THE MOST GLAMOROUS JOB FOR YOUNG ENTREPRENEUR !!
The wedding planning market is growing in a great way that's why its known as "THE MOST GLAMOROUS JOB FOR YOUNG ENTREPRENEUR"
While India’s colors and customs are luring foreigners to tie the knot here, it is the rising affluence and desire for ‘memories with a difference’ that is making Indians themselves splurge more than ever on weddings. And this has created an industry estimated to be worth $50 billion (around Rs. 3.5 LAKH CRORE ). Interestingly, allied industries such as beauty and fitness and photography are also benefiting from this surge in spending while exchanging vows.
Irrespective of economic downturns, weddings remain a stable business as it is a once-in-a-lifetime event for most people in India.
The fee for making weddings memorable is quite steep — wedding planners charge 10 per cent of the wedding budget as consultation fees.
This means a Rs. 1 cr wedding will leave the planner richer by Rs. 10 lakh While for most upper class people wedding budgets start at Rs. 70-80 lakh , it can go up to even Rs. 10 cr for industrialists and businessmen.
While weddings were a simpler affair about two decades back, economic liberalization and the rise of the middle class have prompted a change in attitudes. In India, people are spending a lot of money on weddings. Gradually, the trend of hiring a planner is growing .
With most people busy with their careers and the joint family system declining, there is neither time nor the manpower to organised big weddings.The nuclear family system is firmly established now and it is almost impossible for people to make elaborate arrangements for weddings without professional help.
Hindu weddings, including Gujarati, Rajasthani and Punjabi, are spread over five days. Christian weddings last just a day, requiring decoration of the Church and catering services. And yet Christian weddings, too, are a big business for planners.
Simple flower decoration for a budget wedding can be done for Rs. 20,000, while an elaborate arrangement at a five-star hotel can cost up to Rs. 5 lakh .
While going to places like Singapore and Bali is still catching up in India, Jaipur, Goa and udaipur are more popular destinations.
Since a lot of people now prefer to combine wedding with holidays, destination marriages are in.
A destination wedding in Goa for 200 people could easily cost upwards of Rs. 1 cr In contrast, farmhouse weddings work out cheaper and are appropriate when the guest list has more than 500 people. This is because there is no expense on flying down people and arranging their stay.
Some properties in these popular destinations are focusing only on weddings to make money. They arranges not only the doli (palanquin) for the bride, but also camels, horses, elephants and drummers and dancers to be a part of the marriage procession. By spending a few crore more, the baratis can include bollywood stars and the sangeet ceremony can have singers famous singers.
Another important part of a wedding budget is gifts. Delhi confectioner Alka Gupta specialises in chocolates for weddings, and works closely with Karismatic, a wedding planning agency. Her chocolates sell for about Rs 900 a kilo, and she made them for eight weddings in 2010. Karismatic founder Saloni Gupta says: "Earlier, people would buy Haldiram boxes, but a rise in purchasing power has led to a variety of tastes. From hydraulic and revolving stages to LED lighting, they want the best in life.'
Despite these high expenses, the Indian wedding industry is growing at over 25 per cent annually. And as this is just the tip of the iceberg. When tier II and tier III towns wake up to the trend, wedding planners will earn more than ever before.