Wedding Planning Industry in India 2011
- Id : RNR-249229
- Category : Service Industries
- Publish Date : 18-Oct-11
- Pages : 24
- Publisher : Netscribes
The wedding industry in India thrives largely on the Indian notion of characterizing marriage as a singular high-point in one's life. In a bid to make one's wedding unique wedding planning industry derives a reasonable demand owing to their professionalism and touch of precision to make the entire process smooth. Rise in disposable income coupled with time constraints that people face has led to the development of the wedding planning sector in India. The report begins with an overview of the wedding industry in India giving its market size and growth as well as a clear segmentation on the different costs that constitute the total costs incurred in a wedding. This is followed by an overview of wedding planning industry describing the market and includes information regarding market size and growth. This is followed by a section wherein primary expenses in a wedding by any planner are provided. Additionally, the various stages involved in the management of such an event have also been highlighted. An analysis of the drivers explains the factors for growth of the market including increase in disposable income, destination wedding, time constraint and convenience, and practice of re-marriage. India is an emerging country with people witnessing rise in disposable income. Primary notion of associating marriage as one of the most important event in one's life drives people to spend extravagantly on arrangements for the celebration. Such an occasion, for the elite, becomes an opportunity to showcase their wealth and prosperity while for the middle class it remains an event that at times compels them to go beyond their means. Increasing disposable income renders people to mark this grand event with luxurious celebrations. Wedding at exotic locations, far from the maddening crowd of the city has become a rage and is considered to be a significant driver. Destination weddings continue to increase as it allows the wedding to be unique. In this format of the event, a planner becomes imperative due to the lack of knowledge of the place at which the wedding will take place as well as towards streamlining the entire process. An Indian wedding needs a lot of time and effort towards planning and implementation. However, people in this day and age do not have the luxury to spend long stretches of time on organizing an event. Time constraint in people's lives becomes a chief driver for the wedding planning sector. Further, increase in the rate of divorces also leads to increase in business for wedding planning concerns since their business is dependent on the numbers of marriages organized. The sector is also facing certain challenges. Factors such as stringent Government regulations and unavailability of wedding seasons and dates pose as barriers for growth. The major trends indentified in the market include theme wedding, online classified players diversifying into wedding planning, wedding planning online software and 3D presentation. The competition section constitutes a competitive landscape of the players in the market which contains a snapshot of their corporate information and business highlights. Strategic recommendations for this market have also been provided.