Despite the guest list being trimmed, the number of weddings and dates chosen are increasing. Also, destination wedding is the flavour of the day (Representational Image)
The $50-billion wedding market in India seems to have rebounded from the pandemic woes with 3.2 million events lined up for the November 2022-Feruary 2023, making a sharp spike from 2.5 million a year back.
Spending is also likely to reach Rs 3.75 lakh crore this season – up from Rs 3 lakh crore last year.
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Ferns & Petals Venues & Weddings are expecting a 100 percent growth for the sector this year, and Founder and MD Vikaas Gutgutia told CNBC-TV18 that the recovery is evident across segments.
“Wedding season is not only back, its back with a bang! This is one sector which affects everybody, so we think it will be larger than pre-pandemic times. Everybody has been locked in their houses and it is time to open up,” he said.
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According to him, northern India leads in terms of spending. Gutgutia, however, noted one significant change. “Post-pandemic, the number of guests being invited has definitely reduced. People have become more selective in choosing the invitees to their functions,” he said.
The wedding season is the time that the demand for flowers hit the roof. “On an annual basis, weddings probably consume two-thirds of the flowers sold. But fresh flowers have become more expensive in the last few years, so a lot of people are opting for a mix of fresh and artificial flowers,” he shared. He pointed out that there has been a 100 percent increase in price of fresh flowers over that in 2019.
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“Wedding planning is used by the HNIs and super rich, while the middle-class and the average-spending people still do the weddings the traditional way. Looking at the numbers, just 10 percent weddings are organised or conducted by professionals, everything else is still unorganised,” he said.
Ferns & Petals have 11 venues and are doing close to 1,000 weddings this year. “Average spend is around Rs 5,000-10,000 per head. Average total, including entertainment, venue and food together for 200 people, a wedding may range anywhere between Rs 10 lakh and Rs 15 lakh,” he said.
Also Read | Destination weddings: Latest trends, international vs domestic, hottest locations
Gutgutia felt that destination wedding is the flavour of the day and “definitely a good big chunk this season”.
In terms of budget categories, most wedding are in the Rs 50 lakh and below bucket, followed by the Rs 50 lakh to Rs 2 crore weddings and then the Rs 2 crore to Rs 10 crore weddings.
Wedding Season Revival: CNBC-TV18 also spoke to Surendra Mehta of IBJA and Atul Chaturvedi of Shree Renuka Sugars. Take a look here.
Watch the full interaction here
