With approximately 1 crore weddings taking place every year, the Indian Wedding industry is estimated at Rs.100000 crores appx and is growing at 25-30% annually and is expected to double in the next 15 years. With an average spend of Rs. 5 lakhs to Rs. 15 lakhs on a single middle class wedding this industry is potentially the 4th largest contributor to GDP and contributes approximately 12% to it.
From the month August to December, bridal skincare business, saloons, gyms, Jewellery sector, honeymoon package organizers, wedding organisors, halls, pundits, ethnic wear, apparels, shirting and suiting, footwear, florists, hotels, a la carte ( gourmet) retail are a few names which contribute maximum to the wedding sector.
Consumers ready to spend
The cultural diversity and socio economic complexity in the country is diverse as India gives a map of changing habits, patterns, mindsets and consumer expectations. But the fact is that middle class and affluent consumers across India now have more purchasing power and more choice. According to Suvodeep Das, Marketing-Head, Kaya, “Today’s consumers have a greater sense of what they want, what is essential to their well being and how much they can afford to spend on discretionary indulgences.”
Emphasising from business perspective, Mr Abhiram Mishra, COO, Mehrasons Jewellers says, “During wedding season, jewelers get the maximum footfalls and do most business. This is the time when the stores carry the peak inventory levels and super quick replenishment.”
Retailers need to Prepare for such opportunities
In order to lure more customer base, retailers prepare themselves on many verticals for instance—launching exclusive merchandise for this occasion, bringing more visibility, more customer services at reasonable costs, discounts etc. The modern day retailer is expected to be a solution provider to his target audience.
A lot of research goes into this and preparations start much ahead of the wedding season. According to Asheeta Chhabra, Director of Chhabra 555, “Each year the marriage season calls for latest styles and innovations in ethnic and fusion wear. Fabrics and combinations are continuously being researched to meet this demand.”
Discounts in package deals can bolster the sales of the products and services. As opined by Mr. Suvodeep Das, Marketing-Head, Kaya, “We have special step-by-step beauty packages for the bride, the groom and also for their family and friends. For the month of December, we have introduced a generous offer on our services and products for our customers all across India. You can experience a variety of services like skin beauty, skin concerns, laser hair reduction and select anti-ageing services at Rs 990 only, against the original price of Rs. 2,500.”
To leverage this wedding season, Big Bazaar has come up with a unique and first-time-ever campaign ‘SHAGUN’ – Shaadi, Ghar Aur Apke Liye. Through this, Big Bazaar acts as a ‘Sutradhar’ to facilitate brides, grooms and their parents. The campaign emphasizes and positions Big Bazaar as one-stop venue not only for products but also for ‘services’ like Wedding Catalogue, Honey package, Festivals of India booklet for new brides etc.
According to Mr Abhiram Mishra, COO, Mehrasons Jewellers, these are some preparations retailers focus on:
The wedding market in India is ever evolving, and lot of luxury brands are entering India from abroad as well. The market is growing at an impressive rate. Time for retailers to make optimum hay while the sun shines!!