Project Director of Creative Circle (Pvt) Limited Imran M Sheikh has said that wedding industry is one of the potential industries of Karachi, with an annual estimated turnover of around Rs 168 billion. He was speaking at a seminar on "Wedding industry -its growth, potential and recognition" - organised by Karachi the Chamber of Commerce and Industry (KCCI) here on Saturday.
He said that with the ever growing population, Karachi showed more positive signs for the growth of wedding-related business and a number of allied businesses, and pointed out that the major portion of the population was about to reach the marriageable age and high living standard, the industry would continue to flourish.
He said that it was, perhaps, a seasonal industry, thriving only during the auspicious months of the year, but the trend of spending more was increasing. He said that there was an annual estimate of 125,000 marriages in Karachi alone. The overall wedding expenditure on the bride's side was estimated at Rs 832,500 and on the groom's side at Rs 513,500.
He said that marriage was the main event, in which almost 60 percent of the total expenditure was made, while the expenditure on Mayoun/Mehndi and Valima was 19 percent and 21 percent respectively. Imran Sheikh pointed out that about rupees five million were spent on a high-class wedding ceremony, while the expenditure on average wedding cost Rs 1.35 million.
He said that the seven major stakeholders of the wedding event were marriage halls or hotels, jewellers, bridal dress-makers, furniture-makers, caterers, decorators and beauty parlours, both for brides and the grooms, which occupied a major share in overall wedding expenditure, and it was estimated that annual expenditure was approximately Rs 109 billion.
Besides, other business vendors had a share of Rs 59 billion in the overall expenditure, he added. He said that the wedding industry had great potential for growth and expansion. Wedding was not a single event, it was indeed a series of events, covering wide and varied gatherings of people.
Project Director of Creative Circle (Pvt) Limited Imran M Sheikh said that the population projections for Karachi clearly indicated that a large number of marriages would take place in the coming years, providing more business opportunities for those that were directly or indirectly related to the ever expanding wedding business.