India Wedding Market Report – 2020 : Ken Research
The evolution of internet services and technological advancements has revolutionized the approach with which the matchmaking is taken in India now days. Unlike the offline sources of matchmaking, online matchmaking websites have been enhanced significantly over the last decade and a half. With the changing times, arranging the entire wedding has become a cumbersome process. Different trends can be seen in Indian Weddings specifically like rising love marriages, and rising trends of hiring a professional wedding planner.
The Indian wedding market has grown steadily in the past five years. According to the market scenario, the trends have witnessed a gradual change and the population has become more extravagant and lavish in terms of expenditure done on marriages. India has possessed a large population in the age bracket of 18-35 years which stood approximately as ~ million i the ear FY’ . The i rease i u er of ou g orki g individuals has directly impacted the number of weddings within the country.
Duri g the ti e period FY’ -FY’ , the u er of weddings in India registered negative CAGR of ~%. The growth in number of weddings represented an increase from ~ million i FY’ to ~ illio i FY’ . O e of the fa tors hi h have supported the rise of number of weddings was the increase in per capita income of individuals due to rising skilled populatio .FY’ witnessed a fall in the number of weddings which accounted for ~ million weddings in the fiscal. Owing to the fact Indian population has shown a mentality of getting married after achieving a threshold point in their career..
In most part of the country, the winter months, especially October to December, have been the most popular months for the weddings and approximately ~ weddings was held in these months. Whereas, July, August and September are the least popular months and the number of weddings ranged no fe er tha ~ illio eddi gs i FY’ . FY’ it essed ~% of the weddings being arranged by family members leading and the rest ~% of the weddings showcased the performance of wedding planners. I FY’ , appro i atel ~% of the weddings were held in hotels and banquets and accounted to a total of ~ million weddings, whereas ~% of the total number of weddings was held in open gardens.
About ~% of the weddings were arranged out of the city within the country or were organized at international level leading to around ~ million weddings. There are endless themes that were majorly in trend for instance, floral weddings, beach weddings, royal weddings, valentine weddings, seaside themes vintage weddings, color weddings, climate theme , bollywood weddings, retro weddings, roman weddings, Mexican weddings, Hawaiian weddings and others in FY’ . Kit he a d Ho e applia es ith GMV share of ~% reported during 2014.
I FY’ , the o erall at h aki g arket posted the huge revenue of INR ~ million. Approximately, INR ~ million was contributed by online matrimony websites and remaining INR ~ million was contributed by offline sources in the same fiscal. The matchmaking market in India has grown at a CAGR of approximately 20% during the period of 2010-2015.In FY’ , the o li e at h aki g e sites aptured a dominant position of ~% in matchmaking segment in contrast to offline sources which captured ~% of the share in matchmaking market.
Online matchmaking has emerged as new and a popular medium of seeking life partners by providing them access to numerous profiles and hence, assist them to approach potential bride/bridegroom according to their prefere es. I dia’s rapid economic development and urban growth has brought in the fundamental change in the mindset of the consumers. The matchmaking industry is highly competitive and since last five ears FY’ -FY’ o petitio is u pre ede tedl risi g. During this phase the total user base of online matchmaking portals escalated at the CAGR of ~%.
I FY’ , o li e at h aki g portals posted the urgeo i g registrations of ~ million registering a constant growth of arou d ~% fro FY’ here i FY’ re orded a good number of total registrations of ~ million. Owing to improvement in existing products and services and innovation of e produ ts i FY’ paid su s riptio s ag ified at ~ million. Since the total registrations by online matchmaking ser i es a ou ted to ~ illio i FY’ the ajor proportion of the registrations accounting ~% came from state Tamil Nadu followed by Maharashtra that poised~% online registratio s i FY’ .
Considering Karnataka and other small cities low concentration of ~% has been recorded. I FY’ , the total paid subscriptions on matrimony websites accounted for approximately ~ million out of which ~% of the user base opted for monthly membership plans whereas minimal ~% of the paid users chose annual membership plans. I FY’ , significant proportion of profiles approximately ~% was posted by prospective grooms and remaining ~% profiles were registered prospe ti e rides duri g FY’ .
Duri g FY’ appro i atel ~% of the profiles ere posted professionals and salaried class as they have stable income and majority of the eligible brides prefer financial security in future. Where as,~% of the profiles were registered by the business class segment of the society. The competitive landscape of online matchmaking portals to expand the customer base on the basis of total registrations in India has ag ified duri g FY’ - FY’ . The arket is ajorl dominated by three major players which include Bharat Matrimony, Shaadi.com and Jeevansati.com.
Bharat matrimony has emerged as the largest player in the online matchmaking services. The company held nearly ~% share i total registratio s i FY’ ith a i u of ~ million registrations.Shaadi.com contributed a significant 37% share to the total registrations of India Online Matchmaking Services. Jeevansathi.com held a comparatively smaller share and was the third position holder in the online matchmaking segment accounting ~% of the market share towards total registratio s i FY’ .
A new business space technology driven online matchmaking service has been fast evolving and has considerably grown in recent years.The major players in online matchmaking segments have been able to beat the market significantly and have contributed significantly to the booming business of matchmaking segment. Bharat matrimony captured the first position with approximately ~% market share and posted the re e ues a ou ti g to INR ~ illio i FY’ . The second place was detained by Shaadi.com which held approximately ~% or contributed INR ~ million towards the revenue in a solute ter s i FY’ .
Source: https://www.kenresearch.com/public-sector-andadministration/religion/india-online-matchmaking-report/7093-15.html
Contact: Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249
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