Weddonomics

2018

THE BUSINESS OF WEDDING

THE LANDSCAPE

When I got into the business of weddings in the year 2000, it was still considered to be a business of tent walas and halwais. Most of the event management companies used to look down upon wedding events considering them to be below a respectable level of eminence. But today the whole scenario has changed and the business of weddings sits on top of the highland and accounts for the largest chunk of the events business across the country. And it would not be out of place to mention that even the positioning of a wedding planner has moved significant rungs on the charts of respectability.

It is now a market place that has been prudently studied by most of the Big 4’s and leading business organisations like FICCI, CII et al. It is now a business, which is generating reports of significant influence and unimaginable mathematics.

Weddonomics

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INDUSTRY TALK

DID WE KNOW ?

Currently the Indian wedding industry is over Rs 180,00,000 crore across all domains of expenses including Gold, Jewelry, Apparels, White Goods, Hotel related expenses, Banqueting, Events, Food and Beverages, Decorations, Travel etc.

THE SIMPLE SCIENCE OF NUMBERS

The country has a population of around 1.25 billion and considering an average family with five members, there are around 250 million families in India. With about one marriage per family every 20 years, the country averages roughly 10 million weddings every year.

Even if 0.25 percent of this business is handled by the organized sector in terms of events (being very conservative) – it comes to about 25000 weddings per year. Sounds pretty reasonable; doesn’t it?

Even if the average spend is 100 lacs per wedding all across – we are talking of 25000 crore worth of business across the organized sector today in terms of events and related supplies. And considering the growth of 20 to 25 percent already exhibited in the past few years, we are talking of this spend increasing by at least 5000 crore on a year on year basis.

WHAT TO EXPECT ?

It is also expected, the per capita income will be tripled in a couple of decades and the per capita consumption of gold during weddings or other wise will increase. With half of India’s population being under 29 years of age, the marriage market is set to boom like never before over the next five to ten years.

The young generation – more exposed, more enthusiastic, more ambitious & more demanding – will furthermore change the dynamics and expanse of how weddings will happen.

It is time for us to get ready – for the Giant Leap which will catapult this market to a 2.5 to 3 times multiplier in the next 5 to 7 years. I must also share that the numbers are purely my estimates and I don’t want to be taken to courts in case of any discrepancies found. Thus, please believe at your own risk.

The story of INDIA – is starting now and lets all become a part of this lovely epic to be written.

SAMIT GARG DIRECTOR, E-FACTOR

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