Everything you must know about the Indian wedding industry.

We’ve all heard that “Love is in the air.”

Then what makes India one of the most preferred destinations for weddings?

Let’s look into the 4th largest industry in India - The Wedding Industry.

PM Modi has been promoting the Wed In India initiative (similar to Make in India).?

He recently said, "If the trend of weddings abroad stops, people of India will get an opportunity to offer services at such events, and organizing such events will develop our systems too."

This ignited the 'Wed in India' initiative, gaining immense power in 2024.?

So, what made the wedding industry the 4th largest in India? Increasing urbanization, rising disposable income, the rise of wed-tech, and social media influence.?

There has been a 55% surge in demand for luxury weddings, particularly intimate Big Fat Indian weddings. Primary reason? The 4.4% rise in HNIs in India (as of 2022).

Also, 25% of the world's weddings take place in India.?

These statistics are prominent as famous high-end weddings of Isha Ambani & Anand Piramal, Priyanka Chopra & Nick Jonas, Kiara Advani & Siddharth Malhotra, Hardik Pandya & Natasha, and many more took place at historic Indian palaces and luxury venues like Umaid Bhawan, Suryagarh, and Raffles Udaipur.

As these celebrations of love have become more of a luxury status symbol, the wedding business assures a dynamic and profitable market for those who have the right insights to invest.?Lucky, you! ??

Benefits beyond bouquets ??

The wedding industry isn’t one industry but a fusion of many big and small industries that make it what it is. Various components make this industry a Rs 3.75 lakh crore economy. These are catering and venue services which take about 30%, gifts take 19%, decoration 14%, event planning 12%, logistics 9%, honeymoon 8%, photography 3%, make-up 3%, and invites 2%.

The diverse range of services — from venues and catering to photography and floral arrangements — offers investors the opportunity to diversify their portfolio within the industry.

Technology is also making its way into weddings, like apps for planning or cool virtual experiences such as 3D virtual tours by which couples can explore potential wedding venues from the comfort of their own homes.?

Foreign couples are choosing India as their dream destination for a royal & luxurious wedding at historical palaces. Not only this, foreign tourists even pay for tickets to attend Big Fat Indian weddings as they are attracted by its sacred rituals and majestic palaces.?

The advantageous edge ??

The wedding industry is a recession-proof industry.?

Investing in this industry is like putting your money in a strong market that doesn't easily get affected by economic ups and downs.?

Even during tough times, people still want to celebrate their weddings which creates a consistent demand for various wedding services and products.?

Why recession-proof? Because couples consider weddings as a very important and non-negotiable event, regardless of economic uncertainties. This makes it a reliable investment option.?

One big advantage of investing in weddings is that people are willing to spend a significant amount of money on their special day, making it a safe investment.?

While floral arrangements and bouquets are iconic elements of weddings, the advantageous edge of the wedding industry extends far beyond the aesthetics.

Online platforms, virtual reality experiences, and artificial intelligence are changing the way weddings are planned and executed.

Investors can take advantage of these innovations to create unique and memorable wedding experiences for couples by combining tradition with cutting-edge technology. This adds an extra opportunity for those looking to invest in the wedding business.

Behind the Veil: Disadvantages ??

The wedding can be perfect, but not the industry. ??

Biggest disadvantage: Weddings are seasonal business.?

Mostly happens in specific months, and not year-round in India.?

Weddings in India mostly take place from November to February; roughly around 4-5 months every year.

Another disadvantage is the intense competition in the market.?

A Total of 2117 companies are there in India in the Wedding Industry which covers key areas like venue services, catering, photography, make-up, decorations, and more.

Weddings are one-time events.?

Unlike Tinder where people might come back, most people don’t get married twice (or thrice if they are lucky).?

This lack of retention is a disadvantage. Even if someone loves the service, they won't come back because weddings are more of a once-in-a-lifetime thing for the majority of Indians.

Some other disadvantages can be a pandemic breakout, travel restrictions, and health concerns that have recently been the primary reasons for wedding postponements and cancellations.?

During the pandemic, the wedding industry faced unprecedented challenges. For startups in the wedding industry, this meant dealing with a sudden drop in bookings and revenue.?

Even though this industry has major challenges, there’s always a way out. And we Indians are experts in finding the way out (except for marriages). ??

Tackle these challenges like a piece of ??

Honestly, investing in the wedding industry is not a piece of cake. You can get cake at the wedding, though.

It's competitive, trends change, and unexpected events can shake things up.?

Therefore, investors need to be smart, adaptable, and ready to handle the pressure of making investments in this Big Fat industry.?

One important thing is to diversify your investments across different parts of the industry.?

So, if one part struggles, others can still do well.?

Invest more in platforms that enable sustainable celebrations as they are gaining prominence.?

52% of people adopt eco-friendly measures at weddings nowadays. This includes measures like choosing horses over cars (14.2 percent), limiting plastic use (11.4 percent), using reusable artificial flowers (11.2 percent), and donating excess food (10.4 percent). Around 46 percent also chose to send out e-invitations over cards.

So investing in such tech-enabled startups from the wedding industry and keeping up with what people like can make your portfolio profitable.?

Hot spots for an exotic destination wedding ???

India - a haven for 80+ royal, historic palaces, has many amazing places that are not just beautiful but also perfect for weddings.?

From the grand palace of Umaid Bhawan in Jodhpur to the calm beaches at Arambol in Goa, there are many diverse options, for each mood. Not forgetting the elegant Khawa Palace, Sardar Mahal, and Amawan Palace.

With an increase in hospitality and accessibility, lots of people are now choosing to have their weddings in special destinations.?

Investors can take advantage of 2024 by investing in wedding-planning startups or similar startups that offer catering and venue services.?

Want to take advantage of the wedding industry boom?

Well, well, well!?“Fortune favours the bold – those who act swiftly and seize opportunities stand to gain the most".?

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