Marriage is one of the most fundamental institutions of society. It facilitates the gratification of economic, physical and psychological needs of an individual. Thus, as a social institution, marriage can be viewed as a negotiating agency between social roles and responsibilities, and individual’s urges and inclinations. The continuity of existence of society and its development as also the realization of the values of life in human society have all been possible as a result of the institution of marriage. Due to internet and technology modernization, Online Matrimonial has substantially changed the market of wedding. Online matchmaking has brought new opportunities to the wedding industry like no one. Earlier, in countries like India are only interested in arranged marriage due to unavailability of choices. But now, many new start ups for matrimonial services have emerged to fulfill gap between arranged and love marriages.
The wedding industry in India is flourishing and statistics corroborate the fact. India is known for its colorful culture and weddings are the best places to observe its varied traditions. Apart from being a symbol of culture, it is fast becoming a lucrative business opportunity. With each passing year, Indian weddings are getting bigger and better, and so is the business involved, from designers, caterers to planners. As it is expanding in a very high number, let us have an inside look at the industry and its forces. Indian wedding industry is going like never before due to Online matchmaking and many eligible interested bachelors are making matrimonial registration to complete their partner search.
Wedding Statistics:
- No. of Indian marriages in a year: Approx 1 Crore
- Indian wedding market worth: 150-200 Billion
- Growth in Wedding market: 25 to 30 percent annually.
- Total paid subscriptions on matrimony websites: In Millions
- Downstream Growth: Matrimonial Services, Wedding Planners etc.
- Venue, Decoration, Catering market: 15-20 Billion in India
Statistics:
We can tell that consumers are starting to trust online websites for matrimonial services for their wedding partner selection and this trend has mainly started in early 2000. The wedding industry in India is currently over Rs 100,000 crore and is growing at 25-30% annually. The estimated cost of a wedding with no expenses spared could be between Rs 5 lakh to Rs 5 crore, in India. A person, in India, spends one fifth of the wealth accumulated in a lifetime on a wedding ceremony. Considering the demographic dividend, it would not be wrong to assume, with half of India’s population being under 29 years of age, the marriage market is set to boom like never before over the next five to ten years. There are several secondary markets and segments benefiting from this boom, like gold and diamond jeweler, apparels, decoration, makeup etc. The wedding planning industry is also booming. Last year, the wedding planning industry was summed at 40 billion.
Consumer trends in 2015 in Wedding industry:
With global trends entering the indigenous market, Indian weddings are becoming a more corporate look and feel, moving away from traditional themes. People spend more per guest and try to integrate their love stories and interests in the decor, food and themes. High growth in online matrimonial and online matchmaking is noted. Destination weddings are getting more exotic, with many weddings happening in Turkey, Europe, Sri Lanka, and more remote destinations in India. People became more & more fashion inclined, lot of experimentation, drama. Consumer spent a lot of time cross comparing Handlooms category grew third times compared to last year. We are seeing increase in buying of heavy marriage dresses and sarees online. With few websites starting to offer home trial etc. this trend will change further in coming years as it makes it very easy for the consumers to buy their outfits online without wasting lot of time.
Expectations from 2016-2017 wedding season:
People will continue to see a high degree of personalization, and also a willingness to experiment with traditions. Brides now prefer to wear gowns instead of a traditional saree to their receptions, depict their own love story on their reception. Technology has also taken over the wedding season & so has buying habits. Lot of families & planners alike are coming online to check latest trends in this wedding season. It also help in employment generation. It continues to be significant with the wedding industry growing 25-30% per years. It adds over 3 lakhs jobs a year.
Region wise trends PAN India:
People spend with different amount of money with respect to different parts of India. North India leads in wedding spend Kerala weddings focus more on gold. Overall Indians spend a lot of money with lavish manner with respect to other countries. Many employment due to online matrimonial and service providers in India and abroad.
With the ongoing wedding season one can’t help but notice that the Indian wedding industry is a huge one. In an Indian wedding, everyone just spends and does not think of returns. Every manufacturer and retailer involved with marriage related goods eagerly awaits the season to push business. The marriage market is set to boom like never before over the next five to ten years. Visit www.wmmatrimonial.com to get more blogs and ideas for marriage statics in India.
Reference By:
https://en.wikipedia.org/wiki/Marriage
https://en.wikipedia.org/wiki/Matchmaking
https://en.wikipedia.org/wiki/Arranged_marriage
Social Media Connect:
WMmatrimonial | Indian Matrimony | Marriage bureau in India 