THE WEDDING MARKET’S DUAL AISLES

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Presentation transcript:

THE WEDDING MARKET’S DUAL AISLES The Knot and The Wedding Report are two credible sources for wedding market information; however, they differ significantly on the average cost of a 2016 wedding, at $35,329, an 8.2% increase, and $26,720, a 0.28% increase, respectively. According to The Wedding Report, total 2016 US wedding market sales were $57.8 billion, an insignificant increase from 2015’s $57.7 billion. It also reports that 2.162 million weddings took place during 2016. According to The Knot’s survey, the average number of guests was 141, while the Wedding Report stated an average of 125 guests, both a decrease from the previous year. The Knot reported more money being spent per guest.

WEDDINGS, OUR WAY According to The Knot’s study, couples are spending more on making the guest experience memorable and unique. Custom guest entertainment more than tripled, with photo booths, games, musical performances and fireworks topping the list. Almost half of The Knot’s respondents valued having a scenic reception venue as a top priority, and 30% wanted both indoor and outdoor spaces. Ceremonies at houses of worship decreased to 26% from 41% during 2009. Unusual venues increased. During 2016, fall was the most popular time to marry, with September and October the most popular months, at 16% each, followed by June at 13%. Fewer couples (20%) had destination weddings, a decrease from 24% during 2011.

PLANNING AND PAYING PREFERENCES According to Wedding Wire’s 2017 Newlywed Report, half of wedding planning is done from a smartphone or tablet and an average of 1–2 hours per day is spent planning on a mobile device. One-third of couples use at least one wedding planning app. Two-thirds of couples use an online wedding checklist, 70% of Millennial couples create a wedding Website and 66% use Facebook and Pinterest at least weekly for wedding planning. Nearly two-thirds (63%) of brides feel pressured to have the perfect wedding. More than 50% of Millennial couples’ parents pay for their wedding. Gen Xers are the largest group to pay for all or most of their wedding. More than 60% of same-sex couples pay for their weddings, but are receiving more help from others than previously.

MORE CELEBRATORY CHOICES Couples are choosing garden- inspired centerpieces for a more organic, casual look with neutral grey, cream and gold décor with glass and metallic accents. Some weddings are using neutrals with pops of color. Blush pink is popular. For food, couples are including late- night snacks, additional courses, food trucks and a dessert table. Entertainment is also more diverse, with lawn games, photo booths, fire-eaters, contortionists and dance performances. Wedding gown trends are sleeves, mixed lace, high necks and off-the- shoulder. For men, it is tweed suits and vests, feather bow ties, grey with burgundy and floral neckties. Approximately 60% of grooms wear a suit or more casual attire.

THE RETURN OF SANITY TO WEDDING DRESS COSTS According to a survey from online retailer Lyst, the average bride spent $998 on a wedding dress during 2017, a 25.2% decrease from 2015’s $1,334. Retailers, such as Topshop, Missguided and Reformation, all offer more modern, lower-priced wedding dresses. More casual styles, such as jumpsuits and pantsuits, are also gaining popularity since celebrity Solange wore one to her wedding. Bridesmaids, too, are paying less. A bridesmaid dress is priced at an average of $165 for 2017, compared to 2015’s $214. Only 46% of bridesmaids wear the same dress.

SAME-SEX WEDDING MARKET TRENDS Although same-sex weddings have, on average, fewer guests than opposite-sex weddings, the amount spent per guest is approximately the same. Male couples who married had an average income of $176,000, compared to female couples, $124,000, and opposite-sex couples, $113,000. Same-sex couples tend to be older than the national average, with women’s average age at 33 and men at 38, compared to opposite- sex unions where women’s average age is 30 and men’s is 32.

ADVERTISING STRATEGIES Cater to young couples’ desire to be unique by showing interesting and unusual venues, clothing, entertainment and décor. Wedding and event planners and photographers should make it clear that they will listen to couples and make their wedding an expression of their story. Showcase neutral color palettes and more casual, green floral arrangements.

NEW MEDIA STRATEGIES Use Pinterest extensively and group photos and boards with tags, such as “unique,” “fall,” “personal,” “fun,” “entertainment” and “scenic.” Ask past clients to post photos of their weddings and comments on your Website or social media profiles to claim a one-year anniversary gift. Almost all LGBTQ engaged couples (91% of females and 88% of males) say that vendors should clearly communicate that they are LGBTQ- friendly on their Websites and social media profiles with the use of language and/or photos and videos.