Wedding
Industry statistics:
Estimated
Industry size: US$ 30 billion
Growth
rate: 20% per year
Budget
range of planned weddings: US$ 20,000 to US$ 4 million
Premium
on destination wedding: 30% to 40%
Strength
& Opportunity:
1.
Growing purchasing power and willingness
to spend.
2.
Rising consumer aspirations.
3.
Growing influence of Punjabi customs of
mehendi and music.
4.
The expansion of customized designer
outfits, accessories and jewellary as big ramp designers open boutiques on high
street.
5.
A mushrooming of beauty salons that
offer professional make-up finishes at varying price point- with special deals
thrown in.
6.
Comfort factor for hosts who can
out-source wedding organization to professionals.
Weaknesses
and Threats:
1.
Government regulation and policies in
regard to FDI investment.
2.
Critical cultural knowledge is required
as India has a great range of diversified culture and customs.
3.
Indigenous event management players has
access to the details of wedding customs and rituals that can put them to
advantageous position in getting leads of the clients.
4.
Entry
of the well known brand would threaten the Indigenous wedding planning
companies to lower their consultancy and service charge.
Some of the international
brands are coming up with the limited edition products that connect with the
ethnicity of the Indian. The classic example of it is Genesis Luxury, the
Marketing and Distribution Company for many international luxury labels in
India.
