Is the trend of spending lavishly at weddings a waste of money? Perhaps we would agree to a certain extent, but not completely. A Facebook post by a someone led us to ruminate on the rippling effects’ of lavish weddings on hospitality. Now the post in question indicated that hiring a wedding planner and hosting an OTT themed wedding is senseless. The Wedding is of course a very personal affair. It is completely the families’ decision on how to go ahead with it. An increase in the people in attendance makes the set up and the décor go up. Isn’t that an ostentatious wedding, isn’t this the height of extravagance etc. are some common questions that become discussion topics when such weddings hit the headlines. What we miss is understanding the fact that there is a “rippling effect” that comes with these “lavish weddings”. There are pieces of wedding cake for many and let’s explore more about it!
What’s the spin-off?
Luxury weddings are a big opportunity for people engaged in the fields of not only hospitality, but also décor, event management, catering, entertainment, among others. It’s like people pumping money back into our economy. We would here like to take an example of the wedding of a popular Kerala NRI businessman’s daughter. The total spend was estimated to be close to INR 100 crore, The wedding had around 15,000 guests including 300 VIPs and a pandal spanning nearly 3.5 lakh sq. ft. modelled along the lines of Rajasthan palace. The task of setting up the huge pandal involved employment of more than 200 people, including professionals, skilled and unskilled labor who worked for nearly 75 days to complete the mammoth structure. The people involved in loading and unloading of materials at the venue also made a revenue worth INR 5 lakh. In addition to this, a lot of hotels and travel agencies did a great business. This is the kind of ripple effect that we are referring to. What happened was simple. The money spent in such lavish affairs gets dispersed amongst many of the services they are providing. It further contributes to the livelihood of people engaged in different works at various levels and hospitality specifically makes a lot from it!
It could be a bonanza
Imagine a florist doing a business of just Rs 500 per day suddenly gets an order worth Rs. 50,000 for a wedding. It is like an asset creation for the florist. With lavish weddings, people from varied parts of the country and the world come to attend the wedding and the occasion again becomes a huge opportunity for the tourism industry of that particular state/area. Thus, the kind of benefits both stakeholders and common man take home with luxury weddings’ is huge. You all must have heard the saying, ‘the real value of money is realized only when it changes hands’ and this is exactly what happens at luxury weddings. There was a time when the wedding was strictly a family affairs. The time has changed and now weddings are being organized at a bigger canvas. It brings cheer to hundreds of firms engaged in different aspects of this industry. The increased number of such events will only multiply the earnings of the departments involved.
On an ending note, even when one articulates the positives of a lavish wedding, an important point is the question - Can we foot the bills at the end of the day? A lot depends on the spending capacity of an individual. The reason being that if there is a gap between what one could afford and what one is spending, then the problem arises. The economic spin-off of luxury weddings is quite positive and the results are in terms of wealth creation for many!
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