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“The Indian destination wedding industry is expected to reach a market size of Rs 45,000 crore by 2020, with a projected annual growth rate of 25-30 per cent,” said Mandeep Lamba, President - South Asia, HVS ANAROCK.
Factors such as the rise of the middle class, a booming economy and celebrity endorsements – amply stirred by social media-induced aspiration - have contributed to this growth.
In India, people are often willing to spend almost a third of their life savings on weddings. Fed on a steady social and even mainstream media diet of opulent celebrity weddings, Indian millennials are more than eager to invest in 'curated weddings' and will choose the most exotic locales they can afford to celebrate their big day, explained Lamba.
The preferred locations for personalized, theme-based destination weddings in India are Rajasthan, Goa, Kerala and Uttarakhand. With its forts and palaces, Rajasthan provides the perfect setting for a 'royal' wedding, while the Goa and Kerala provide the ideal palette for beach weddings. Many nature lovers choose resorts in Uttarakhand for their spectacular mountain backdrops.
The increase in destination weddings is a boon for the Indian hospitality industry, which has been on an upswing over the last few years.
As per HVS ANAROCK data, 2018 saw the Indian hotel industry witness a country-wide RevPAR growth of 9.6 per cent over 2017, to arrive at an absolute RevPAR of 3,927. In 2019, the RevPAR is expected to see 9.5 per cent growth, with demand finally outpacing supply.
Data also indicates that the period between 2014 and 2018 witnessed an upsurge in transaction volumes of about Rs 6440 crore – the previous peak being in 2015 at about Rs 1990 crore.
Jaipur continues to witness growth in room supply, with about 1,282 keys added in 2018 alone. Rajasthan is, of course, the most popular destination in India for hosting royal-themed destination weddings.
Goa is not far behind, with city-level data by HVS ANAROCK indicating that India's beach state saw the largest signing of keys in 2018 at 2,209 keys - even outpacing Bengaluru (though with a very small margin of 192 keys). The strong increase in supply will be a strong boost for Goa, one of the most sought-after destination wedding hotspots in India.
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