New updated market on wedding sectors for a Milestone
Deeply rooted in traditions and culture even today. Right from the venue to the décor, the ensemble to the food, couples and their families pay immense attention and invest in every minute detail to make this auspicious day memorable. To put things in perspective, an average wedding in the country would span 2-3 days, with multiple events, hundreds of guests in attendance, and elaborate arrangements, averaging a cost of 5-10 lacs. Since times immemorial, when a wedding was scheduled to take place, the entire village would come together, lend a helping hand and ensure all preparations were nothing shor t of perfect. However, with changing times, the emergence of nuclear families, migration to urban cities, and career-oriented millennials, the wedding industry has a new untapped consumer base to cater – modern Indian couples. Today’s millennial couples take the onus of organising, planning and budgeting for their own wedding, as opposed to families being the key decision makers previously. While these couples are immensely involved in the planning process, these contemporary couples are short on time, prefer one-stop-shop solutions, rely heavily on technology, and digital offerings. In my perspective, while the consumer has changed over the years, the wedding industry has been resistant to evolving, therefore, it still remains a largely unorganised sector. Wedding industry Budget and expectations As we know it, in India, this sector is defined by its highly competitive nature and involvement of several ancillary participants such as photographers, decorators, makeup artists, caterers, among others. As per a report published by KPMG, India’s current wedding market is estimated at $50 billion, accompanied by a rapid annual growth rate. Thereby, making it one of the biggest contributors to the travel and hospitality industries. However, as mentioned, it continues to be largely dependent on informal contracts and inconspicuous verbal agreements. This acts as a great barrier to the formalisation and growth of the sector. It is also highly unreliable for many couples who face several inconveniences, mainly due to the absence of a written/legally binding contract between vendors and consumers. For instance, sometimes, vendors fail to deliver on their verbal promises, such as last-minute cancellations, offering low-quality products and services, as well as many inconsistencies in payment terms, leaving consumers with little to no option to rely on their vendors, solely based on mutual trust. At times, vendors tend to quote exorbitantly high rates and promise world-class services, but fail to deliver on quality.