Wedding Service Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
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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https://www.thebusinessresearchcompany.com/report/wedding-service-global-market-report
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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