Wedding Industry

Topics: Wedding, Marriage, Wedding reception Pages: 8 (1795 words) Published: October 5, 2010
Strategic Analysis Project

Overview of the Wedding Industry
The wedding industry is a large industry in terms of dollars, but tracking where that money is spent is more difficult for several reasons. First, it is an industry that is made up of multiple smaller enterprises like caterers, wedding consultants, dresses, various beauty suppliers (hair, makeup), photographers, favors/bridesmaids gifts, music, honeymoon related, etc. While the industry as a whole represents a lot of money, each of the component parts is much smaller -- some smaller than others. These smaller composite suppliers can be very local and likely will be small and privately owned -- traditionally the types of businesses that do not necessarily report financial information to any agency other than the IRS. This is in sharp contrast to larger industries, comprised on many public companies which are required to file with the SEC making it much easier to find information.

1945 - 2008 Source: US Census, CDC

There are somewhere around 2.5 million weddings every year in the United States. June is the most popular month for weddings, then August, followed by September and October. The average budget for a wedding is estimated to be $20,000. So... about $40 BILLION is spent on weddings every year in the U.S. There are a few people around who believe this number is as high as $70 BILLION a year. A couple will spend an average of $3,800 for their honeymoon. 99% of newly married couples will plan and take a honeymoon. Couples are waiting longer to get married.

The average age of the first time bride is 26, the first time groom 28. The average household income of a newly married couple is $55,000/annually. More than 115,000 weddings are performed in Las Vegas every year! More than 20,000 weddings are performed in Hawaii every year. The average wedding has 175 guests (invited).

A recent study indicates 1/2 of all brides will use a wedding consultant or wedding day coordinator

Market Totals > Market Value
This is the market value for all items included in the average wedding cost. The sum of average spending times the number of weddings may not equal the market value due to weighting and other adjustments. Year| Market Value|

2005| $58,983,500,000|
2006| $60,698,000,000|
2007| $62,808,152,000|
2008| $47,118,240,000|
2009| $42,138,312,000|
| |
Market Totals > Average Total Spending
This is the average amount spent on a single wedding.
Year| Average Spending|
2005| $26,450|
2006| $27,590|
2007| $28,732|
2008| $21,814|
2009| $19,581|
| |

Market Totals > Number of Weddings
This is the number of weddings for this market.
Year| Weddings|
2005| 2,230,000 |
2006| 2,200,000 |
2007| 2,186,000 |
2008| 2,160,000 |
2009| 2,152,000 |
| Number of Weddings

The average cost of a wedding now exceeds $20,000.00. 
Costs are typically higher in the Northeast (NYC, Boston, Washington, Philadelphia) and in major metropolitan areas. Here is a ballpark summary of where the money goes based on a variety of ongoing research and discussions with wedding professionals.

Category and Average Spend in 2009
Reception Venue – $12,838
Reception Band – $3,288
Reception DJ – $892
Photographer – $2,444
Videographer – $1,481
Wedding/Event Planner – $1,728
Wedding Gown – $1,134
Florist/Decor – $2,093
Invitations – $509
Wedding Cake – $559
Ceremony Musicians – $451
Catering (cost per head) – $63
Wedding Day Transportation – $692
Favors – $292
Rehearsal Dinner – $1,163
Engagement Ring – $5,847
• 2.3 million couples wed every year in the US. That breaks down to nearly 6,200 weddings a day • one-third of those getting married each year have been married before

The money behind the marriage
• $72 billion per year is spent on weddings
• traditionally, the father of the bride...
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