MARRIAGE PALACE (WEDDING HALL)
[CODE NO.3328
Indian traditions are so rich and our emotional standards are so high that most of the ceremonies/functions become simply a monument of show-off and extravagance. Even an ordinary man spends so luxuriantly on the marriages that it becomes a burden on him for the whole life.
Weddings are surreal! People get together and enjoy for at least a week at weddings. The younger generation parties well and love having fun and frolic. So, it’s no wonder that the wedding market, in general, and the marriage hall market, in particular, is rapidly growing, and the annual turnover from this business is supplementing the economy annually with huge capital.
Potential to reach a market value of $3.592 billion by 2025 at a CAGR of 8.26%.
An Insight into the Market Drivers
A host of factors fuels the wedding hall market. Some of these include:
- The elevated population levels in the South East Asian nations, including India, China, and Korea as the major contributors. More than 10 million weddings happen in India alone annually.
- Increasing disposable incomes, especially considering that the average wedding cost ranges between 20 lakhs and 5 crores. That’s an enormous amount taking into account the average monthly salary of a person, which is INR 16,000 per month.
- Increasing divorces, which are escalating marriage ratios as people often get married again.
- The consumerist attitude among the young generation is also a deciding factor.
- The rise of social media and its influence over the younger generations – especially in modern Asian countries.
- The last point needs further elaboration since it paves the way for the discussion around the online dating market, which has the potential to reach a market value of $3.592 billion by 2025 at a CAGR of 8.26%. The dating industry directly contributes to the marriage market, which in return expands the need for banquet halls for marriages.
The Opportunity to Invest in Marriage Hall Market
Due to the aforementioned sectors’ rapid expansion, marriage halls are slowly coming up even in rural parts of the world. An average investment of one crore can help create a 10,000 square feet hall, given the cost per square feet is 1000 INR. Naturally, numerous investors aim to bring up their marriage halls, given it is just a one-time investment reaping benefits for an extended period.
The Global Wedding Venue/Marriage Hall Market is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2019 to 2026. if you wanted to start a marriage all, contact us for Detailed Project Report (DPR)
