The wedding services market was valued at $160.5 billion in 2020 and is estimated to reach $414.2 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030. The wedding services industry is composed of a numerous sub-group service institutions that work collectively to turn a wedding event planning in action. These wedding industry sub-groups comprise bakeries for the wedding cake, wedding invitations, jewelers for wedding rings, event photography and/or videography, event transportation, wedding planning services, wedding locations, formal wedding attire, banquet/reception locations, and catering.
The wedding market is diverse worldwide, and there are numerous traditions and types that are involved in ceremonies between countries, ethnic groups, and cultures. These traditions are grounded on both the personal preferences of the parties involved and region. In addition, majority of wedding formalities involve the couple exchanging and reciting vows. In addition, the demand for wedding services depends upon the personal income of the couples and their families as well as customer preferences for their wedding celebration.
Online sales channel is now emerging as the one of the prominent sales channels in the retail sector. Many brands have now transitioned toward omni channel market approach. The online sales of wedding supplies has increased amidst the COVID-19 pandemic. The shift of consumer behavior toward buying their requirement online is expected to continue in future, owing to ease of selecting, purchasing, and getting doorstep delivery, which attracts consumers toward online channels. Another advantage of online channels is the near elimination of geographic boundaries. This convenience and increase in available options to choose from are attracting customers toward online channels, which is expected to serve as a lucrative opportunity for market expansion.
The report is analyzed by booking type, which includes online booking and offline booking. The report further segments the market on the basis of planning type such as full planning service, partial planning services and day of coordination. Based on service type, the market is further classified into videography/photography services, catering services, decoration services, transport services, wedding planning services and others and On the basis of wedding type the market is bifurcated into destination wedding and local wedding. Furthermore, it includes revenue generated from the wedding services across North America, Europe, Asia-Pacific and LAMEA.
Some of the major players profiled for in the wedding services market analysis include Augusta Cole Events, Colin Cowie, David Stark, Fallon Carter, A Charming Fête, Nordic, Adventure Weddings, JZ Events, Lindsay, Landman, Eventures Asia (Bali), and BAQAA Glamour Weddings & Events.
The wedding market is diverse worldwide, and there are numerous traditions and types that are involved in ceremonies between countries, ethnic groups, and cultures. These traditions are grounded on both the personal preferences of the parties involved and region. In addition, majority of wedding formalities involve the couple exchanging and reciting vows. In addition, the demand for wedding services depends upon the personal income of the couples and their families as well as customer preferences for their wedding celebration.
Online sales channel is now emerging as the one of the prominent sales channels in the retail sector. Many brands have now transitioned toward omni channel market approach. The online sales of wedding supplies has increased amidst the COVID-19 pandemic. The shift of consumer behavior toward buying their requirement online is expected to continue in future, owing to ease of selecting, purchasing, and getting doorstep delivery, which attracts consumers toward online channels. Another advantage of online channels is the near elimination of geographic boundaries. This convenience and increase in available options to choose from are attracting customers toward online channels, which is expected to serve as a lucrative opportunity for market expansion.
The report is analyzed by booking type, which includes online booking and offline booking. The report further segments the market on the basis of planning type such as full planning service, partial planning services and day of coordination. Based on service type, the market is further classified into videography/photography services, catering services, decoration services, transport services, wedding planning services and others and On the basis of wedding type the market is bifurcated into destination wedding and local wedding. Furthermore, it includes revenue generated from the wedding services across North America, Europe, Asia-Pacific and LAMEA.
Some of the major players profiled for in the wedding services market analysis include Augusta Cole Events, Colin Cowie, David Stark, Fallon Carter, A Charming Fête, Nordic, Adventure Weddings, JZ Events, Lindsay, Landman, Eventures Asia (Bali), and BAQAA Glamour Weddings & Events.
Key Benefits For Stakeholders
- This report provides an in-depth analysis of the global wedding services market to identify the potential investment pockets.
- It outlines the current trends and future scenarios to determine the overall market potential and gain a stronger market foothold.
- It discusses the key drivers, restraints, and opportunities and their detailed impact analysis.
- Quantitative analysis of the market from 2020 to 2030 is highlighted to recognize the financial competency of the market.
