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Indian Weddings: Inside the “Multi-Billion Dollar” Industry
|By : Webindia123 Editor , , 17.1.2019 Mail Now|
India may be a developing country, but Indians are not shy when it comes to
spending on their weddings. Following, we will get an insight into the Indian
wedding industry and grasp how it managed to grow all those years while the
country went through some of its worst days.
A Recession-Proof Business
According to boutique wedding designers, the Indian wedding industry is worth more than $12 Billion. A big chunk of this money comes from NRIs. India hosts more than 10 million weddings every day. It is the primary reasons why the Wedding industry is dubbed as the Recession-Proof Business.
The wedding industry is among the few businesses that don’t have its dull moments. Even if a wedding takes place for a month, the ceremonies and functions can go over the year.
Abundance of Options
People in India spend one-third of their life’s savings on one wedding of their family member. These savings are used to pay for options including make-up, videography, photography, wedding planning catering, jewelry, Indian wedding dresses, and much more.
Business startups take anything that works for them because there is an ever-ending demand for all these options. Customization is also a big money spender. People want everything to represent their personality and love life. Instead of classified portals, wedding boutiques work with vendors and customers.
With so much money on the plate, there is always room for negotiation.
New trends are being introduced in the Indian wedding space since millennia. A recent report suggests that people prefer destination weddings in places like Udaipur, Jaipur, Kerala, and Goa.
There are also some tier II and tier II cities.
There is also a trend to fly to foreign lands for destination wedding and honeymoon. This growing demand for a destination wedding is also calling for pre-wedding photo or video shoots inspired by movies and inviting celebrities.
These options make the wedding grand, and memorable makes for everyone. Therefore, people are ready to flow the cash and call in top talent to perform for them.
While on one end, the Wedding industry seems like a money monster, it is the primary way to win bread and butter for many people. The wedding industry employs thousands of people.
We called the Indian Wedding Industry a Money-Monster. This monster is only growing in size. According to an analysis in 2015, the industry is going 25-30% every year. The costs of each wedding are not spared as well. The cost of a wedding in India is somewhere between 5 lakhs to 5 crores.
With the demographics, half of India’s population is under 29 years old. This shows the market will potentially boom shortly. Apart from the wedding industry itself, some ancillary markets or segments are getting their slice of the came including Jewelry, make-up, dressmaking, decoration, and others.
If we could pinpoint the whole thing, we will say that the reason behind this rise is people have become more inclined to fashion. They want to stand out from the crowd.