Market survey 2018 on wedding
The 54$ billion wedding services market is a huge opportunity with 10 to 12 Million marriages set to take place every year (KPMG report, 2014). To understand how the young Indians look at planning their own wedding, Matrimony- known online player undertook The Big Fat Indian Wedding Market Survey 2018 in which 9246 people all over India had participated online.
The survey revealed that 20.6% of females were planning to spend Rs.10 to 20lakh while it was 11.2% of males for the same spending bracket. 6.1% female respondents said they were going to spend Rs. 20 to 40 lakh on the wedding.
Talking about the 2018 Big Fat Indian Wedding Market Survey, Murugavel Janakiraman, Founder and CEO – Matrimony, whose flagship brand is the leading online matchmaking service, BharatMatrimony, said, “As a market leader, we wanted to understand how today’s younger generation looks at a wedding.
We were not surprised that for Indians, wedding is still the biggest event in their lives and that they’re ready to spend their life savings to make it the most memorable lifetime event. The insights prove that the rich Indian wedding tradition continues to flourish with the biggest gathering of family, relatives and friends.”
Wedding budgets:
In tune with the prevailing tradition of wedding expenses being heavier on the bride’s side, more 20.6% of females indicated they were going to spend Rs. 10 to 20 lakh while it was 11.2% of males for the same spending bracket. In the same spending bracket, North India indicated highest propensity to spend with 18.6%,South 12%, West 11.1% and East 10.9%.
6.1% female respondents said they are ready to spend Rs. 20 to 40 lakh on the wedding, while 3% males opted to spend the same amount.
Jewellery:
22.14% females responded that they’d be spending Rs. 4 to 5 lakh on wedding jewellery, while 13% said more than Rs. 5 lakh and 13.89% indicated they’d be spending more than Rs. 10 lakhs. For the males, it was 19.52%, 8.1% and 6.0% respectively.
The finding also revealed that 50.98% of females and 66.24% of males will be spending upto 3 lakhs for wedding jewellery.
Region wise North and South did not show much of a difference in the spend patterns as 20.38% of the former said they’d be purchasing jewellery worth Rs. 4 to 5 lakh, 9.47% would spend more than Rs. 5 lakh and 6.24% more than Rs. 10 lakh. While the same for South was 20.94%, 9.62% and 8.54% respectively.
It is also interesting to understand the segment or one needs to keep in mind that most families tend to purchase jewellery in small chunks over the teenage years of a girl and the above is only what they plan to spend before the wedding.
Destination wedding:
27% of male respondents wanted a destination wedding, while only 19.3% males were looking forward to a destination wedding. 29% of respondents from the North preferred a destination wedding, for South it was 24%, West 25% and East 22.8%.
Wedding planner:
40.31% of males indicated that they are planning to use a wedding planner while 36.21% females indicate yes for the same.
Wedding clothes:
20.22% females indicated that they were likely to spend more than Rs. 1 Lakh on their wedding clothes, while 40.67% said they’d spend between Rs. 50k to 1 lakh. While the same for males were 15.24% and 39.92%.
Wedding Mandap:
25.12% females indicated that they were likely to spend one to Rs. 2 Lakh on the wedding Mandap, while 6.74% said they’d spend above Rs. 2 lakhs. While the same for males were 22.02% and 5.81%.
