KEMA Host Panel Discussion on The Future of Event Industry in the Big Fat Indian Wedding Management
by EVENTFAQS Bureau Business Events | February 4, 2020 | Press Release
Karnataka Event Management Association (KEMA)
Event Management specialists have set new trends by giving larger than life Experiences to the celebration, be it weddings, family get-togethers, Corporate events or State & National festivals. It has helped increase revenue, job opportunities and visibility across the globe by 10 folds.
On account of Monthly General Body Meeting of Karnataka Event Management Association (KEMA), a Panel discussion was organized where Samit Garg, CEO & Co-Founder, E Factor Entertainment talked and discussed how event Management industries set its footprints in "The Big Fat Weddings”
While events were happening every day in the country in the form of cultural, social, political programs, they greatly lacked quality control and attention to detail. This was what instigated Samit Garg to set his foot into events. The trends of Big fat wedding celebrations began with a vision of being in the high-profile social events space. The fact that weddings are a showy affair, especially among families with high disposable incomes and their eagerness to pull out all the stops for this momentous celebration served as the perfect recipe for us says Garg who is one among the top destination wedding experts to have handled big fat weddings of many known rich and famous celebrities like Shilpa Shetty and Raj Kundra, Abhishek & Aishwarya Bachan, weddings of the Goenkas, Essar Groups, GVK groups, the Sahara Parivar, etc. to name a few.
Answering to queries during the panel discussion conducted by Srikant Kanoi, VP, KEMA, Abhilash, and Mahendra Gangadharan, Members of KEMA and Samit Garg, gave an insight of the past, present, and future of Event Management Companies and the roles and responsibilities in managing BIG Fat Weddings. He shared some astonishing statistics and opportunities that lie ahead for Event management companies in the years to come.
“The global wedding business is about 330 billion dollars out of which the US market is the highest with 76 billion dollars. India is the closest second with 38 billion dollars. In India, on average a person spends one-fifth of the wealth accumulated in a lifetime at a wedding. Considering an average family of 5 members there are around 250 million families in India out of the 1.37 billion Indian populations, an average of one marriage per family every 20 years comes up to 10 million weddings every year. Out of this, 0.25% of business is handled by organized sectors in terms of events that come up to 25000 weddings annually. The estimated cost of a wedding with no expenses spared could be between
Rs 5 lakh to Rs 50 crore in India.
Currently, the Indian Wedding industry is worth 180,00,000 crores across domains which include Hotel Expenses, Jewellery, Travel, Apparels, GOLD, Food & Beverage, Decorations, Banquets, white goods, etc. Even if the average amount spent per wedding is 100 lakhs per wedding all across, we are talking about 25000 crores worth of business across the organized sector today in terms of events and related supplies. Considering 20 to 25 % of growth already exhibited in the previous years, we are talking about an increase by 5000 crores year on year basis.
It is also expected, the per capita income will be tripled in a couple of decades and the per capita consumption of gold during weddings or otherwise will increase. With half of India’s population being under 30 years of age, the marriage market is set to boom like never before over the next five to ten years. It is time for us to get ready – for the Giant Leap which will catapult this market to a 2.5 to 3 times multiplier in the next 5 to 7 years”.
The Destination Wedding market is also growing and will continue to grow but International Resorts and Tourism Boards find it difficult to offer wedding clients what is offered in India. But, the Brides and grooms want to travel to new places and are fascinated with international destinations for their weddings and hence the event management companies keep themselves abreast of the newest options to give variety to their clients.
The panel also discussed organizing big tourism events ranging from city festivals for the people, global tourism, re-imaging brand persona to promoting arts and culture. These events are usually spread over many days and have recorded hundreds of thousands of footfalls. Besides the sheer scale and magnitude, the initiatives are to be created keeping in mind local substance, needs, and objectives to developing a distinct identity. Every event, hence, acquires a personality of its own, has its own magniloquence and magnificence”, concluded Samit Garg, along with sharing his failures and success stories from working at Delhi Tent house to managing big fat weddings of celebrities and larger than life Tourism Events for states and the country.
The KEMA Monthly General Body Meeting had Shridhar R - Regional Manager Karnataka - NOVEX Communication Pvt Ltd and Rasheed Sait - MD - George P Johnson talking about the Perils and imperils of "Licensing in Event Industry" as a part of the Panel discussion and Srinivasa H M, Additional Director, MSME participating in a panel discussion and sharing information on Role and Importance of MSME in the Event Industry and Maj Gurna talking about the importance of Licencing and copyright for Event Management companies in the previous editions while the highlight of the General Body Meetings over a couple of months was having Dr. Venkat Vardhan, the Doyen of Event Management Industry as Honorary Chairman of KEMA.
Speaking on the occasion of the Event, Arvind J Sabhaney, General Secretary, KEMA said, "The Event Management Industry, which has grown in leaps and bounds over the past decade doesn't just provide training and entertainment opportunities; it also makes a vast contribution to India's economy. It is estimated that the industry creates lakhs of full-time jobs, from the event crew members that set up the stage and the lighting to those in control of security, marketing and every other vital component that goes into organizing a successful event. These jobs offer a high level of satisfaction and help to keep team morale at peak with the exciting environments that each person can be a part of. With the quick succession trends and technologies, it isn’t enough to look one year ahead; rather, modern meeting and event planners should keep their eyes on innovation coming over the horizon for the upcoming years within long-term planning range."
Sanjeev Kapoor, President, KEMA said, “KEMA started as a small group of people initially now has 80 organizations as paid registered members in a short span and saw participation from 200 odd event organizations and is growing strong. Our aim is to collaborate and to address all issues faced by event companies including licensing, start-ups, venues, legal, incubation, etc. We have been regularly organizing many such panel discussions with government organizations and various stakeholders to bridge the gaps and make companies more compliant, equip them with all necessary information, work in unison by sharing our experiences and support our fellow members to run their establishments hassle-free. This will not only improve the quality of the organizations, but will also help us organize events in a more planned and structured way, and that, in turn, will help our clients.”
Sharat Amin and Vijay Sundarmurthy, Legal heads of KEMA, said, "We at KEMA are working towards customer delight and making collaborations with Event management industries an everlasting experience as Clients and Corporates depend on us to make their celebrations, landmark events and memories for a lifetime. It is these enchanting 'moments of truth' that we want to create in the minds and hearts of our clients with the quality of services we plan to enhance with every event we manage for them so that we make it a meaningful association for both the clients and the event management industries. We have covered crucial topics that are of the utmost necessity to successfully run an Event Organization. Topics ranging from Licensing for Event Organizations and Roles and support of Government organizations in supporting the Events Industry, to seeking guidance and support from industry veterans for the benefit of the upcoming event organizations have been covered in the previous editions" they quoted.
The Karnataka Event Management Association (KEMA), on account of its Monthly General body meeting, organised a Panel discussion on The Future of Event Industry in the Big Fat Indian Wedding Management