Wedding Services in the US - Industry Market Research Report
Description
Wedding Services in the US - Industry Market Research Report
Wedding Services in the US
The Wedding Services industry provides a wide variety of wedding day services, apparel retailers and venues. Evolving social norms and medical advancements, which enable women to safely give birth later in life, have caused the marriage rate to decline in recent decades. Extended periods of cohabitation before marriage and family planning have increasingly become normal among young couples. As a result, the industry has contended with declining revenue over the past five years. Despite fewer couples getting married, increasing per capita disposable income has enabled those seeking to spend more on their big day, limiting revenue declines. Nonetheless, as couples postponed or downsized their weddings during the COVID-19 pandemic, industry revenue dropped significantly in 2020 alone. Consequently, industry revenue fell at a CAGR of 4.1% to $70.3 billion over the past five years, including a decrease of 0.6% in 2023 alone.
This Wedding Services 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.
Wedding Services in the US
The Wedding Services industry provides a wide variety of wedding day services, apparel retailers and venues. Evolving social norms and medical advancements, which enable women to safely give birth later in life, have caused the marriage rate to decline in recent decades. Extended periods of cohabitation before marriage and family planning have increasingly become normal among young couples. As a result, the industry has contended with declining revenue over the past five years. Despite fewer couples getting married, increasing per capita disposable income has enabled those seeking to spend more on their big day, limiting revenue declines. Nonetheless, as couples postponed or downsized their weddings during the COVID-19 pandemic, industry revenue dropped significantly in 2020 alone. Consequently, industry revenue fell at a CAGR of 4.1% to $70.3 billion over the past five years, including a decrease of 0.6% in 2023 alone.
This Wedding Services 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.
Table of Contents
41 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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