Wedding

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Analysis of Indian Wedding Planning Industry
Rajesh Kumar, IIM L

ConQuest Online January 2012 Edition

ConQuest, IIM Shillong Consulting Club

Analysis of Indian Wedding Planning Industry
Rajesh Kumar, IIM L

Introduction
Overview of Wedding Industry

India is considered to be one of the most sought‐after wedding destinations around the world. Weddings in India are fast gaining popularity among global citizens who flock to the country to solemnize their wedding vows. It is growing at a CAGR of 25% owing to lavish spending. Currently, cost of a wedding may range from INR 0.5 mn to INR 50 mn. With India becoming a wedding destination, foreigners are aggressively contributing to a growing market. Increasing disposable income is expected to double the strength of the market in the next 15 years. Theme based weddings and destination weddings are some of the major trends that the market has observed. Characterized by social features, wedding industry manages to be resilient even to vagaries of inflation and recession. Figure: Wedding cost break-up Figure: Wedding market size in INR

Source: myeducationtimes.com “The Wedding Planner” Sep 2011

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Market Overview
Overview of Wedding Planning Industry
As wedding industry shoots with burgeoning demand for lavish events, wedding planning industry gets a boost for demand of organized and structured planning services. Wedding planning industry in India is estimated to be growing at 20% per annum. Figure: Wedding planning market size in INR

This industry is also driven by increasing affluence and rising aspirations among consumers to make their wedding unique and memorable. Time constraints among consumers towards planning and organizing weddings have been largely responsible for the growth in planners. Wedding planners are more often seen to indulge in special theme based marriages to give it an edge so that it may stand out from the rest.

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Wedding Planning Process Management

Primary Cost Components
A wedding planner has to look at several primary expenses to be incurred during a wedding. However, expenses would vary across different weddings depending on the arrangements with the venue being a major cost factor. Some of these expenses have been given below:

Source: dare.co “Planning someone‟s big day” Jan 2008

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Growth Drivers
Increase in Disposable Income
The most primary enabler for this sector remains rising disposable income of the growing upper middle class group. Lifestyles fuelled by better salaries have led to increased spending on weddings. Indian weddings are ostentatious affairs with people showcasing their wealth and economic affluence. It also marks tendency towards upsurge of newer methods like destination weddings, theme based weddings. Earlier such ways remained within the domain of the elite, but with increasing disposable income even the middle class can now afford such luxurious spending. Even for those who do not have enough resource to fund their extravagant wedding, many financial institutions like GE Money India have come up with “auspicious” personal loan exclusively for weddings.

Destination Wedding
Driven by an appetite for „something unique‟, destination wedding is fast becoming a fad. Increasing numbers of Indians are planning on getting married at exotic locations abroad, such as Istanbul, Florence, Bangkok and Monte Carlo. Resorts and hotels also offer wedding packages as weddings also offer a holiday flavour to the people who move out to attend weddings at distant locations. Destination weddings require organized planning thereby resulting in an increased demand for wedding planners and planning market. Destination wedding can have both people going out as well as flying into India. India   Most...
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