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With the ongoing wedding season one can’t help but notice that the Indian wedding industry is a huge one. In an Indian wedding, everyone just spends and does not think of returns.
Every manufacturer and retailer involved with marriage related goods eagerly awaits the season to push business. With each passing decade the Indian weddings are getting grandeur. Three decades ago people hardly thought about the lavish wedding function that has now become a trend and may be a compulsion. However, no one’s complaining; at least not the retailers and associated players because of the tremendous business opportunity that comes along with it. Let’s penetrate deeper.
The Indian Wedding Industry
Currently, the Indian wedding industry is over Rs 100,000 croreand is growing at 25 to 30 per cent annually. The estimated cost of a wedding with no expenses spared could be between Rs 5 lakh to Rs 5 crore, in India.
The wedding market in India
No. of Indian marriages in a year: Approx 1,00,00,000
Indian wedding market worth: Rs 100,000 to Rs 110,000 crore
Gold and diamond jewellery market worth: Rs 60,000 crore
Apparel market (wedding) worth: Rs 10,000 crore
Durable goods market worth: Rs 30,000 crore
Hotel and other wedding related market worth: Rs 5,000 crore market
Pandal and venue decoration market: Worth Rs 10,000 crore
Favorite honeymoon destinations: Goa, Jaipur and Udaipur
Goa wedding cost: Between Rs 1 crore to 1.5 crore
Jaipur wedding cost: 1 to 2 crore
Wedding cost in metropolitan cities: Between Rs 25 lakh to 70 lakh
Wedding invitation card market : Worth Rs 10,000 crore annual
Bridal Mehendi market in India: Worth Rs 5000 crore
Item-wise expenses on Indian weddings
Dinner cost: Rs 700 to 1000 per person
Pandal decoration cost: Rs 10,000
Bridal designer saree/lenhga cost: Between Rs 10,000 to 50,000
Designer shervani cost: Rs 15,000 to Rs 40,000
Wedding invite cost: Rs 500 to Rs 1500 per card
Bridal make up cost: Between Rs 5000 to Rs 50,000
Bridal Mehndi cost: Between Rs 1000 to Rs 5000
With each passing year, Indian weddings are getting bigger and better offering lucrative business opportunity to players involved. Giving up the basic traditional look, the Indian weddings are donning a more corporate look, these days.
Currently, the country has a population of around 1.25 billion and considering an average family with five members, there are around 250million families in India. With about one marriage per family every 20 years, the country averages roughly 10 million marriages every year. An average 30 to 40 grams of gold is spent in every marriage across the country, thus the total consumption of gold comes between 300 to 400 tonnes annually.
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 otherwise 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.
If we take the above figures, it means the Indian marriage market is around Rs 1 lakh crore to Rs 300,000 crore annually, if one crore marriages are solemnized in the country annually.
A person, in India, spends one fifth of the wealth accumulated in a lifetime on a wedding ceremony. That means, a tremendous opportunity for retailers to capitalise on.
The prospering allied industries
Today, everyone, from those in entertainment to décor, beauty clinics, cosmetic giants, travel, tourism and even matrimonial web sites are making money out of marriages. Even foreigners, who want to solemnize their marriage in India, contribute to the Indian wedding industry.
Online portals like Shadi.com, Bharatmatrimonials and others rack up revenues of Rs 200-250 crore from match-makingannually, and believe the business can only get bigger. While the traditional tentwallas still rule the roost, creative wedding planners are also making the most of it. There are wedding planners in the country who are ready to make all arrangements required in an Indian wedding, from beginning to end, for a whopping amount. But keeping in mind the middle class of the country, which is the largest segment, there is a huge demand for planners who can arrange for a budget wedding.
Fashion designers, florists, confectionery makers and event managers are cashing in on the flourishing wedding market. Considering the Indian wedding market, Bregeut launched its expensive watches ranging between Rs 8-15 lakh in the Indian markets.
Replicas of temples of India, palace look-alikes or Sheesh Mahals are much in demand as decor. The cuisine could be anything from Lebanese to Italian in case you want something different. Star Cruises even launched a cruise to Lakshwadeep primarily targeting honeymooners.
The wedding card market in India for the 10 million marriages performed annually is worth Rs 8000 to Rs 10,000 crore. Delhi and Maharashtra alone have more than 500 card printers. In Delhi, these printers are based in Chawri Bazaar, Karol Bagh, and Lajpat Nagar where one can purchase wedding cards according to ones capacity. Over two dozen of highly specialized printers are based in Dadaseth Agiary Lane in Central Mumbai. The elaborate wedding invite comes with the main card and three to four add-on cards like RSVP card, the reception, engagement and the puja invite, and also an invite to attend the sangeet, cocktail and mehndi functions.
