Wedding Service Market Overview: Market Size, Major Drivers And Trends
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The global wedding service market is set for significant expansion, with projections indicating growth from $175.46 billion in 2022 to $196.58 billion in 2023, and a further climb to $295.47 billion by 2027, boasting a compound annual growth rate (CAGR) of 10.7%. Let’s delve into the driving factors and trends that are shaping the landscape of this flourishing industry.
- Catalyst for Growth: Increasing Number of Marriages:
- The upsurge in the number of marriages globally is a key driver of the wedding services market.
- Marriage, as a socially accepted partnership, is on the rise, contributing to the demand for wedding services.
- In the United States, the total number of marriages increased from 1,676,911 in 2020 to 1,985,072 in 2021, according to the Centers for Disease Control and Prevention.
- Wedding services play a crucial role in supporting and enhancing marriages by providing expertise, reducing stress, and facilitating memorable events.
- Major Players Steering the Market:
- Key players in the wedding service market include BBJ Linen, Generation Tux, David Stark Design, Couture Events, and many more.
- The involvement of these major players underscores the competitive nature of the industry and the potential for market expansion.
- Trend Spotlight: Product Innovations in Wedding Services:
- Product innovation emerges as a significant trend in the wedding service market, with companies striving to develop innovative solutions to strengthen their market position.
- In January 2023, David’s Bridal introduced Pearl, an all-in-one management platform and vendor marketplace.
- Pearl serves as a comprehensive wedding planning platform and national vendor marketplace, simplifying the planning, organizing, and cherishing aspects for couples.
- This innovation reflects the industry’s commitment to providing seamless and modern solutions for couples planning their special day.
- Market Segmentation: The global wedding service market is segmented based on various factors, providing a nuanced understanding of its diverse facets.
- a) By Type:
- Destination Wedding
- Local Wedding
- b) By Service Type:
- Videography And Photography
- Catering Services
- Decoration Services
- Transport Services
- Wedding Planning Services
- Other Service Types
- c) By Planning Type:
- Full Planning Services
- Partial Planning Services
- Day Of Coordination
- d) By Booking Type:
- Online Booking
- Offline Booking
- Regional Dynamics:
- Asia-Pacific emerges as the largest region in the wedding service market in 2022, highlighting the regional variations in market dynamics.
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The Wedding Service Global Market Report 2023 provides an overview of the wedding service market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wedding service market forecast analyzes wedding service market size, wedding service market share, leading competitor and their market positions.
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