The supposedly recession-proof wedding industry is feeling the effects of the economic slowdown. Trishant Sidhwani of wedding planning firm DreamzKrraft says they saw this coming a year ago: “People plan their weddings about a year in advance, so we got an indication last year itself… with people saying we need to cut down. And this is the kind of clientele who never said we need to cut down."
The same number of weddings are taking place and things like five-star venues and logistics don't change, but people are cutting down in other ways. As a result, the billing per client has gone down. “They are spending less compared to last year. From, say, a sample size of about 200 weddings that I am doing, I've seen at least a 25 to 30 percent cut down on the billing per client on average," says Sidhwani.
Clients are reducing the number of events, toning down on décor and opting for smaller artistes. “People are taking the opportunities where they can cut costs and are cutting,” adds wedding planner Punit Jasuja.
Industry experts point to lack of liquidity, reduction in usage of cash as well as the slowdown as reasons behind the lower spends. “When business is affected and money is not coming in, people are reluctant to spend,” says Jasuja.
(This story appears in the 20 December, 2019 issue of Forbes India. You can buy our tablet version from Magzter.com. To visit our Archives, click here.)