The wedding services industry deserves a special mention in this blog because it remains one of the fastest-growing business areas in Nigeria. It is also a billion-dollar industry that is brimming with opportunities for all kinds of businesses. The good thing is you can start a business with just about any amount of capital in the wedding industry. This is only possible because many of the services and products sold in this market are on a person-to-person basis.
With its young and marriage-conscious population, Africa is definitely going to witness more weddings than any other region of the world over the next few decades. Rising income levels are also leading to more spending on weddings. On average, most middle and high-income families spend between $4,500 and $40,000 on weddings. Some of the most lucrative areas in the wedding business include:
Rentals and event centres:
Everything from the wedding reception venue, seats and tables, overlays and equipment are usually hired during wedding events which makes the rentals business a steady and attractive source of income. Although an event centre may be capital-intensive to build, the steady stream of income that follows afterwards makes it a worthwhile venture.
Catering is another big opportunity in the wedding services space. Food and drinks are a highlight of every wedding and catering for the audience often takes a huge part of every budget. Catering businesses that offer a wide variety of meals, drinks and services at an affordable rate almost always do very well.
Wedding organization and planning
Wedding organizers and planners are usually hired by the hosts to take the pains out of planning and ensure everything goes well on the event day. A good wedding planner should be organized, articulate and able to work under pressure.
Of course there are other great business ideas and opportunities in the wedding services market. Some of these include: photography and videography, event centre decorators, bridal makeup artistry, Master-of-Ceremony services and several others.
There are already quite a number of interesting businesses that are exploiting Africa’s huge wedding services market and we’re very happy to give you a few examples:
- Kosibah is a couture bridal wear designer brand that is making waves on the continent, especially in Nigeria. Although based in London, Yemi Osunkoya, the brain behind this fast-rising bridal wear label, enjoys a huge following.
- The Wedding Company brands itself as an outfit that provides stylish and elegant celebrations for couples who want an inspirational wedding without the stress of organizing it. Based in Lagos, Nigeria, this niche business focuses exclusively on weddings and works with its clients to plan and execute flawless wedding events.
There is a wide range of service businesses that are enjoying the booming demand from weddings. On a continent where up to 50 percent of its people are below 25 years old, the size of the demand for wedding-related services will continue to experience a boom.
Everything we have shared with you here is not just exclusive to weddings. The event services industry is worth billions of dollars. Every year in Africa, there are hundreds of other events besides weddings. These include: festivals, ceremonies, parties, concerts, conferences, conventions and several other events. These events are a goldmine of opportunity for several different businesses to make money and most of the businesses that serve the wedding industry (like rentals, catering, event planning) can also serve other event needs.