According to many observers, this indicates that the global Indian wedding market is resilient and recession-proof. Indians are increasingly choosing destination weddings as a way to make their big day a once-in-a-lifetime celebration.
Wedding tourism and destination weddings can significantly shift the game in the burgeoning Indian hospitality business. Exotic destination weddings have revolutionized the way India views marriage.
India’s booming sector
So what are the causes behind this increase? This rise has been fueled by the nation’s rising middle class, a flourishing economy, and celebrity endorsements, which have been greatly stoked by aspiration stoked by social media. In other words, the hospitality sector benefits the most from this strategy, and Indian millennials are the key target population.
The Indian hotel industry experienced national revenue per available room (RevPAR) increase of 9.6% compared to a year earlier in 2018, reaching an absolute RevPAR of 3,927, according to analysis from real estate consultants HVS ANAROCK data. Additionally, an astonishing 9.5% growth in RevPAR is predicted for 2019 as demand even outpaces supply. The amount of transactions in India increased by around $92 billion between 2014 and 2018, surpassing the previous high of roughly $28.3 billion in 2015.
Which cities stand to profit from the destination wedding boom as Indian millennials are fervently choosing the most exotic locations they can afford to celebrate their special day? Rajasthan, Goa, Kerala, and Uttarakhand are a few of the top locations for distinctive, theme-based destination weddings in India.
Although the concept of destination weddings is not particularly Indian, it was inevitable that it would find its way into the mobile Indian millennial community. The beautiful, fairy-tale surroundings for one of life’s most important occasions are becoming more and more “in.” Wedding halls are out.
Future prospects
Couples from all over the world, not just Indians, are selecting Asia for its beautiful settings and reasonably priced lodging and plane travel. The introduction of subsidies in construction and tourism has led to growth in the hospitality industry in India as well, which is positively changing the country’s economy. But the last few years have also been unexpected because of an excess of hotel rooms, as well as rivalry with new businesses and sharing economy models like Airbnb.
Future economic transformation of host states would be significantly influenced by rising demand for destination weddings, opening up new growth opportunities for the Indian hospitality industry.
Personalization is the secret to the future success of destination weddings in India, according to Mandeep Lamba, President – South Asia, HVS ANAROCK. Apart from themes, there is a consistent demand for more modern venues from engaged couples looking for waterfront homes with helipads and ballrooms without pillars. Others are drawn to old forts that add an even stronger historic element to the “royal wedding” mentality. In order to provide memorable experiences for millennials, hotel chains have to step up their game.
Just after the American market, the Indian wedding market is the second-largest in the world. Compared to the $70 billion in the United States, the Indian sector is projected to be worth $50 billion overall. 1 According to many observers, this indicates that the global Indian wedding market is resilient and recession-proof. In India, the typical person will spend 20% of their overall fortune on events, necessities, or wedding-related purchases at the time of the wedding. India’s destination wedding industry has seen a significant rise in popularity and sales in recent years. As per Majestic Research Services and Solutions Ltd. India’s Wedding Tourism Report, the wedding market (actual event and related spend) in India is estimated to be worth USD 15 billion, of which USD 4 billion is spent on destination weddings. These numbers are expected to increase at an astounding rate. In the aforementioned environment, the sector has recently given rise to offshoots that are rapidly establishing themselves as substantial, even to the point where they have a material impact on the local economies of cities and states.
