One of the fastest growing industries in India is the Wedding Industry! One can’t help but notice the remarkable growth that Indian wedding planning industry has shown especially over the last few years.
Though, the old-fashioned wedding still exists but now, weddings have been managed more efficiently these days, that involves various professional decoration managers, designers, photo-shoots, catering, and destinations. Tying the (Expensive) Knot is more of a trend now for various reasons. The current average middle-class wedding budget is around ten lakhs, though average wedding spending in metropolitan cities soars higher. That’s where the wedding planners are of necessity.
For many, the budget is no longer the issue as most of the iconic Indian wedding opportunities for wedding planners aren’t just about “something old”. There’s always “something new” waiting to be explored around the corner. Today, majority of Indians getting married are millennials, who aren’t very comfortable with Grandma’s age-old ideas for their weddings but are more than happy to embrace new ideas and pave way for the sensational wedding with all the “dhoom dhadaka”.
Previously, wedding planning was very much a part of event planning. The event planners were the jack of all trades managing events like birthday parties, corporate events, concerts, etc. and could even lead planning a wedding as they all seem to have so much in common i.e. venues, guest, food, hotel booking, etc. But now weddings requirements are more detailed and client specific taste, style and theme. In a broader sense, the wedding planners are also categorized as Event Planners, but technically wedding planners have expertise and knowledge when it comes to specific details of a wedding.
Today, it is elementary to pursue individual career in wedding planning. The wedding industry is built on the backs of various segmented small, local entrepreneurs. “The Indian culture lends itself to be inclusive and supportive in many ways.” Word of mouth and referrals are the augmented tools to grow their businesses. It is imperative for wedding planners to understand the trends of wedding.
The growing fraternity of wedding planners are stealing the thunder from old and trusted marriage markets, vigorously expanding right from the florist to the caterer, from tourism to entertainment, from beauty salons to fashion designers, everyone is basking in the glory to become the part of the wedding industry. Even online matrimonial portals like shaadi.com are racking up huge revenues, and this website is somewhat confident that the wedding industry is trending.
According to Indian industry experts, the wedding industry revenue pegged at $40 billion last year, with an average 10 million weddings taking place annually in various parts of the country. The market is exponentially trending at the rate of 25% yearly. The estimated cost of a wedding in India starts from Rs. 5 lakhs to Rs. 5 crores, which includes both traditional as well as destination weddings. Experts states that with the increasing income in India, the wedding market in the country is expected to double in the next 15 years. The fact and figures points towards one thing: that Indian weddings industry is bound to prosper.
Various Indian startups platforms are growing exponentially such as WedMeGood, ShaadiSaga, and BollywoodShaadis, offering end-to-end wedding services. The shifting of core event planning to individual wedding planning is increasing as clients seek perfection in every moment on their wedding day. The wedding organizing platforms are also rising as there is an increase in the scope of plush affairs. For instance, last September, Gurgaon-based WedMeGood raised Rs 2.7 crore in its seed funding round led by Hemant Kanakia and Alok Mittal of Indian Angel Network (IAN). This shows the increasing market value of the elegant affair called “Weddings”.
The subsequent paradigm shift from event management to wedding planning is enormous and for this cause, there is much more to planning a wedding. The living genies, called as wedding planners, specialize in planning everything from tip to toe, from possessing the little black book filled with credible professionals to managing the wedding party and various family member roles they slid into all the parts.
Be it the Wedding Planner or the couple-to-be-married, the future in this industry looks to be a win-win situation for all the stakeholders and clients. Not ignoring the growing number of the elite and the higher income sections of the society, continue to spurge into bigger, glitterier and glamourous Indian weddings. Yes, so true, the wedding planning industry is undoubtedly continuing to glow the brightest, with all the lights and sounds to the tunes of this amazing era of wedding.