25/04/2016
The Big Fat Wedding Industry in India: Recap of 2015 and outlook for 2016
India is known for its colourful culture and weddings are the best places to observe its varied traditions. Apart from being a symbol of culture, it is fast becoming a lucrative business opportunity. With each passing year, Indian weddings are getting bigger and better, and so is the business involved, from designers, caterers to planners. As it is expanding at a break neck speed, let us have an inside look at the industry and its forces.
Statistics
The wedding industry in India is flourishing and statistics corroborate the fact. Currently, the industry is over Rs 100,000 crore and is growing at 25-30% annually. The estimated cost of a wedding with no expenses spared could be between Rs 5 lakh to Rs 5 crore, in India. A person, in India, spends one fifth of the wealth accumulated in a lifetime on a wedding ceremony.
Considering the demographic dividend, it would not be wrong to assume, 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.
There are several ancillary markets and segments benefiting from this boom, like Gold and diamond jewellery, apparels, decoration, makeup etc. The wedding planning industry is also booming. In Jan, 2015, the wedding planning industry was pegged at $ 40 billion and is expected to reach $ 100 billion by the end of 2016.
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Waay Institute of Event Management
B 204, 2nd floor, Gate no. 2, Greenfields Colony, Next to Dominos, Faridabad. Walking distance from NHPC Metro Station.
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www.waay-iem.com