In India, people have become very style conscious and they want to give their best on their wedding. Things have changed in the past few years, it is more about brands and people are ready to spend to look their best. Apparel market is booming because of this.
The annual market of wedding dhol, bands, baggies with elephants, horses and camels, lightings, is also the important part of Indian weddings, which is estimated to be around Rs 5000 crore annual. With the increasing income and more disposable income in India, the wedding market of the country is expected to double within next 15 years, the experts feel.
One cannot think about marriages without beautiful flowers. Flowers are important in order to create a delicate atmosphere around the wedding. According to an estimate for decorating the wedding venue, bride-groom dais, showering rose petals for welcoming the guests, requires another Rs 2000 to 10,000 for a middle class marriage.
The facts and figures point towards only one thing that is Indian weddings and the associated industries are bound to prosper!
With the ongoing wedding season one can’t help but notice that the Indian wedding industry is a huge one. In an Indian wedding, everyone just spends and does not think of returns. Every manufacturer and retailer involved with marriage related goods eagerly awaits the season to push business. With each passing decade the Indian weddings are getting grandeur. Three decades ago people hardly thought about the lavish wedding function that has now become a trend and may be a compulsion. However, no one’s complaining; at least not the retailers and associated players because of the tremendous business opportunity that comes along with it. Let’s penetrate deeper.
Unique and interesting consumer trends observed in 2015 in the industry With global trends entering the indigenous market, Indian weddings are donning a more corporate look and feel, moving away from traditional themes.
1. High degree of personalization - people spend more per guest (but call fewer guests) and try to integrate their love stories and interests in the decor, food and themes. "Destination weddings are getting more exotic, with many weddings happening in Turkey, Europe, Sri Lanka, and more remote destinations in India," said Sanna Vohra, Founder & CEO of Indear.in
2. Modernization of ancient/ retro drapes, minimalist silhouettes, bold colors.
3. People became more & more fashion inclined, lot of experimentation, drama. Consumer spent a lot of time cross comparing
4. Mix and match, accessories, a lot of tryouts in jewelry, artisans' products. Hand-looms category grew 3x compared to last year. "We can tell that consumers are starting to trust online websites for their wedding purchases and this trend has mainly started in 2015. We are seeing increase in buying of heavy lehengas and sarees online.
With few websites starting to offer home trial etc. this trend will change further in coming years as it makes it very easy for the consumers to buy their outfits online without wasting lot of time," said Anupam Tulsyan, founder of Peachmode.
Expectations from 2016 wedding season
"We will continue to see a high degree of personalization, and also a willingness to experiment with traditions. Brides now prefer to wear gowns instead of a traditional saree to their receptions, depict their own love story on their mehendi and leave goody bags for guests in their hotel rooms to cure their hangovers. India has also started adopting a few western traditions, namely bachelor / bachelorette parties, the idea of bridesmaids, and grand wedding cakes!" said Sana.
Technology has also taken over the wedding season & so has buying habits. Lot of families & planners alike are coming online to check latest trends in this wedding season. "For grooms we have seen a rise in Jodhpuri Sherwanis. These sherwanis are different from the traditional ones as most of them are handmade & have light colors instead of the traditional red ones," said Shailesh Jain, founder of Mirraw.com.
On the jewellery side, matte finish jewellery has seen a rise in demand. Necklaces which are heavy on gem stones are still a constant favorites amongst wedding shoppers.
Employment generation It continues to be significant with the wedding industry growing 25-30% YoY. It adds over 3 lac jobs a year (during season) Region wise trends PAN India
North India leads in wedding spends, Kerala weddings focus more on gold. Though fashion and jewellery trends do differ from region to region (as does the ceremony itself) Bollywood is having a large effect on weddings across the nation, with lots of communities embracing 'dhoom-dham' sangeets, and glittery wedding outfits.
General trends basis consumer behaviour, with respect to changing demands and preferences
1. Heavy dupattas- Can be teamed up with all your monotone kurtas
2. Statement jewellery piece - Chand ballis, Maang tikkas are in vogue. You can team them up with sarees as well as salwar kameez.
3. Designer clutches - A nice clutch can add lot of glamour to your routine outfit. Pair it with simple chiffon saree or a plain kurta, it will catch everyone's attention.