Weddings - US - May 2013
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“While the wedding market has returned to modest growth, a smaller share of the population is choosing marriage and more opting to cohabitate without commitment instead. Industry players will need to look beyond the traditional parameters of weddings to attract marriage holdouts. Other avenues for market growth include answering other pressing issues—namely, alleviating stress associated with wedding planning and leveraging expert guidance to create a meaningful, customized wedding.”
– Fiona O’Donnell, Senior Analyst, Lifestyles and Leisure
Some questions answered in this report include:
Americans are willing to make a significant investment in the once-in-a-lifetime experience of planning their wedding, which is a well-established market worth an estimated $53.4 billion in 2012. However, changing views of marriage have resulted in a lower percentage of the population opting for marriage and a longer wait to first marriage among those who do. Due to the idea of marriage becoming somewhat of an optional tradition rather than a necessity for a committed couple, weddings to celebrate the occasion are also at risk.
The good news for the wedding market is that, among those who choose to marry, the average amount spent per occasion continues to increase. Furthermore, while the trend in weddings is to skew more toward casual rather than formal, couples are concentrating more on the guest experience and creating a memorable “party”—which provides promise that a new concept for what constitutes a wedding might be evolving.
This report analyzes the current state of weddings in the U.S.
Mintel defines a wedding as a ceremony in which two people are united in marriage or a similar institution.
For the purposes of this report, Mintel considers a wedding to include both the ceremony as well as the celebration that is traditionally held to recognize the union, which generally takes the form of a post-ceremony reception.
Destination weddings (which require participants to travel to a distant location, and require guests to purchase airfare or hotel and accommodations) are included, but are not the focus of the report.
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