Abridged and taken from article by Anil Urs on Business Line Bengaluru | Updated on April 22, 2019 Published on April 22, 2019
“The Indian destination wedding industry is expected to reach a market size of Rs 45,000 crore by 2020, with a projected annual growth rate of 25-30 per cent,” said Mandeep Lamba, President – South Asia, HVS ANAROCK.
Factors such as the rise of the middle class, a booming economy and celebrity endorsements – amply stirred by social media-induced aspiration – have contributed to this growth.
In India, people are often willing to spend almost a third of their life savings on weddings. Fed on a steady social and even mainstream media diet of opulent Indian celebrity weddings, millennials are more than eager to invest in ‘curated weddings’ and will choose the most exotic locales they can afford to celebrate their big day, explained Lamba.
The increase in Indian destination weddings is a boon for the hospitality industry, As per HVS ANAROCK data, 2018 saw the Indian hotel industry witness a country-wide RevPAR growth of 9.6 per cent over 2017, to arrive at an absolute RevPAR of 3,927. In 2019, the RevPAR is expected to see 9.5 per cent growth, with demand finally outpacing supply.
If you want to tap into this massive business opportunity value & leverage via your Wedding Planning business, what you need to do first is understand the value and how can you harness it first before leveraging. Once seen as a family-run industry, weddings and specifically destination weddings, have become major focal points for the global hospitality and tourism markets.
More and more Indian couples are opting for a destination wedding that is an experiential event in a unique location where they can bring their closest family members and friends
- But how do you target destination weddings?
- How do you attract the right market?
- Are the same marketing techniques used to attract an Indian wedding as an American wedding?
- How are you finding the right target markets?
Find answers to these questions & much more at the 9th Edition of the Exotic Wedding Planning Conference at Dubai on the 15th and 16th April 2020 where we will bring together 250+ destination & premium wedding planners, 30+ global speakers, & our Goal is simple –
To create an open marketplace for wedding planners and suppliers, help the wedding buyers identify and explore exciting options for their growing requirements and substantiate a high-level Return on Objective in meeting qualified business prospects to all attendees.
Have you registered yet?