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Wedding Services in the US - Industry Market Research Report

Wedding Services in the US - Industry Market Research Report

  • May 2019
  • 30 pages
  • ID: 576298
  • Format: PDF
  • By Ibisworld

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Tying the knot: Despite the falling marriage rate, rising expenditure on weddings will support revenue

Abstract

Wedding Services in the US
Evolving social norms and medical advancements which enable women to safely give birth later in life have caused the marriage rate to decline over the past several decades. Extended periods of cohabitation before marriage and family planning has increasingly become the norm among young couples. As a result, the Wedding Services industry has experienced stifled growth over the five years to 2019, as a strengthening economy boosts wedding budgets and consumers with deep pockets drive industry demand. While rising wedding budgets have translated to higher overall industry revenue, heightened competition has hindered revenue per operator. Over the past five years, the barriers to entry for operators in this industry have decreased as more couples find vendors through the internet. Over the five years to 2024, industry demand is expected to continue to be pressured by the marriage rate, which is forecast to decline. Also, during the outlook period, the Consumer Confidence Index is expected to fall, and when consumer confidence is low, individuals are less likely to take on nonessential expenditures. As a result, consumers will likely be more hesitant to take on high wedding costs over the next five years.

This Wedding Services industry is broadly defined to include wedding day service providers, apparel retailers and venues. Wedding coordinators are also included, as they carry many responsibilities on the day of the event. The industry does not include honeymoon expenses.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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