Event Management Industry & the Big Fat Indian Wedding
Event Management specialists have set new trends by giving larger than life Experiences to celebration, be it weddings, family get-togethers, Corporate events or State & National festivals. It has helped increase revenue, job opportunities and visibility across the globe by 10 folds.
On account of Monthly General Body Meeting of Karnataka Event Management Association (KEMA), a Panel discussion was organized where Mr. Samit Garg, CEO & Co-Founder of E Factor Entertainment talked and discussed about how event Management industries set its footprints in “THE BIG FAT WEDDINGS”
While events were happening every day in the country in the form of cultural, social, political programs, they greatly lacked quality control and attention to detailing. This was what instigated Mr. Samit Garg to set his foot into events. The trends of Big fat wedding celebrations began with a vision of being in the high profile social events space. The fact that weddings are a showy affair, especially among families with high disposable incomes and their eagerness to pull out all the stops for this momentous celebration served as the perfect recipe for us says Mr. Garg who is one among the top destination wedding experts to have handled big fat weddings of many known rich and famous celebrities like Shilpa Shetty and Raj Kundra, Abhishek & Aishwarya Bachan, weddings of the Goenkas, Essar Groups, GVK groups, the Sahara Parivar, etc. to name a few.
Answering to queries during the panel discussion conducted by Mr. Srikant Kanoi, VP of KEMA, Abhilash, and Mahendra Gangadharan, Members of KEMA, Mr. Samit Garg, gave an insight of the Past, present and future of Event Management Companies and the roles and responsibilities in managing BIG Fat Weddings. He shared some astonishing statistics and opportunities that lie ahead for Event management companies in the years to come.
“The global wedding business is about 330 billion dollars out of which the US market is the highest with 76 billion dollars. India is the closest second with 38 billion dollars. In India, on an average a person spends one fifth of the wealth accumulated in a lifetime on a wedding. Considering an average family of 5 members there are around 250 million families in India out of the 1.37 billion Indian populations, an average of one marriage per family every 20 years comes up to 10 million weddings every year. Out of this, 0.25% of business is handled by organized sectors in terms of events which come up to 25000 weddings annually. Estimated cost of a wedding with no expenses spared could be between Rs 5 lakh to Rs 50 crore in India.
Currently, the Indian Wedding industry is worth 180,00,000 crores across domains which include Hotel Expenses, Jewellery, Travel, Apparels, GOLD, Food & Beverage, Decorations, Banquets, white goods, etc. Even if the average amount spent per wedding is 100 lakhs per wedding all across, we are talking about 25000 crores worth of business across the organized sector today in terms of events and related supplies. Considering 20 to 25 % of growth already exhibited in the previous years, we are talking about an increase by 5000 crores year on year basis.
It is also expected, the per capita income will be tripled in a couple of decades and the per capita consumption of gold during weddings or otherwise will increase. With half of India’s population being under 30 years of age, the marriage market is set to boom like never before over the next five to ten years. It is time for us to get ready – for the Giant Leap which will catapult this market to a 2.5 to 3 times multiplier in the next 5 to 7 years”.
The Destination Wedding market is also growing, and will continue to grow but International Resorts and Tourism Boards find it difficult to offer wedding clients what is offered in India. But, the Brides and grooms want to travel new places and are fascinated with international destinations for their weddings and hence the event management companies keep themselves abreast of newest options to give variety to their clients.
The panel also discussed on organizing big tourism events ranging from city festivals for the people, global tourism, re-imaging brand persona to promoting arts and culture. These events are usually spread over many days and have recorded hundreds of thousands of footfalls. Besides the sheer scale and magnitude, the initiatives are to be created keeping in mind local substance, needs and objectives to developing a distinct identity. Every event, hence, acquires a personality of its own, has its own magniloquence and magnificence”, concluded Mr. Garg, along with sharing his failures and success stories from working at Delhi Tent house to managing big fat weddings of celebrities and larger than life Tourism Events for states and the country.
The Previous General body meeting of KEMA saw for the first time ever in the History of Indian Events Industry, KEMA and Event Equipment and Service Association (EESA) join hands to enhance quality and services of Events in a more structured fashion. It is one of the most noticeable developments in the history of Event industries which will cater to Karnataka and will gradually to the rest of India during the years to come.
The KEMA Monthly General Body Meeting had Mr Shridhar R – Regional Manager Karnataka – NOVEX Communication Pvt Ltd and Mr Rasheed Sait – MD – George P Johnson talking about the Perils and imperils of “Licensing in Event Industry” as a part of the Panel discussion and Mr. Srinivasa H M, Additional Director, MSME participating in a panel discussion and sharing information on Role and Importance of MSME in the Event Industry and Maj Gurna talking about the importance of Licencing and copyright for Event Management companies in the previous editions while the highlight of the General Body Meetings over a couple of months was having Dr. Venkat Vardhan, the Doyen of Event Management Industry as Honorary Chairman of KEMA.