BackWedding industry to grow 200% this year: Ferns N Petals
Though largely unorganised, in 2016, the Indian wedding market was estimated at ₹3.68 trillion, according to a KPMG report titled Market Study of Online Matrimony and Marriage Services in India
PremiumNEW DELHI: Big fat weddings are returning with a bang this year, with the overall market likely to see a growth of 200%, said Vikaas Gutgutia, founder and managing director of Ferns N Petals Pvt. Ltd that owns and operates Fnp Weddings & Events India as well as 11 large wedding venues in and around Delhi NCR. Though largely unorganised, in 2016, the Indian wedding market was estimated at ₹3.68 trillion, according to a KPMG report titled Market Study of Online Matrimony and Marriage Services in India.
Ferns N Petals, backed by Lighthouse India Fund III that invested ₹200 crore in the company in March this year, expects to grow 100% and claims the bookings for the upcoming wedding season have returned almost to its 2019 booking figures. “Popular venues are already chock-a-block for the upcoming season and the upper middle class is still choosing offbeat venues. While destination weddings still remain the preferred pick for HNIs, our venues and weddings business will see more than a 100% growth this year," Gutgutia said.
“The costs have shot through the roof post-covid owing to increased vendor input costs. But since there are multiple vendors available in each category, it does allow wedding makers to choose and negotiate for deals," he added.
Other companies, too, have reported rising vendor costs. According to a survey by WeddingWire India conducted last month, the per month earnings of nearly half of its wedding vendors (42.5%) have gone up in 2022 as compared to 2019 and around 31% vendors in the wedding industry have increased their charges due to high product and labour costs across categories.
The wedding season is set to kick in after Diwali and the months between November and February are considered the peak wedding season in India.
“Typically, weddings are held on certain auspicious days across the year but the trend is gradually shifting because of both convenience and costs. A wedding held on an auspicious date will cost people almost two times because there is a huge demand for venues, décor and other services. The same wedding can be executed at half the cost if one chooses to overlook ‘auspicious’ dates. Hotels and caterers, too, will inevitably offer discounted rates,“ Gutgutia added.
The company started in 1994 and has 12 verticals including FNP Weddings & Events. It also owns three hotels under its Udman brand where it also hosts weddings. It intends to expand this to 20 hotels in the next two years.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
