Indian wedding industry to outperform, see 250 % growth this year as covid subsides and could touch a whopping 5 lacs crores this year says Raj Jaiswal from Wedding sutra. The complete hospitality sector is geared up after a massive loss incurred during covid times.
But inflationary pressure is huge due to price hike of all elements says Raj Jaiswal from Wedding sutra, as oil prices cut deep into the pocket of clients as well as the vendors.
As during covid maximum people had to spend their savings this season wedding budgets are curtailed but the number of weddings on each wedding day has increased and the new trend being weddings on even non-auspicious days.
Venues and hotels have taken more booking on same day by managing their various venues and accommodating more than 1 or sometimes 3 weddings in resort or hotel.
The most preferred venues for weddings this season tend to be resort-based properties with lot of open space and lawns
.Raichak on Ganges, Shekhar Gupta the senior manager at Raichak on Ganges , says that there is 35 % hike in bookings pre covid days and looks forward to lot of weddings also on non-auspicious days .
The Vedic village, Vedic village says it ready to take 10 weddings on the sprawling 130 acres property on any auspicious day.
These have taken big five-star hotels with surprise as they are holding record weddings this year.
Post covid lots of competition has mushroomed in the market with lot new vendors jumping in the wedding season but planning a wedding is a matter of nerves a very few can handle it.
As the budget of clients have seen a drop or costing cutting, they are opting for vendor who are reasonable and value for money.
Growth rate in artists Management is 7-8% out of 10.
Famous artists getting regular events like Ravi Shukla, Ash king, Md Irfan, Salman Ali, Pawandeep, Yasoob Ali, Pinky peacock, Local artists are getting many shows due to reasonable and travel. Lil cutdown has been seen in wedding in terms of artists…
But market is picking up gradually and especially low range artists are getting a lot work, says Jeetu Gupta, Celebrity and Artists Manager.
Even though the wedding market is largely an unorganised sector, a 2016 KPMG report titled Market Study of Online Matrimony and Marriage Services in India estimated that the Indian wedding industry is worth about Rs 3.68 lac crores.
In a state like Bengal, the wedding industry has a huge turnout and generates a lot of revenues for the hospitality industry.
Most clients look for auspicious dates for their wedding, but the trend is gradually changing were lot of NRI weddings are happening on normal days as well. which helps the decoration and catering guys to manage more profits and delivery quality stuff at a reasonable rate, says Raj Jaiswal.