Allied Market Research published a report, titled, “Wedding Services Market by Booking Type (Online Booking, Offline Booking), by Planning Type (Full Planning Services, Partial Planning Services, Day Of Coordination), by Service Type (Videography And Photography, Catering Services, Decoration Services, Transport Services, Wedding Planning Services, Others), By Type (Destination Wedding, Local Wedding): Global Opportunity Analysis and Industry Forecast, 2020-2030″. According to the report, the global wedding services industry generated $160.5 billion in 2020, and is anticipated to generate $414.2 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
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The wedding services industry has been undergoing several changes and trends in recent years. Some of the notable trends include:
๐๐๐ซ๐ฌ๐จ๐ง๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง: Couples are seeking more personalized and unique experiences for their weddings, which has led to the rise of customized wedding packages and services.
๐๐๐ฌ๐ญ๐ข๐ง๐๐ญ๐ข๐จ๐ง ๐๐๐๐๐ข๐ง๐ ๐ฌ: Destination weddings are becoming increasingly popular, with couples opting for scenic locations, such as beaches, mountains, and vineyards, for their nuptials.
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐๐ง๐ญ๐๐ ๐ซ๐๐ญ๐ข๐จ๐ง: Technology has become an integral part of weddings, with the use of social media, live-streaming, and virtual planning tools becoming more common.
๐๐ฎ๐ฌ๐ญ๐๐ข๐ง๐๐๐ข๐ฅ๐ข๐ญ๐ฒ: There is a growing trend towards eco-friendly and sustainable weddings, with many couples seeking to reduce waste and minimize their carbon footprint.
๐๐ข๐ง๐ข๐ฆ๐๐ฅ๐ข๐ฌ๐ฆ: A minimalist aesthetic is becoming increasingly popular in wedding planning, with couples opting for simple, understated designs and focusing on meaningful experiences and memories.
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The wedding services industry is expected to grow in the future, driven by a number of factors including increased demand for unique and personalized wedding experiences, as well as a growing trend toward destination weddings. The increasing trend of destination weddings is also expected to drive growth in the wedding tourism industry, which can provide new business opportunities for wedding service providers. Additionally, the rise of social media and the influence of influencer culture is also expected to play a role in shaping consumer preferences and trends in the wedding services industry.
However, it’s important to note that the growth of the wedding services industry will also be influenced by broader economic and demographic trends, such as changes in consumer spending patterns and population demographics. Additionally, factors such as changing cultural attitudes toward marriage and increasing costs associated with weddings may also impact the growth of the wedding services industry in the future.
Destination wedding is becoming very trending and popular among millennial and every 1 out of 4 couple is opting for destination wedding in the American region. In addition, the wedding in New York City are the most luxurious destination weddings by far. It is not astonishing that the average wedding cost is over $70,000. In addition, the top locations for destination weddings in the U.S. are California, Florida, and Nevada and the top locations for destination wedding outside the U.S. are Mexico, Caribbean, and Hawaii. Furthermore, 350,000 destination weddings take place every year and Las Vegas is the leader for weddings with around 1 lakh and more weddings per year. In addition, destination weddings are a very popular option for second marriages and every 1 in 3 of all destination weddings are from second marriages. Therefore, the ratio of a couple opting for destination wedding is rising every year, which is propelling the Wedding services Market growth in the process.
The local wedding segment to maintain its leadership status throughout the forecast period
Based on wedding type, the local wedding segment held the highest market share in 2020, accounting for more than three-fourths of the global wedding services market, and is estimated to maintain its leadership status throughout the forecast period. There is more value and importance being held toward experiences first trend, which is propelling the couples to opt for local wedding. Moreover, the destination wedding segment is projected to manifest the highest CAGR of 5.6% from 2021 to 2030, owing to rise in trend toward destination wedding among the millennial couples.
The offline booking segment to maintain its lead position during the forecast period
Based on booking type, the offline booking segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global wedding services market, and is projected to maintain its lead position during the forecast period. This is because numerous couples prefer to see what they’ll be getting in person rather than ordering online. However, the online booking segment is expected to portray the largest CAGR of 5.5% from 2021 to 2030. Now-a-days people are preferring online wedding planners and bookings for their marriage, which is propelling the market growth for online booking of wedding services around the world.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global wedding services market. Moreover, the same region is expected to witness the fastest CAGR of 5.3% during the forecast period, as wedding services markets of Asia Pacific particularly from South East Asia are identical with opulent, extortionate multiple-day celebrations, which comprise a huge crowd with big celebration.
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Leading Market Players
Augusta Cole Events
Colin Cowie
David Stark
Fallon Carter
A Charming Fรชte
Nordic Adventure Weddings
JZ Events
Lindsay Landman
Eventures Asia (Bali)
BAQAA Glamour Weddings and Events
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