A Business that Brings 'Band Baaja Baaraat' To Action
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Wedding industry of India is at its peak today and the overall definition of wedding has been completely transformed. With rising competition in the recession proof industry, the number of wedding planners in India has drastically increased. The wedding planning industry has been driven due to reasonable demand owing to their professionalism and precision with which they make the entire process simple. During FY’2010-FY’2015, the wedding planning market grew at a CAGR of 9.9% during the respective period.
Wedding planners charge approximately 10%-15% of the wedding budget as their consultation fees. Floral arrangements with marigold were the traditional trends. Now day’s floral theme with varied flowers of different colors has become the recent trend. This has been followed by beach weddings in Goa and Kerala costing the overall wedding within the range of INR 50 lakhs to INR 1.5 crores which are usually preferred by elite and high income group. Destination places such as Singapore and Bali are also witnessing a gradual uptrend in demand. Wedding planners also reach out with their services in the palaces and forts of Rajasthan specifically in cities like Udaipur, Jaisalmer and Jodhpur. Palatial locations have been the most exotic venue for weddings which charge INR 10,000-12,000 per person leading to mounting INR 15 lakhs -20 lakh expenditure on just food and catering services.
Neemrana Fort located nearby Gurgaon is a beautiful place and pleasant wedding destination that strikes a balance between modernity and Indian customs and rituals. Wedding planners have been the most popular amongst the Hindu Religion. In FY’2015, majority of the Hindus approached to wedding planners.
The wedding planning industry in India has been highly competitive. India wedding planner industry has been dominated by companies such as Fern N Petals and L’amore Weddings that place greater focus on planning a wedding since it is difficult for the family members alone to conduct the entire cumbersome process.
India wedding planner industry has seen significant growth over the past five years. It has been anticipated to grow to INR 1.6 trillion by FY’2020 thereby displaying a CAGR of over 10% during FY’2016-FY’2020.
Ken Research announced its latest publication on “India Wedding Market Outlook to 2020-Focus on Online Matchmaking and Wedding Planning Segment” which provides a comprehensive analysis of the Wedding Industry in India. The report covers various aspects such as market size of Wedding planning Market, segmentation by location of weddings, budget of weddings, and pricing packages. The report also provides competitive landscape and profile of major players operating in wedding planning market in India. The future analysis of overall wedding planning market and by segments has also been discussed in each of the sub segment. The report is useful for wedding planning market player, large E-commerce companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.