Indian Event Management Market In Terms Of Service Gaining Momentum Post Demonetization
Note ban had badly affected the wedding industry. Most weddings had to go ahead and their budget had to be reduced from 50% to 80%. People have started spending money in wedding ceremonies and on designer wear where industries have come to life support. Even Prime Minister Narendra Modi had mentioned in Japan speech the effect of the ban on the wedding market. He said, “There is wedding in the house, there is no money.”
The ban has been a year away. Wedding portal Bandbaja’s co-founder and CEO Singhal show that the wedding industry has completely returned on track. There has been a lot of increase in the demand for destination weddings. Most payments have started online and people have raised the budget for the wedding. He said, “The industry has got back its charm.”
Deepak Gupta, who lives in the Rohini area of Delhi, is not going to leave any stone unturned in his son’s wedding expenses. “I have planned to spend two crore rupees on my son’s wedding this month.”
“There is a lot of enthusiasm in the market says,” Dhruv Gurwara, Chief Operating Officer, Bridal Asia, which is the leader of Bridal and Life Exhibition in Asia. Dhruv explains that the courage to spend in the wedding market has never been less. Due to the smooth transition in the currency, the cash from the system has returned and the vendors are getting online payment. The current season has put a new life in the $ 40 Billion worth wedding industry.
From wedding planners to venue owners and from jewelry designers to bridal ware boutiques, everyone is full of hope. Anand Sahni, in a light-hearted style, says that in the past year guests also used to give fewer gifts due to low cash. In the opinion of Sahni, founder of Wedding Planning Portal WedMeGood, the biggest positive thing for the industry is that it has become like it used to be before. According to Assocham’s report, the Indian wedding industry valued at 1 Lakh Crores and it is growing at an annual rate of 25–30%.
The estimated expenditure of weddings in the report is Rs 3 Lakh to 8 Crore.