- The Porter’s five forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
Key Market Segments
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
By Booking Type
- Online Booking
- Offline Booking
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Russia
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Augusta Cole Events
- Colin Cowie
- David Stark
- Fallon Carter
- A Charming Fête
- Nordic Adventure Weddings
- JZ Events
- Lindsay Landman
- Eventures Asia (Bali)
- BAQAA Glamour Weddings and Events
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WEDDING SERVICES MARKET, BY BOOKING TYPE
CHAPTER 5: WEDDING SERVICES MARKET, BY PLANNING TYPE
CHAPTER 6: WEDDING SERVICES MARKET, BY SERVICE TYPE
CHAPTER 7: WEDDING SERVICES MARKET, BY TYPE
CHAPTER 8: WEDDING SERVICES MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'wedding services Market,' the wedding services market size was valued at $160,587.40 million in 2020, and is estimated to reach $414,285.70 million by 2030, growing at a CAGR of 4.8% from 2021 to 2030.Catering services segment led in terms of market share in 2020 and is expected to retain its dominance throughout the forecast period.Destination wedding is falling under wedding services market trends and is also becoming popular among millennial and every 1 out of 4 couples is opting for destination wedding in the American region which is leading to rise in wedding services market demand worldwide. In addition, the wedding in the New York City are the most luxurious destination weddings by far. It is not astonishing that the average wedding costs is over70,000. 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 very 1 in 3 of all destination weddings are from second marriages. Therefore, the ratio of couple opting for destination wedding is rising every year, which is propelling the wedding services market growth in the process.
However, the market is facing stiff challenge, according to the latest data from the National Centre for Health Statistics, marriage rates hit an all-time low in the year 2018, which is the most recently recorded year. Furthermore, the national marriage rate fell from 6.9 to 6.5 marriages every 1,000 people from 2017 to 2018. This drop in marriage ratio was a primarily noticeable change in a fairly-steady trend over the past decade, which is following a long decline starting in the mid of the year 1980s. In the year 2001, the national rate was 8.2 marriages per 1,000 people. Furthermore, while marriage rates have dropped for everyone; however, past Social Capital Project research has clarified that rates have majorly declined among those in middle and lower economic quintiles and minorities. Shrunken weddings is associated with increases in unwed childbearing over the last few decades, majorly for minority and less economic groups. Therefore, declining marriage rate is leading to drop in Wedding services Market demand.
The report is analyzed by booking type, which includes online booking and offline booking. The wedding services industry report further segments the market on the basis of planning type such as full planning service, partial planning services and day of coordination. Based on service type, the market is further classified into videography/photography services, catering services, decoration services, transport services, wedding planning services and others. On the basis of wedding type, the market is bifurcated into destination wedding and local wedding. Furthermore, it includes revenue generated from the wedding services across North America, Europe, Asia-Pacific and LAMEA.
Key findings of the Study
- By booking type, the offline booking segment is likely to remain the dominant segment in the year 2020, and is expected to gain wedding services market share in the coming years.
- By planning type, the full planning services segment is anticipated to be the fastest growing segment during the forecast period.
- By service type, catering services was the dominating segment in 2020, however photography/videography services is anticipated to be the fastest growing segment during the forecast period.
- By type, destination wedding is anticipated to be the fastest growing wedding services market segment during the forecast period.
- By region, North America dominated in terms of the market share in 2020, and is expected to retain its dominance during the forecast period.
- The players operating in the global wedding services market have adopted various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the wedding services market include- Augusta Cole Events, Colin Cowie, David Stark, Fallon Carter, A Charming Fête, Nordic, Adventure Weddings, JZ Events, Lindsay, Landman, Eventures Asia (Bali), and BAQAA Glamour Weddings & Events.
Companies Mentioned
- Augusta Cole Events
- Colin Cowie
- David Stark
- Fallon Carter
- A Charming Fête
- Nordic Adventure Weddings
- JZ Events
- Lindsay Landman
- Eventures Asia (Bali)
- BAQAA Glamour Weddings and Events
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 310 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 259.18 billion |
| Forecasted Market Value ( USD | $ 414.2 billion |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
