Indian Weddings: Wedding industry back on track after facing Covid and recession
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Following government regulations during Covid and the threat of the pandemic has left a deep and negative impact on weddings around the world. Apart from this, Indians have increased their spending on wedding companies,
Marriages in India are not just part of a social system. Indian weddings are a tradition full of colors and festivities. Weddings here are not a day-long event, rather they are a week-long celebration. Rather, in many traditions, there are many rituals even after marriage, which continue till after marriage. Weddings play an important role in the Indian economy because of the expenses involved in these weddings. Following government regulations during Covid and the threat of the pandemic has left a deep and negative impact on weddings around the world. Apart from this, Indians have increased their spending on wedding companies, such that “The knot worldwide” Timothy Chee, global chief executive of
Timothy Chee, who runs the wedtech platform WeddingWire India, said that one out of every four weddings in the world takes place in India. In an interview, Chi said that Indian weddings have a tight budget. The wedding industry everywhere has gone through very tough times, which is not surprising, but we see Covid as the biggest pause button ever on the wedding industry because people were not able to get married during that time. The year 2022 saw the demand for the biggest number of pent-up weddings ever in the industry.
According to Timothy, people are still spending the same amount on Indian weddings as before, but now the size of weddings has reduced. In this context, there is a very important role for Vedtech companies in the Indian market. 25% of the world’s marriages take place in India. That is, one out of four marriages on earth takes place here. China and India represent half of the world’s marriages. Talking about wedtech companies, now common Indians are preferring places like Jaipur, Udaipur and Goa as destination weddings.
In the Indian tradition, the guests have been compared to the gods. In this context, it is a matter of honor to have more and more guests in weddings. Where before covid the average guest count used to be 350-400. It has become close to 250 on an average since Kovid. Even though the guest list has reduced due to the destination wedding and other expenses, the budget remains the same. The country and the world may be hit by a recession, but Timothy considers weddings to be ‘recession proof’. Even if the recession does not increase, but marriages will continue to happen in the country. But inflation has had an impact on the wedding industry as well. Due to increase in inflation, there has been a huge increase in the necessary expenses for weddings. During this time, hotels and other expenses have also become expensive in India.
Globally people want to spend money on weddings. The wedding management industry follows the travel and hospitality industry, which has seen all-time high rates. Things have become costlier in the wedding industry as well, but people are willing to shell out money for such an experience.
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