Wedding Services Market

The global wedding services market size was valued at $160.5 billion in 2020, and is projected reach $414.2 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030. Catering services segment led in terms of Wedding services Market  Share in 2020 and is expected to retain its dominance throughout the forecast period. 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.

During the coronavirus pandemic in 2020, all the cities banned large gatherings and asked the residents to follow proper social distancing guidelines. Expectedly, this has led to a major slowdown in the wedding industry, with many couples postponing or cancelling their big day.

The outbreak of COVID-19 began in late 2019, and has spread throughout the world in early 2020. After the diseases was declared a pandemic, affected countries declared a complete lockdown, which resulted in wedding postponement. Many couples shifted toward virtual wedding, which caused a reduction in the sale of clothes, footwear, catering, decoration, and other wedding expenses. The revenue for wedding planning were reduced, as many couple were postponing their wedding or were getting married under a close friend circle and family members. Moreover, many wedding services remained closed for months, and were reopened periodically for a few weeks or a months, depending on the various conditions of the pandemic in the region. Therefore, there was a major impact of COVID-19 during the lockdown phase, which has negatively impacted the market growth. In addition, in the U.S., 2.5 million weddings are organized; however, amid the pandemic this number dropped to 1.2 million, which shows a major impact over the wedding industry as the U.S. is the market leader in the wedding services industry.

Segment review

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. On the basis of wedding type, the Wedding services market share 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.

By booking type, the offline booking segment was the major revenue contributor to the market, owing to consumer trust more toward face to face interaction and discussions.

Depending on the planning type, the full planning service segment was the predominant channel in 2020 for the wedding planning services and is expected to exhibit the highest growth rate during the forecast period.

On the basis of service type, the catering services segment was the predominant channel in 2020 for the wedding planning services; however photography/videography segment is expected to exhibit the highest growth rate during the forecast period.

On the basis of type, the local wedding service segment was the predominant channel in 2020 for the wedding planning services; however, destination wedding services segment is expected to exhibit the highest growth rate during the forecast period.

The report focuses on the Wedding services Market share, growth prospects, restraints, and opportunities of the global wedding services market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers in the global wedding services market.

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.

COVID-19 Impact Analysis

• The wedding services market growth was negatively impacted by the pandemic, owing to country wide lockdown and closing down of schools.

• Majority of the weddings were postponed to the next year and many couple have tied the knot in the year 2021, which is more than the per year ratio.

• The Wedding services Market demand is expected to follow a stable growth in the forthcoming years

KEY BENEFITS FOR STAKEHOLDERS

• This report provides an in-depth Wedding services Market Analysis of the global 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.

 Wedding Services Market Report Highlights