Segmentation of the event industry is a huge task. Some may ask,” what is an event?” The others may answer,” what is not an event!” From a small birthday celebration at, to a gigantic wedding, everything classifies under some or the other category of event. Wedding! Wedding falls into one of those categories of events where you have an event under which there are sub-events. Sub-events are attached to the wedding, because of the traditional beliefs of the family that is celebrating that wedding. For an instance, A typical Gujarati wedding event would have sub-events like; Mandap Mahurat, Gruh-Shanti, Mameru, Mehendi, Sangeet Sandhya, Haldi, Marriage & the Reception. Even these sub-events have sub-events, for example; Marriage would have sub-event like Hast Medap, Jaan Aagman, Jamanwaar & Vidaai. Imagine the scope to earn in an event that has 5-6 sub-events and those 5-6 sub-events have 3-4 more sub-events! Below mentioned are 5 reasons why wedding planning is the most profitable segment in event management:
Compared to other events, Wedding is the one in which the doers wish & pray that they would not have to do it again. Due to this eccentricity, people are not as parsimonious as they are when they are spending for other events. This freedom from parsimony is the number one reason why wedding planning is the most profitable segment in event management.
You need decoration department, lighting, sound, invitation card supplier, flower supplier, pandit, catering services, clothing and what not! Where there is involvement of more than one department in an event, the gross profit earning is obviously more compared to other events where there is involvement of a lesser number of departments.
If they say Lilies, they don’t mean flowers but lilies! When people demand with such specificity, as an event manager you can also demand an amount with decent amount of profit for fulfilling that demand for the specificity that is essential for them.
Whether they show it or not, the family & relatives of the bride and groom have a deep emotional connection with this event. That dialogue,” Now that we’ve already spent lakhs, be it 10000 more but don’t mess it up!” just tells you the amount of emotional connect that people have associated to this event. The more amount of emotional connection that an event has, the more profit can be earned from it!
We often hear people quoting clichés about weddings,” It was my idea to instruct Jijaji to spend some more and change that arrangement from what was decided previously and why wouldn’t I do that! It was my nephew's wedding! The world should also know the love that his maternal brother carries in his heart for him!” All the relatives, family members out of the blues want the world to know how kind -hearted they are! When people are busy thinking," how to manifest?" at that moment, showing them a way becomes a source of earning money!