MUMBAI, December 7, 2016 /PRNewswire/ —
India is going through one of the biggest economic reforms in its history. After the initial confusion, there is a level of ambiguity on how the cash-based industries – like Bollywood and Cricket – are going to get impacted? Will the stars get paid less now?
What about weddings – will people be able to afford big fat Indian weddings with royal backdrops and umpteen cuisine choices? This is a question that 7Vachan can answer honestly with authority and help one navigate the best way to organize a luxury wedding.
What will be the impact on booking the wedding venue?
Venues, that critical piece of any wedding, will get impacted in different ways. Demonetization won’t have a major impact on high-end hotels, as much as, it would affect the local banquet halls or farmhouses. The Taj or The Marriott of the world have always practiced charging the complete tax, irrespective of the mode of payment – cash or card, along with the customers PAN card copy. However, the local banquets/farmhouses will now be forced to take their business online, if they haven’t already. Interestingly, similar to the real estate sector, there might be a visible price drop and the prices for the entire venue spectrum will most likely see a correction.
This shifts the negotiation power more towards the consumers, and a well-networked group like 7Vachan can help get discounts as high as 35% on wedding venues. Venues, both high-end and mid-range, offer 7Vachan the best price since it gives them volume business, and it obviously offers fast closures.
How will other wedding service providers get impacted?
Wedding planners, decorators, photographers, artists, etc., were heavily dependent on non-billed payments. Obviously, there will be an increase in demand for vendors who already take online payments. Traditionally, since this is the area where people usually paid in cash, there might be a decrease in budget that a consumer may allocate to these services.
But to be honest, it’s not going to go beyond a minor correction. Look at it this way, when consumers were ready to pay cash, the vendors never gave their lowest price – because they had the monopoly and assumed that the consumer doesn’t mind paying a little extra. However, since now, everything goes on the vendor’s books, they have to charge a fair price. Essentially, consumers will still be able to do all they want in their wedding at a better price.
Of course, online payments for all wedding services is what 7Vachan prides itself on and a lot of its customers have already experienced that advantage.
So what’s the way ahead?
Whether one agrees that demonetization is good in the long run or not, 7Vachan certainly feels that families will have more power to make more choices to get their dream wedding. Also, a partner like 7Vachan will essentially make their savings much more substantial and their wedding planning much smoother.
7Vachan: Demonetization of Big Fat Indian Weddings
