Effect of Demonetization on Indian wedding
Just when you thought you were ready for your marriage – the 500 and 1000 rupee notes got banned over night. This could have been a nightmare of situation for those arranging weddings.
Albeit money is what makes the world go around and those who plan weddings know this better than anyone else. Thousands of arrangements go into weddings. Therefore, requirement of currency notes is the prime necessity.
The worst part is that no one saw this coming. Hence, the arrangements that were already made might have also had to be cancelled. Some poor fellows had to have their weddings delayed. This was just at the top of the things that went on. However, don’t make any mistake – delaying wedding is not for everyone. Those who spent years planning their wedding, have even the honeymoon tickets booked, could perhaps not delay their wedding.
Real life crisis
Rest assured everyone felt the inconvenience that came along with it. Bhramori Majumder, a resident of South Office Para, Kolkata, had to face the same issue. He caterers and the rest of the decorators refused to accept his 500 and 1000 rupee notes for his daughter’s wedding.
The man had to stand in queue skipping work to exchange his currency notes. He is not the only one. Apparently this problem is becoming more and more widespread and common these days.
Types of effects on Weddings
Here are a few types of issues people are coming across –
- Small vendors at risk
There are two types of small vendors here – one who are not accepting the higher denominations and ones who are being avoided because of the first type.
Things are such that if one small vendor is not accepting the higher denomination, the word is spreading fast. As a result the ones who are ready to accept also are not being approached. This is why people aren’t buying décor from them, leading to a delay in the wedding arrangement.
- Online business
There is an upsurge of businesses that provide online. With the demonetization in effect, most medium and large vendors are taking their business. Hence they are actually taking the business away from the small vendors.
The online business is giving the opportunity to the brides and their families to get a clear arrangement. There is a transparency between the services being provided and the business interactions taking place.
Some vendors who are unable to make up an online platform right away are tieing up with payment channels such as PayTM and MobiKwik to accept payments. Actually the availability of such online payment portals has made it easier for the wedding preparations to go forward. Therefore in a way these portals have actually proved helpful in this scenario.
- Black money approach
Those who have black money were made the main target of this demonetization. Now those people are trying many ways to escape with their black money. Hence they are approaching the wedding planners with the same. This is bound to cause some disruptions in the weddings.
The wedding planners form the basic route to a proper wedding. Being held with distractions such as these is making an impact on the weddings for sure.
- Prices falling
not all effects are gruesome. Some effects, as foretold by experts are just a blessing in disguise. Being unable to carry out transactions with the big money, most of the prices are falling in the market. This is a boon for those with a cheap budget. Many people are taking advantage of the matter that the retailers are selling off their goods such as flowers, decoration items, etc, at cheap prices.
Also, now that the money is facing trouble, many people are cancelling their weddings or rescheduling. This means that there is a slot opening up for the new bookers. You might be able to get a booking for the next month – even during peak wedding season as December and January. This means that due to demonetization, there are a lot of bookings being made available now.
- People paying extra
As true as it is that prices are becoming cheaper, the vendors are also gaining extra. How you ask? Well, amidst this crisis, the vendors that are accepting the 500 and 1000 rupee notes are able to negotiate for a higher price. In fact, people are ready to pay them a little extra even for the saving grace that they are accepting the money.
No matter what happens, the wedding season will remain on. This is why when vendors are accepting 500 and 1000 rupee notes they are actually making sure that the wedding market remains intact. This is why the wedding market is still agile.
- Traders hit by crisis
The traders for example the florists and the electrical equipment suppliers for the wedding have been majorly affected. For one simple fact – the florists have a market in fresh products. If the flowers die then their investment goes down the drain. Now because of the unavailability of cash, the florists are suffering the most because people are not buying these things and are cancelling or lowering their orders.
But since they deal with supplies that have to do with fresh goods, they are being forced to go with lesser amounts. This is because if they cancel the order then they incur heavy losses and to delay that the only good option is to take money but in lesser amounts. People are paying them less and they are forced to compromise with their customers.
- What about banquet hall owners?
As we already told you, some people are taking advantage of the online payment portals, but what about the banquet halls? They do not accept payment via payment portals – at least not yet. The bookings are getting delayed and the banquet halls are empty during peak season.
The pre marriage bookings usually take place around this month. However, the banquet hall owners have suggested that this is not the case this year. A surge of payments for these individuals have come to a halt. Inadequate advance bookings are making it impossible to confirm the hall bookings. Also, those halls that are accepting payments in cheque are facing problems because their staff payments are getting delayed.
This is not all – people who have house maids are unable to pay them their dues because of the redundancy of the notes. Therefore their payments are getting delayed. This is causing personal problems. As a wedding household needs a lot of hands to complete the work, this is the crucial time for housemaids to gain a little extra bonus too. However, this is not possible in this case and those who have weddings are suffering too because they are unable to get the help they need.
It must be noted that to make the blow appear less harsh, a step was taken by the UP Chief Minister. He requested the centre to allow the currencies of high denomination to be used for all wedding purposes. Although the decision hasn’t been out yet, weddings seem to be in still in a crisis across the country.