Breaching the USD 5 billion mark in 2020
The Indian destination wedding market is hitting through the roof. Growing at a frantic pace of 30% CAGR the Indian destination wedding market is going to breach the USD 5 billion mark in 2020. The growth story in the Indian destination wedding market has been phenomenal as due to the increased disposable income and the constant exposure to the world at large, the Indian millennial is looking for a highly curated wedding.
Although currently, the favorite wedding destinations are mostly in India like Rajasthan, Goa, Kerala but the big fat celebrity weddings have started to turn the tide in favor towards the short to medium-haul international destinations like Thailand, Sri Lanka, Abu Dhabi, Dubai, Azerbaijan amongst others. In-fact more weddings are also happening virgin locations in Spain, Italy, and France.
Many countries are looking for new ways to attract the high spending Indian customer, however, Thailand is one of the most favored wedding destinations of the over 83 million millennial population. With the visa on arrival and a huge population form, the Indian origin gives it the edge over other destinations.
Typically and Indian wedding costs upwards of 5 Million Baht just in terms of the spend done on travel, accommodation and the event itself. For instance, a hotel room in 4/5 star hotels will cost between 3,500 to 5,000 Baht per room night and an Indian wedding which is at least a two-day event will take 200 room nights to begin with. This itself becomes close 1 million Baht revenue from rooms and add to that meals of the 100 rooms with an average of 3,500 Baht per room per day adds up to another 1.5 million Baht. Over and above this there would be revenue from Spa and the banquet cost etc which will all add up to another 1.25 million Bhat. All in all a hotel could end up generating a revenue of close to 3 – 3.5 million Baht from only 1 Indian wedding for a very average wedding.
Last year as per the estimates of the Thai Indian Wedding Association (TIWA), there were 250-300 such ceremonies with expenditures ranging from 3 million to 100 million Baht per wedding. This is only when 50% of Indian weddings are for people from India. With the visa on arrival being available for Indian Passport holders and more flights being added to the sector, this number is sure to reach new heights.
The wedding planners and hotels in Thailand need to collaborate more with the Indian wedding planners to understand the need of the Indian buyer and try and organize themselves around the same. A Hindi speaking team, some Indian MasterChef’s and a partnership with an in Indian Wedding planner would augur well for them to learn and develop their teams here.
One of the effective ways to go about creating partnerships is by networking with the Indian wedding fraternity regularly and meet them during the events and exhibitions held in India. More than selling Thailand, what is required now is to sell the fact that the Thai hospitality and wedding community understands the requirements of the Indian customer and are willing to go the extra mile to cater to the requirements.
World Wedding Forum, is the Biggest International Destination Wedding event in India and is expected to have a footfall of over 1000 wedding planners and tour operators. The event is being held for 2 days each in Mumbai and Delhi, the major metropolitan cities and business hubs of India. More details about the event could be found at www.worldweddingforum.com or by sending an email to firstname.lastname@example.org. This is one opportunity that no destination wedding hotel/ wedding planner or destination management company in Thailand should miss.