INDIA AS A WEDDING ECONOMY
The pandemic has drastically changed the face of Indian weddings. Earlier, before 2020, it was observed that Indian weddings were always defined in the sense of being “big and fat.” These days, it can be seen that weddings in India are becoming more intimate and luxurious in nature. However, while the guest list is being constricted, the weddings are increasing their grandeur. In 2020, the wedding industry took a huge hit, but two years later, there have been drastic improvements made by the industry, wherein due to the increasing opulence of weddings, there has been a valuation made of $50 billion. It has been expected that over the next ten years, the wedding industry will be valued at greater than $80 billion. At the same time, due to the increasing opulence of each wedding, the Indian wedding industry has been scaling up, with a market valuation of 50 billion dollars. It has been expected that the wedding industry will be valued at over 80 billion dollars in the next ten years.
The Gross Value Added by the service sector at current prices is estimated at approximately 96.54 lakh crore INR in 2021-22, which is over 50% of the total GVA in the Indian subcontinent. Overall, the service sector has grown by 10.3% over the last year and is expected to grow by 8.2% in the next year, by 2023. Increasing the employment level of the nation, the wedding industry employs about 1.38 lakh employees, making it a very profitable industry in the nation. While it is very difficult to break down the subsections of the wedding industry, it can also be observed and noted that the wedding industry is contributing greatly to the Indian economy due to destination weddings and international wedding tourism. Industry insiders like myself, predict that the wedding industry will soon climb the ranks and take over the first position in the service sector that contributes to the GVA.
Weddings are becoming more regal and royal with the use of destination weddings. Thus, the industry has been seeing that couples are opting for increasingly offbeat choices wherein they get married at destinations. Hotspots like Udaipur in Rajasthan and Backwaters in Kerala have been very popular among couples when they opt for destination weddings. Other places like Khimsar, Andabar and Nicobar Islands, and Mussoorie have also been quite popular. There is a dramatic 62% rise in couples who are requesting and opting for destination weddings, with Jaipur, Jodhpur, and Udaipur being the top choices. Theme Weavers Designs have tried to accommodate the needs and want of the couples by employing over 60,000 vendors when it comes to destination weddings. Owing to the rich factor of weddings, couples are choosing grand and palatial wedding destinations such as the Taj or Marriott since these hotel banquets have a lot of guest space. However, due to the pandemic, the guest list has been relatively short. In order to do grand luxury, local artisans have been hired in order to customize projects and support the Indian economy - talk about killing two birds with one stone! Therefore, local destinations will be preferred by people over international destinations. We have also been engaging in a venture known as “royal rendezvous” where stalwarts from the global wedding planning industry can come visit India to soak in our culture and experience true hospitality. This is a measure to push India as a top wedding destination for new couples looking to tie the knot.
The compassionate side of people has been coming out since 2020. But this year, it has been expected that the couples getting married would like to give back to the community. As a result, couples are asking their guests to donate to their favorite charity rather than splurging money on gifts. According to surveys carried out by iDiva and Business Insider, it shows that at least 10 couples out of every 100 have been engaging in philanthropic efforts. Couples are tying up with various ventures that tie people with over 1,800 NGOs, and over 1.5 million dollars have been donated through the organization. About 22% of couples have opted for giving back to society, and Rs. 40,57,352 have been donated. An average of Rs. 4,100 is given to charities per wedding. At the same time, couples are going local. So they are actively making choices that promote the circular flow of money by boosting the local economy by either going local with decorations or florists and even the menu.
In the process of stitching two hearts together, it is essential that the new changes in the industry be accommodated so the face of the new normal can be represented.