Chitra Balasubramaiam explores the Big Fat Indian Wedding market and the impact of demonetisation on it.
It is popularly called the ‘Big Fat Indian Wedding’, the ‘Wedding Sutra’, and the like. What is undeniable is that the season spells big bucks for the entire industry associated with weddings. Of this, the apparel and accessory makers account for a sizeable chunk. The September to March season is ideal for weddings. The zari, zardozi, blitz, glitter, et al, make up this market. Conservative estimates put the market at a whopping R1,00,000 crore. As per the website www.retail.franchiseindia. com, “Currently, the Indian wedding industry is over R1,00,000 crore and is growing at 25-30 per cent, annually. The estimated cost of a wedding in India (when there are no expenses spared) is anything between R5,00,000 to R5 crore. The wedding apparel market is pegged at a massive R10,000 crore.”
The figures, however, vary. According to a research paper released in June 2015 by Reetika Madaan, Assistant Professor, Dept of Management, Ludhiana Group of Colleges, almost one crore weddings take place in the country every year, which comes to nine lakh in a month and around 30,000 marriages, per day. “Touted to be a business worth US$ 40 billion (around R2.5 lakh crore), growing at an explosive rate of 25-30 per cent every year, weddings in India have undergone a sea of change in terms of planning and rituals, as well as fashion and budgeting. They may have moved away from being just intimate, family affairs and adopted a more modern look; but the bright hues of red, the music, the heavy jewellery and all the other bling attached, continue to rule,” according to the website www.fashionunited.uk.
THE INDIAN APPAREL INDUSTRY AND THE WEDDING MARKET
Bridal wear is in huge demand in India; many of the designers subsist on designing for the wedding market. Nearly 80 per cent of the business of designers is from said market. The rest—prêt lines, evening wear and more—
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