That Indian weddings are turning into big events is undeniable. That an industry of sorts has sprung up, no matter if still largely unorganized is also true. That event management companies, start-ups, fashion houses and even international wedding planners are drawn to the business opportunity is what transforms the scale of this vain Indian ostentation into a service sector economic activity.
Bear in mind that weddings are seasonal, but for those who are tying the knot, it is a once-in-a-lifetime event. Which often means no-holds-barred expenditure and that in turn also implies a personal loan. Online marketplaces and corporate agents such as Finserv MARKETS can help you check your eligibility for the wedding loan.
The oft-quoted KPMG report estimates the wedding services market value at $54 billion, with annual “base” of 10-12 million marriages. Second only to the $70 US wedding market, it is growing at the rate of 20% a year. Online matrimonial services like Bharat Matrimony and startups like FullOnWedding are moving into the space. So has hospitality player, OYO and the transport network company UBER.
Organized segment look & feel:
While ancillary services are still monopolized by the unorganized and highly fragmented sector, new entrants are lending a touch of professionalism and sense of organization. Typically, the venue decoration and the mandap preparations are handled by flower vendors and shamiana providers. However as event managers and online aggregators join the race, florists with exotic blooms and venue designers with themed facades are providing innovative approaches to readying the traditional marriage choultry for the event. Temple, palace, ship…fabricated to suit every wedding venue wish. As the trend catches on, even a middle-class parent does not hesitate to apply for a personal loan to keep up with the Joneses.
Not satisfied with these make-believe venues, Indian weddings have now turned into destination ceremonies, where the bride, groom, families and guests are flown down to enthralling locales, much like the dream-song sequences in Indian films! Sometimes the guest list is pruned, while the “near & dear” get the experiential wedding outing. The single wedding invitation card is passé as a bunch of decorative cards for half a dozen functions muhurat, sangeeth, mehendi, cocktails, pujas are thrown in, not to mention an RSVP card. Naturally, there are plenty of jobs going around. Just as there are offers for a personal loan.
Designer Jobs Make a Killing:
Influenced by Hindi films, celebrity weddings and peer pressure, brides-to-be are adamant about lavish weddings complete with designer wear including lehengas studded with semi-precious stones. So much so, fashion designers who were not into wedding apparel have taken up these jobs. When you apply for a personal loan, there is no wish unfulfilled apparently! Gold and diamond jewellery is a must. Designer “gifts” include bags and scarves while customized food hampers and liquor are a big hit among guests who are also showered with rose petals! Luxury hotels have started customizing wedding suites, while taxi services offer luxury cars, beauty parlours and spas offer wedding packages and drone companies provide photography services. International cuisine, special cruises for honeymooners and stage performances by leading artists have also been introduced.
In season, Indian weddings generate at least 3 lakh jobs a year, according to one report. It is not difficult to believe then that Indian weddings now cost anything between Rs 5 lakh and Rs 5 crore. The market boom is being noticed and everyone is participating in the wedding business. Why else would The Wedding Company of the Vogue (publisher Condé Nast), Zank You, a global wedding planner, and Japanese consumer electronics giant Panasonic jump into the fray?
According to estimates, an average Indian spends one-fifth of accumulated savings of a lifetime on weddings. Frankly, that may not suffice either. Fathers of the bride may well be going online to look for a savior like Finserv MARKETS, an online marketplace that offers a selection of loan options.
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