The term "competition" does not define the wedding industry: Rajeev Jain, MD, Rashi Entertainment
BW Applause Experiential Marketing Summit and Awards 2020 conducted a session with wedding industry stalwarts who discussed how it is to compete in a saturated market.
The panel had Rajeev Jain, MD, Rashi Entertainment, Gunjan Bansal, CEO, L’Amore Weddings, Chetan Vohra, Founder & Director, Wedding Line and KjS Gurna, Bellset Events. The session was moderated by Ruhail Amin, Executive Editor, BW Applause and everythingexperiential.com
Gunjan Bansal, CEO, L’Amore Weddings said, “There should be some quality qualification before entering into the wedding industry as the work quality goes down and because of nepotism the ones having no qualification get into the industry comparing to other qualified people who struggle.” She further added that to be a wedding planner one has to have qualification as well as experience of the industry so that the market growth doesn’t spoil.
KjS Gurna, Bellset Events opines “Earlier the corporates use to pay enough and appreciated the work, design and creativity but today the events have become commonised and creativity has been taken for granted. The credit period has become longer, this brings the shift in the industry".
Rajeev Jain, MD, Rashi Entertainment rightly stated, “A typical Indian family will spend the maximum amount of its saving twice in a lifetime and that’s first, at the time of their children wedding and second, when they build a house. Therefore, a man spends a huge amount in a wedding after doing 25 years struggle to earn that amount and therefore it becomes very challenging to take care of everything in that damn wedding".
In India, 1.25 Crores wedding takes place annually and this is calculated as each family has a marriage after 20 years and each family consist of 5 members each. On average it rounds off to 1.25 Crores wedding per year and the amount spend on one wedding varies from Rs. 5 Lakhs to Rs. 25 Crores. Taking this as the size of the industry, Rajeev Jain, MD, Rashi Entertainment thinks that it is okay to have this industry as an unorganized sector.
Chetan Vohra, Founder & Director, Wedding Line, cleared one of the most important points of the wedding industry to be recession-proof, he said, “Whether it’s raining or it’s hot weather, the economy is in a boom or in recession, people will get married but their spending will vary. The mindsets of the client change, their way of spending money changes. But the industry rises with time and falls as well just like other industries.”
To compete in the saturated market one has to have the skill set required to cater to this industry and some don’t possess the skillset before entering the industry but develops after a while.”
The session ended on a funny anecdote of a recent newspaper article, trending in the wedding industry, that the groom’s mother and the bride’s father ran off and this takes the cake for the season.
(The article is contributed by Charvi Malhotra)
_20241024141040_original_image_49.webp)
