Weddings are one of the strongest highlights of native Indian culture. For nearly half a century, Indians have spent billions of dollars in throwing larger than life events. The numbers involved call for analysis with so much being spent every year. It is not only the story of posh families or high-profile celebrities to throw eventful weddings, but the common citizens also spend a major portion of their life savings in wedding events.
Given that Indians are keen about eventful weddings, the businesses involved in the lucrative market have opportunities to cater to customers with products and services. Many event and arrangement companies have sprung open across each province of India, specializing in event management services.
In India, weddings are treated the same as any high-profile event. It means that for businesses, it can be a real challenge to get down to business. As a matter of fact, some of the biggest blockbuster weddings involving celebrities have taken place in India between Bollywood celebrities.
A key market player in the spectrum of wedding events is E-Factor – an event management company. The company was founded by Samit Garg, who is currently the Chief Executive Officer and a pioneer of the business. E-Factor specializes in a full suite of events, including private, social, and corporate.
With E-Factor, Garg has amassed an experience of overseeing more than a hundred and fifty large scales, elitist wedding events. Some of these weddings have been stretched to an international scale involving international clients. As a matter of fact, some wedding events handled by E-Factor have taken place in fifteen countries. Three of which include weddings involving top-tier clients.
The biggest names in the list of E-Factor’s wedding clients remain The Mittals, The Goenkas, The Modis, The Jindals. E-Factor’s success brought them to manage the wedding events of Bollywood celebrities, including Shilpa Sheet and Raj Kundra wedding and the blockbuster wedding of Aishwarya Rai and Abhishek Bachan.
Garg believes that the wedding market in India is a prosperous state, with Indians likely to go overboard with their spending sprees. To assess the economic potential of Indian weddings, Samit Garg has coined the term “weddonomics,” which details the potential of such lucrative events and their impact on the national economy.
Samit Garg and his company reveal important numbers and insights involving the wedding market of India. It is estimated that the global market of weddings closes at approximately $343 billion, whereas India represents $31 billion of it. This clearly states that India is the most dominant market when it comes to big wedding events.
More data reveals that the current state of the Indian wedding business makes it immensely attractive for investors and entrepreneurs to find their space with unique business ventures. At a glance, the Indian wedding market is growing at a rapid rate of 17% for the last four years.
The COVID-19 pandemic has devastated the global economy. Businesses are going bankrupt, and the tertiary sector continues to face major challenges. The IMF estimates that the global economy in 2020 will shrink by 3% due to the Coronavirus pandemic. The following year, the world economy is set to increase by 5.8%, and major global markets will be at an advantage. As a matter of fact, the Indian economy is set to grow by 1.9% in the year 2021.
The “weddonomics” by Samit Garg brings some interesting numbers for consideration. The wedding business is in an ideal state because recent stats on Indian demographics state that half of the Indian population is under 30 years of age. So, the wedding market will likely grow in the following years.
Indians are likely to spend from a hundred thousand to five hundred million Indian rupees at weddings. On a very interesting note, an average person in India spends 1/5th of their wealth on weddings.
If the average person in India is likely to spend ten million Indian rupees on weddings, then as a whole, the population may spend billions of rupees in the next few years.
However, a problem at hand is the lack of talent and oversupply of manpower to manage these extravagant affairs. There is currently a shortage of businesses and talented individuals specializing in this category of business.
With the COVID-19 pandemic, the Indian wedding model will likely change from an extravagant social affair to a more private and inward event. This means the existing businesses will have to remodel their businesses in accordance with the new industry dynamics. It also means that given the state and forecast of Indian weddings and the fact that the numbers are likely to grow, businesses related to weddings and alike will grow.