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Millennials are in charge as wedding industry witnessed big boom, reveals vendor survey, ET TravelWorld News, ET TravelWorld

Picture used for representational purposes only.

The wedding industry has seen a big upswing in the post-pandemic scenario with 42.5 per cent of vendors revealing that their earnings have gone up from 2019.

According to the latest vendor survey conducted by WeddingWire India, the Indian subsidiary of The Knot Worldwide, a leading online marketplace for couples and wedding professionals, while 41.2 per cent of wedding vendors revealed that they are still charging the same amount for services as compared to the last quarter of 2021, around 31 per cent of vendors shared that they have increased their charges.

Inflation and higher cost of products and labour have emerged to be the most common reasons behind hiking up the prices as stated by the vendors.

Conducted with over 220+ vendors, the pan-India survey was undertaken to study the changing dynamics of the wedding industry from a vendor point of view (POV). The survey studied the changing consumer behaviour in terms of trends, wedding arrangements, and payments amongst other crucial factors.

In terms of consumer trends, it has emerged that millennial couples are not only making key decisions for their weddings but also taking care of payments, almost 40 per cent of them are responsible for it in the new normal.

“It is true that the pandemic has drastically changed the wedding ecosystem. Hence, to understand our stakeholders- vendor partners & couples and their changing mindsets better we conducted this latest survey. The results are intriguing,” said Anam Zubair, Head of Marketing, WeddingWire India.

One of the key findings of the survey is the growing popularity of WedTech platforms as the primary source of leads in the market. The survey revealed while word of mouth/verbal reviews is the biggest source of leads for wedding vendors (38.9 per cent), WedTech platforms are increasingly gaining prominence. 21.3 per cent of vendors get their leads from Wedding websites and apps followed by Social Media (20.8 per cent).

“WedTech platforms are gaining popularity and becoming the key source of leads for wedding vendors. WedTech has disrupted the wedding industry. Interestingly, these platforms are becoming indispensable, both from a supply and demand POV in this ever-changing ecosystem. These statistics further strengthen our belief that WedTech is the future of the wedding industry,” said Zubair.

In an indication of the altered consumer behaviour, in terms of bookings and reservations, as compared to the long-term, detailed planning that existed in the pre-pandemic era, the survey revealed that 44 per cent of couples start making reservations only 1 to 3 months before the big day and almost 15 per cent of couples are now booking their wedding venues only 1 month prior to the wedding.

The millennial couples are now at the forefront of the decision-making process. They are not only making key decisions for their weddings but also taking care of payments – almost 49 per cent of them are responsible for it in the new normal. This is unlike the previous generations where the involvement of parents was higher.

More couples are focusing on quality over quantity and also cutting down on people on the guest list. Personalised weddings are emerging as the latest trends in the wedding market, with more couples gravitating toward sustainable options for their big day.

Online Payments (29.9 per cent) followed by Cash (19.9 per cent) were among the top preferred modes of payments, the survey revealed. A majority of couples (75.6 per cent) opt for partial advance payment before the big day, the results reflected.

When asked about what most couples opted for when it came to meetings to decide on the plans and bookings for the wedding, most clients preferred face-to-face meetings (34.8 per cent) and phone calls (33.9 per cent) closely followed by WhatsApp (25.3 per cent).

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