Overview of Wedding Industry

February 12, 2015 at 4:21 pm Leave a comment

Bride and groom embracing.The wedding industry consists of a variety of small to large businesses offering wedding related products or services. According to the Library of Congress on Wedding Industry Research, the wedding industry is huge in terms of dollars spent but challenging to extract exact statistics due to the nature of commerce as divided up amongst a wide range of various wedding-related components working full to part time. However, it is possible to take a bird’s eye view of basic industry information and review the different sectors that compose the wedding industry. Read on to learn more about a general overview of the wedding industry.

Wedding Industry Summary

As reported in USA Today, estimates for 2014 indicate 2.2 million couples married in the US, which averages to about 6,000 weddings per day. The median age of couples getting married for the first time ranges from their mid-twenties to early thirties. Current trends indicate many couples are paying for their own wedding out-of-pocket combined with significant financial assistance from parents or relatives.

Wedding Costs

In 2012 according to a Reuters report, the most expensive weddings took place in New York with budget amounts slightly toppling over $65, 824 and the least costly affairs occurring in West Virginia with an average of $14,203. The wedding industry as a whole generates roughly $40 billion per year with the average wedding costing well over $25,000. The total cost of a wedding is dependent on several factors including setting, venue, number of guests, date and time and style.

Breakdown of Costs

 The majority of a budget allotted for a wedding often goes toward the reception and ceremony followed by attire, photographer/videographer, flowers, entertainment, jewelry, stationary, gifts and miscellaneous. The reception is almost always the most expensive costs consuming 45-55% of the wedding budget. This is due to many factors such as venue fees, catering and food, wedding cake, decorations, rentals, beverages and entertainment. When breaking down the cost of an individual wedding it commonly boils down to a matter of budget and personal choices.

Vendors meeting these needs may include wedding consultants, beauty suppliers, transportation services, site and venue rentals, wedding attire, photographers, wedding favors and gifts, florists, tailors, caterers, officiants, DJs, entertainment and honeymoon providers.

Honeymoon Information

 Many couples choose to go on a honeymoon after their wedding from local to faraway destinations. Costs associated with a honeymoon include transportation, accommodations, meals and activities or entertainment. Wedding industry contributors include airlines, hotels, resorts and travel websites.

Exhibit at the Great Bridal Expo, a national bridal show tour featuring both national and local area businesses with the latest in wedding trends. Exhibit to meet with the couples, brides, friends, families and wedding planners who attend who are in need of your business’ product or service. The many benefits for exhibitors include high-quality venues, a comprehensive bridal show marketing plan, complete contact database, post-show advertising and the opportunity to present your business to the wedding market.

Request Exhibitor Information Here

References

Wedding Industry Research – Library of Congress

Marriage Rate May Be Low, but More Weddings Predicted

Average Cost of U.S. Wedding Hits $27, 021

US Census Median Age of First Marriage

In U.S., Proportion Married at Lowest Recorded Levels

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