Emerging Business Opportunities Within the Wedding Industry
With all the hype surrounding this segment and the craze among Indians for a memorable one, the industry is expected to grow at 20 per cent per year
Weddings are considered to be a magnificent affair for every Indian. The grand spectacle of the ‘Big Fat Indian Wedding’ comprising of extravagant ceremonies represents a growing market in India. The recession proof industry is estimated to be a $40 billion opportunity. With all the hype surrounding this segment and the craze among Indians for a memorable one, the industry is expected to grow at 20 per cent per year.
With families willing to splurge to have the perfect wedding, this has fuelled various other business opportunities simultaneously.
With new-age events management companies taking over the wedding industry in India, wedding planners cater to all needs and oversee the smooth functioning of the ceremony. Unlike the old times, the planner ensures the wedding goes on without any glitch while the family along with the bride and groom enjoy their big day.
Food is of utmost importance in an Indian wedding. Lavish menus, new trends such as fusion food and countless wedding invitees catering in India have seen tremendous boom in recent years. The Indian catering industry alone is estimated at to be at INR 15,000 crore, with a lot of young talented people entering this profession. There is a high demand for professionals from culinary schools as well as hospitality professionals leading to the growth of this Industry as a whole.
The last few years have seen a sharp rise and growth for destination weddings in India. Due to this rising trend, travel and tourism management is now a significant component in wedding planning. Experienced graduates would, therefore, be an invaluable addition for the wedding planning and event management companies to help organize the ceremony in exotic locations. With the above mentioned scenario the growth of this sector within the wedding industry is inevitable.
Designers and Makeup stylist
Changing trends in fashion leads to numerous ‘bridal collections’ launched every wedding season. Although, these collections have been available at a steep price this industry has seen many new players enter the market. Theme based parties and shenanigans require not only the bride and groom but also the guests to be dressed up for the occasion. The wedding day is the day of the bride. In order to look her absolute best, professional make-up artists are hired and also, with the growth of social media, the obsession to have the perfect outfit for brides is a potential business opportunity for designers and makeup stylists to boost huge capital in this segment.
Designers and makeup professionals are key elements within the India wedding industry.
Videography and Social Media Marketers
Wedding photography is now somewhat an outdated concept at weddings. The age of millennial is witness to the rise of wedding movies in which professionals within the industry create a story around the wedding. This includes a pre-wedding shoot and a complete documentation of all the ceremonies. Agencies create a short-movie capturing all these special moments which is shared with family and friends.
Going hand in hand with videography is the use of social media products which create Instagram handles, Facebook pages having ‘Gifs’, ‘hashtags’ where all updates and pictures are shared.
With the wedding market exploding at the current rate, new players and vibrant start-ups are aiming to completely corporatize the mega event. Lavish weddings are becoming a norm rather than an exception, the Indian wedding industry is not only enormous but also enables immense opportunities to various businesses to thrive for years to come.