Click to play videoNew Delhi: It's not just party time and the festive season, but also that time of the year, when everyone seems to be getting married or attending a wedding. The wedding season is on and with each passing year it’s becoming an economic force to recon with.
It's an industry worth more than Rs 125,000 crore and growing at 25 per cent every year, so anyone who can find an avenue would like to attach themselves to the great Indian extravaganza.
Touted as a recession free business, entrepreneurs are trying to cash in on the burgeoning business opportunity being posed by weddings.
Bridal Asia CEO Divya Guruwara says, “You are always looking and targeting to do an event in an industry where you feel its going up majorly or you feel there is rise in that industry.”
Out of the Rs 125,000 crore organised segment 0.8 million families, with annual income over Rs 12 lakh, spend a whopping Rs 50,000 crore.
The upper middle class segment of 10 million households, with annual income exceeding Rs 3 lakh, contribute Rs 70,000 crore.
Fashion designer Sabyasachi Mukherjee says, “Of course there is fantasy designing clothes for Bollywood or your socialites. So mega bucks come from your wedding.”
From designer clothes, to jewellery and even lingerie, chocolates and cars to dinner sets - the Indian wedding is not just about simple marriage vows anymore.
Thirty five per cent of the budget is spent on buying wedding jewellery closely followed by clothes at 30 per cent, catering takes away the 20 per cent of your budget and 5 per cent alone is spent on entertaining the guest, be it a simple orchestra, DJ or making a Bollywood star dance to your tunes.
The rest 10 per cent is spend on miscellaneous like cards, decor, packaging and accessories.
Marriage now means business and it’s becoming a business more people want to get into.
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