Wedding Industry
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
WEDDING INDUSTRY STATISTICS
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
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
WEDDING INDUSTRY STATISTICS
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