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Wedding Biz: All Set To Explode!
Arvinder Kaur in New Delhi |
July 26, 2004
Indian wedding are swiftly turning into a mega billion rupee industry. The Indian wedding market, which is currently estimated at Rs 50,000 crore, is all set to grow by 25 percent annually. Everyone -- from those in entertainment to decor; beauty clinics, cosmetic giants, travel, tourism; even matrimonial web sites -- are making money out of marriage, those in the business say. "The much hyped marriage of business tycoon Lakshmi Mittal's daughter is testimony to the fact that the wedding market in India is booming. It is not just high society which is going in for it, but with spending power increasing, the trend is being seen in middle class families too," says Tarun Sarda, CEO, Vivaha Interactive. "The minimum budget spend on a wedding varies from Rs 10 lakh (Rs 1 million) for medium size weddings to the upper middle class segment which go beyond Rs 50 lakh (Rs 5 million)," says Sarda. "With weddings like the Mittal's taking place, this industry is set for an explosion. Thousands of other rich people too are planning lavish ceremonies, with the help of wedding managers. A trend has been set by the Sahara and Mittal weddings," says Puneeta Nagpal, director, Moment Makers. "While Indians want to get married abroad in foreign locations, NRIs want the Indian touch. After Raveena Tandon ('s wedding) destination weddings have become popular," says Nagpal, adding, "Udaipur, Jaipur are becoming popular wedding destinations." "The change is visible even in the middle class, who want the flavour and ambience of elite weddings. Seeing the world around, they too are spending and want the best available," says Nagpal. "It is a sort of chain reaction which percolates down. With income levels going up, the middle class too wants to try and match the royal weddings in everything, be it decor, ambience or cuisine is concerned," says Sarda. "A few years ago, people would have called you a fool if you hired an event manager to organise a wedding. The mindset has changed. Everyone wants to make a style statement," he says. The change has come not just in style, but everything else connected with a wedding -- from gifts to the trousseau, even honeymoon destinations. There is now a big industry catering just to marriages, says Sarda. "Wedding exhibitions are becoming common, where designers and corporates from all over the world showcase their products. Specialised magazines catering to the needs of families having a wedding are quite popular," he says. Discussing Vivaha 2004, his exhibition which will be held in the capital next month, Sarda says, "some niche players belonging to categories like chocolates and candles have found ready markets in the wedding segment." "Premium Swiss watch company Bovet is launching its artistic range in the Indian market for the wedding season. Its range of watches starts at Rs 3 lakh (Rs 300,000) plus. International cosmetic brands like Dior and La Prairie too are coming out with special attractions." "Australian Tourism, Tourism Malaysia, Mauritius Tourism and Star Cruises are designing special honeymoon packages for Indians," says Sarda. "When everything else in the wedding segment is undergoing a sea change, jewellery cannot be far behind. The trends in wedding jewellery too have changed immensely in the last two years," says jeweller Vinay Gupta. "With Indian jewellery being worn in Hollywood movies, the trend is truely international and ethnic designs. It is more a piece of art, to be admired by everyone," says Gupta. "Since everything has to bear a designer label, workmanship counts. People are willing to pay for the quality of stones," he says, adding diamond, kundan and polki is in. Plain gold, it seems, is simple not considered stylish at weddings nowadays.
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