Wedding Services in the US
Slowly changing social norms have dragged down the marriage rate over the past several decades, pressuring industry revenue growth. Nevertheless, the strengthening economy has boosted wedding budgets, as consumers with deeper pockets help drive industry demand. While rising wedding budgets have translated to higher overall industry revenue, heightened competition has hindered revenue per operator. Online marketing and social media have increased visibility for industry players and lowered marketing budgets, making it easier for new companies to enter the industry. Over the five years to 2023, industry demand will continue to be pressured by the declining marriage rate. However, the amount spent on weddings is estimated to grow during the period, as higher disposable income increases demand for large, costly weddings. In addition to rising disposable income, the increasing average age of marriage and length of engagements will give couples more time to plan and save money for their ceremonies.
This industry is broadly defined to include wedding day service providers, apparel retailers and venues. Wedding coordinators are also included, as they carry many responsibilities on the day of the event. The industry does not include honeymoon expenses.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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