The Indian wedding market is one of the largest in the world with market size of $50 billion, and rightfully so. India has had a long history of opulent weddings. With more than half of India’s population under the age of 30, the wedding industry is set to grow at a CAGR of 25%-30%. Alongside grows India’s fashion industry at a CAGR of 20.2%. Related to each other strongly, both these sectors are expected to continue on such growth pointers over the next 5 years. Analysts believe that the wedding market is a non-recessional market.
Glossary Of The Indian Wedding Market In And Out Of The Country
- India alone hosts more than 10 million weddings each year.
- In the USA, an average Indian wedding cost somewhere around $65,000.
- An average wedding in India costs up to Rs. 5 Lakh to Rs. 10 Lakh covering the expenses of bridal jewelry, clothing, food, etc.
- A typical Indian wedding in UK costs up to GBP 200,000 including all marriage-related costs.
In recent times, destination marriage in india has surged phenomenally due to several factors - celebrity weddings, social media, and growing disposable income. In stricter terms, the first two factors have had a greater influence on the burgeoning sub-sector of destination weddings.
More and more individuals are considering holding their wedding away from their home locale to make their special day even more celebratory and memorable. If you are considering the same, you need to take into account a few components such as destination wedding cost and various other associated factors to carefully craft your wedding perfectly.
Factors To Consider Before Choosing A Destination Wedding Location
The location for your wedding is dependent on a broad spectrum of elements that comprise everything from budget to preference to convenience.
To make the process of choosing a location for your destination wedding simpler, defer to the list of factors listed below –
- Priorities: Make a list of both yours and your fiancé’s preferences and check it against the locations you have in mind. It will help you to ideate the wedding in the right spirit. At the same time consider your guests’ convenience in reaching the shortlisted location(s). This portion of location planning is tricky to say the least, as it involves making decisions based on minimal information and arbitrary considerations regarding guests’ convenience.
- Budget: Consider your budget or make a rough analysis of the same once you have a few locations in mind. Navigate through the internet to see costs pertinent to such destinations. In case you feel tied by budget to pursue your desired destination, you can choose to take a loan against property to facilitate the cost. Lenders such as Bajaj Finserv offer additional features and benefits on such loans including no-charge part prepayment or foreclosure, attractive rates of interests, multiple repayment tenor options, etc.
You can also take a look into pre-approved offers which makes the process of availing loans easier and quicker. These offers are applicable on a host of loans such as personal loans, home loans, business loans, etc. You can check your pre-approved offer by providing your name and mobile number.
- Time: You need to decide on which period of the year you want to hold your wedding on. Based on that, consider which location(s) will ideally meet your requirements and preferences. For instance, summer is ideal for destinations such as Greece, United Kingdom, etc. Although, choosing a location at its peak period might surge your destination wedding costs. In that event, consider cutting on other costs or availing additional credit.
- Wedding Planner: On the account of a destination wedding, the employment of a planner becomes inevitable. In foreign lands, neither you nor your family members are well accustomed to the specific place to deftly execute a nuptial ceremony. In such cases, a professional planner meets your needs for a perfect wedding conveniently. Consequently, inform yourself of expenses relating to a planner in your chosen location and whether they include services like bridal makeup packages, dining, etc. Know these tips to buy jewelry for brides on a budget and save substantially to easily accommodate the best bridal makeup package for the bride.
- Hotel expenses: Lodging consumes a significant portion of your total nuptial expense. Thereby, conduct thorough research regarding hotels, resorts, and villas in your chosen location(s) to closely estimate which place would suit your budget. This factor also depends on the number of guests. You can take a look into the ways you can save money while planning a destination wedding to aid you in case the total expense goes steep.
- Venue: Once everything else is settled and you have pinned on a particular destination, you should decide on the venue for your wedding. While considering destination wedding venues under Rs. 20 Lakh, you should bear in mind that a venue like the destination should be ideal for your preferences.
A wedding ceremony forms one of the most significant days of an individual’s life which will be captured in pictures and your memory. One can find the top 7 bridal makeup packages in India to make the bride-to-be the best stealer of the ceremony. Consequently, to make it worth the while, you should leave no stone unturned in case of your destination wedding.