years of experience, Tharwani offered three “often overlooked” financial rules that can be applied to your wedding planning:

The first step is to discuss and agree on a budget with key stakeholders such as family and future in-laws, according to Tharwani.

“When [couples] don’t have a number in mind, it becomes difficult to make decisions,” she said. It can lead people to be blind. from the invoice.

If couples wait to create a budget, “by the time we get to figure it out [can be a] a little late in the game to change certain decisions,” which can lead to “getting stuck in a situation,” she said.

Once you come up with that number, you can work backwards to figure out how much to spend on supplies, vendors, and other expenses. Tharwani suggests using social media to research the prices of products and services.

Another overlooked financial rule is taxes.

“We have to keep in mind that there is a whole tax component that comes in, which at the end of it becomes a pretty significant amount,” Tharwani said.

When coming up with a number early in the wedding planning process, it’s important to add taxes to the total budget in order to create a more accurate gauge of expenses.

“The number of guests is of utmost importance,” Tharwani said. That’s especially true when it comes to destination weddings, she said.

While the number of guests can vary from 5% to 10% at first, “being too low in the number leads to almost a domino effect when it comes to the implications on the cost front,” she said.

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