Wedding services market size to reach $414.2 billion globally by 2030
PORTLAND, OREGON, USA, July 19, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Wedding Services Market”, the size of the wedding services market was valued at 160,587 .40 million in 2020, and is projected to reach $414,285.70 million by 2030, growing at a CAGR of 4.8% from 2021 to 2030. The food service segment was leading in terms of of market share in 2020 and is expected to maintain its dominance throughout the forecast period.
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The wedding services industry is growing at a significant rate and is expected to continue this trend in the coming years. Wedding events play a vital role in revenue generation and branding equations for businesses and associations. This industry is witnessing the entry of new independent players who are leveraging technology to gain a competitive advantage in today’s consolidated environment. Conversely, the aim of the companies is to improve the experience of the attendees and witness the success of the wedding services without any hindrance, thereby driving the growth of the wedding services industry.
Additionally, new products have been launched in the market to provide a more realistic experience for couples planning virtual weddings. Compared to traditional photos and videos of a wedding venue, these products offer couples the most realistic experience next to physically standing in an event space. With today’s shelter-in-place recommendations, this resource allows couples to take an actual tour of a place property completely virtually on any screen from home. Hence, the industry is becoming dynamic in nature and adapting to changing trends, which propels the growth of the market.
Take away key
– The offline booking segment has been the major contributor to market revenue, owing to consumer reliance on face-to-face interactions and discussions.
– By type of planning, the comprehensive planning services segment was the predominant channel in 2020 for wedding planning services
– The local wedding services segment was the predominant channel in 2020 for wedding planning services
– North America holds the highest revenue share in the global market in 2020.
Destination wedding is falling under wedding service market trends and also becoming popular among millennials and 1 out of 4 couples are opting for destination wedding in the US region, leading to an increase in service market demand weddings around the world. Additionally, New York weddings are by far the most luxurious destination weddings. It’s no wonder the average cost of a wedding is over $70,000. Additionally, the best locations for destination weddings in the United States are California, Florida, and Nevada and the best locations for destination weddings outside the United States are Mexico, the Caribbean, and Hawaii. Additionally, 350,000 destination weddings take place every year and Las Vegas is the leader in weddings with around 1 lakh and more weddings per year. Additionally, destination weddings are a very popular option for second marriages and very 1 in 3 of all destination weddings are from second marriages. Hence, the ratio of couples opting for destination wedding is increasing every year, propelling the growth of the wedding services market in the process.
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However, the market faces a daunting challenge, according to the latest data from the National Center for Health Statistics, marriage rates hit an all-time low in 2018, which is the most recent year on record. Additionally, the national marriage rate dropped from 6.9 to 6.5 marriages per 1,000 people from 2017 to 2018. This decline in the marriage rate was a mostly noticeable shift in a fairly stable trend over the decade, following a long decline from the mid-1980s. In 2001, the national rate was 8.2 marriages per 1,000 population. Moreover, while marriage rates have dropped for everyone; however, previous research from the Social Capital Project clarified that rates dropped significantly among people in the middle and lower economic quintiles and minorities. Shrunken marriages are associated with an increase in unmarried pregnancies in recent decades, primarily for minority and less economic groups. Hence, the decline in the marriage rate leads to a decline in the market demand for wedding services.
The report is analyzed by booking type, which includes online booking and offline booking. The wedding services industry report further segments the market based on type of planning such as full planning service, partial planning services, and coordination day. On the basis of service type, the market is further classified into videography/photography services, catering services, decoration services, transportation services, wedding planning services and others. Based on wedding type, the market is divided into destination wedding and local wedding. Additionally, it includes revenue generated from wedding services in North America, Europe, Asia-Pacific and LAMEA.
Main market players
Augusta Cole Events
A Charming Party
Nordic adventure weddings
Events Asia (Bali)
Weddings and glamorous events BAQAA
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.
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