There are few things which are always uncertain like birth, death and love. No one knows when they are going to fall in love.
The love in the air is now converted into virus in the air. As present scenario is not allowing anyone to celebrate their grand marriage or you can say one’s dream marriage. This COVID-19 affected each and every industry very brutally, lockdown in each cities and states affected the economy very harshly. But when we talk about the wedding industry, we all know in India there are fixed wedding seasons and in this season only they earn, but due to this global outbreak we all are struggling.
When we say Wedding industry there are many segments which are directly or indirectly related to the industry like venues, Makeup, photograph, event planners, decorators, caterers and so on. Sit back and then what is going on how much things are affected. For a better understanding let me explain if there will be no wedding any banquet halls and lawns will not be booked, no need of designer lehnga , and not much catering will be needed which is directly affecting the industry.
As India is having a mix economy everything is connected with each other. And if we talk about the current scenario all the bookings are cancelled and it’s a total lockdown in the cities. The dialogue of Band Baja Barat Recession ho ya Inflation Shaadiya to honi hai was a great hit at that time but for now one’s safety is the most important. India enjoys the most longest wedding session mainly in Hindu religions and that’swhy it plays a very vital role in the country’s GDP i.e , Gross domestic product. Let me help you to understand the impact of this COVID-19 on wedding industry by comparing the scenarios.
Prior to COVID-19
Indian wedding industry was estimated to be around $50 billion dollars according to the report submitted by KMPG in the year 2017.
According to the Statista, the wedding tourism turnover across India was projected to be valued at INR 458 billion in 2020. It is the second largest wedding industry in the world after USA. The rise in the industry was reported during last decade was due to the increase in middle income groups.
The above image clearly shows us how the expenditure of wedding is divided into different segments . From big fat Indian wedding to normal wedding there are more than 10,00,000 weddings every year. Prior to this global outbreak everything was fine and sorted the industry itself was doing very well. People from foreign are planning there destination weddings in India due to it’s rich culture.
The Indian wedding industry is about Rs 1,00,000 crore and an ASSOCHAM (The associated chamber of commerce and Industry in India) states that the industry is growing with the rate of 25%- 30% prior to this outbreak.
It’s important for you to look after the facts, so we have uploaded some pics here which will help you in understanding how badly the industry is affected due to this COVID-19.
According to reports 75- 80% weddings are either cancelled or postponed. The thing is that the industry is suffering the most because clients are demanding their amount back and government orders to shut down all the activities. Unlike other industries these wedding & travel industry used to book the space and tickets very prior to the events and one can get heavy discounts if he/she books early as these industries work on the basis of first come first serve concept . Now , the challenge in front of the industry is that this COVID-19 is affecting their both the bookings the present as well as the future , suppose if the venue was booked for April by the customer A but now due to COVID-19 he wants to postpone the event in the month of June and what if the venue is already booked for June. The industry lost his client and their status too.
Due to this, there will a huge fall in the wedding industry. So, we request you guys to understand and cope up.
Written by Abhishree Nagar