Rajeev Jain, Rashi Entertainment Shares Insights on the Event & Wedding Industry After Covid – 19
by EVENTFAQS Bureau Industry Watch | April 14, 2020 | Guest Article
Rashi Entertainment Rajeev Jain
There is no denying that the Indian Event & Wedding Industry is currently suffering immensely because of the COVID-19 outbreak, but Rashi Entertainment believes that the Indian Wedding industry will witness a significant rise in business after the pandemic is over. Rajeev Jain is one of the most dynamic and well-regarded entrepreneurs in the events industry and the backbone of many industry initiatives. An established event management agency, Rashi Entertainment is flourishing under his visionary leadership and has branches across India.
In this guest article, Rajeev Jain, Director, Rashi Entertainment recommends the industry to re-think, re-invent, re-structure, re-define and re-boot to fight against the slump caused by coronavirus outbreak.
Here are some facts showcasing that the Event & Wedding Industry will be one of the brightest and shining industries after 6 months:
Covid-19 & Indian Wedding Industry
If we talk about the Wedding Industry, I firmly believe that this year all the international destinations will be shunned because of the travel restrictions and the fear that surrounds the spread of this virus. This will give birth to many opportunities for new domestic destinations.
Projected Top Domestic Destinations
Antalya, UAE, and Thailand are the top most international destinations for Indian Weddings but due to COVID-19, weddings will shift to various domestic destinations like the following:
Comparison between top wedding states/destinations (In Percentage)
Insights on June Weddings:
June weddings will take place, but on a smaller scale than before as the gatherings will be smaller, the decor will be minimal, entertainment will be done on a much smaller scale, venues will be small due to limited gathering, transportation will be less as the client will choose the nearest venue for the event. Consequently, the profit margins will be comparatively less.
Insights on November, December, January & February 2020-21 Weddings
We all should be prepared to cater to an enormous surge of weddings that will take place from November to February. With new domestic destinations and out of the box ideas at our disposal, we all will have huge business opportunities for the coming season.
This will also lead to the client spending more on entertainment and food as the number of functions will increase due to a domestic destination.
Insights on hotels, vendors & artists
The booking of venues and rooms will be available at a 15- 20% lower rate than before depending on the venues. As far as all vendor partners and artist costs are concerned, they will face the same downward trend as the hotel industry.
Recommendation to the State Governments
There are beautiful places in our country that will make for breath-taking wedding venues. State Governments; should start giving various incentives to the wedding management agencies to use these properties as wedding venues.
Rajasthan government should take this initiative to promote forts, sand dunes and the hawelis in the city; which can be used as a venue for Indian Royal Wedding.
Goa government should allow planners to use their beautiful beaches as a venue for outdoor weddings.
Madhya Pradesh state government should let us explore magnificent places like Khajuraho and enormous temples as new wedding destinations.
In view of the same, I recommend, all the state governments to lift up the various embargoes that are being put so that we can use these venues, heritage monuments, lawns, beaches, etc. to promote their city as a wedding friendly city.
Regardless of what may come, weddings are still happening and they will continue to go on so I believe that after this pandemic blow gets over, Wedding Industry will reach new heights and will set new milestones.
In this guest article, Rajeev Jain, Director, Rashi Entertainment recommends the industry to re-think, re-invent, re-structure, re-define and re-boot to fight against the slump caused by coronavirus.