I have been doing some research on indian marriages and its economics.
I found the following information from www.businesseconomics.in
an upper middle class family normally spends 30 lakh on a wedding
an average of 10 million (or 1 crore) marriages take place in India every year.
conservative average of wedding expenditure to be `3 lakh i.e 3 trillion for weddings every year
In India, marriages are a big event for the family, relatives and kids. People come together during marriages, spending happens a lot from both bride and groom sides. Lets look into the place where spending and incoming happens and the enormous opportunities in those areas.
1. Brides and Grooms Dresses
2. Marriage Halls
4. Flower Arrangements
5. Receptions (before or after marriage… usually happens during the evening)
6. Music bands or DJ
Getting a marriage hall within the city limits is the biggest issue. the halls are priced at a range from 50k to 1 Lakh. For Food, it comes to around 1 Lakh. Apart from these spending, money were also spent on Photography, Video coverage, Travels etc. There are only few wedding planners who are concentrating on high profile marriages where they earn in lakhs. Lets not think about them.
On a +ve note, think about the no. of middle class marriages who are also in need of some services which can take care of all the required stuff. so far, i have not come across any event management / wedding planner company which does concentrate on this category. If you are able to provide support for photography, video coverage, travel management via some premium services, it would be awesome for the family. Actually, people will appreciate such services. As days goes, it is becoming very difficult for people to manage things. Hence there is a huge opportunities in these areas.
Few additional things should be done for the following
Traditionally, marriage photographers take normal picture and take printout. In recent days, people learn photoshop and managed to do mashups with using most filters i guess. Photographers should learn more technique in photography and take awesome and nice looking photograph thereby showing the difference. it should be looking like portfolios. It should be looking like you are taking it for a celebrity. They can offer photos on cups, photo books and many more things which you can find in zoomin.com or picsquare.com
2. Video Coverage
Photographers used to hire few guys with a camera and they start recording things in the marriage hall. In the end, they will put them with effects, songs in the background and make a dvd out of it. This is what happening all these days. I would suggest that people should be creative in editing the videos. They could make a small movies about the brides, grooms and their families and how they united. they can get their friends/families talk about them and share about them and give a movie like starts and ending. It would be awesome. see the awesome original marriage video below from youtube
So far we talked about the things where money is spent. There is one hidden things that happen in Indian marriages, especially in South India which is nothing but things/money that is coming to the brides / grooms.
People who are coming to marriages tend to bring either Gift / Cash in a post card cover.
The opportunity here is you have a virtual terminal on the marriage hall where people can choose from the list of Gifts the couple wished for and pay for it via their Credit card / Debit Card / Net banking etc.
Same with the case of Cash. Instead of paying by Cash, they can swipe the CC/Debit card via the wireless CC terminal which can connect to credit card gateway for processing. A Fee per transaction can be charged for the customer or any other things which will work out.
Assuming so many marriages happening in a year, the volume of transactions happening through this section will be very much high. Also its a 3-4 hour job as marriage / reception takes only that much time to get over. Atleast, in a middle class marriage, these days we could see a transaction of 30k-50k by cash. This is only by the people who attended the function.
You can setup a online Gifting / Cash donation for the people who are not able to attend the event. they will be able to pay / gift online. This is additional assuming that brides / grooms friends live in various places now a days. This is possible because in our gang of friends, who ever got married, we used to collect money via Net banking and then deposit to that friend. This will work for sure i guess.
I hope when i get married, i will have the above options🙂
bye for today…