There are a reported 2.5 million weddings a year in the U.S. alone, with an average wedding cost of $33,000. The wedding industry is worth $72 billion globally. The numbers speak for themselves—weddings, as a business is totally profitable.
There are many factors that go into planning a wedding, from the venue, flowers, food, attire, and so much more costly details that we tend to forget about. It can all be overwhelming. But for those who have been dreaming this for their entire lives, or is a compulsory ritual in one’s culture—a wedding is worth the money and is merely inevitable. In business language, we would say: the demand is there.
This isn’t just demand for wedding planners and bridal shops, but for businesses that tend to the wedding ceremony such as caterers, flower shops, venues, hair and makeup artists, decorations, videographers or photographers, travel planners, graphic designers, transportation and hotels. While these businesses provide a variety of events, ‘the wedding package’ is an offer that charges more. A wise move made by these businesses. Since demand is high, the supply (range of services offered) increases too.
Weddings are joyous occasions that brides, especially, desire for everything to be perfect. What we can get out of this is the knowledge that people are willing to pay, whether this is coming out of the couple’s savings or various contributions from their relatives. Even when there are cheaper alternatives, at the end of the day there is still cash flow occurring. This is the essential indicator that an industry is thriving.
In this blog, we will take a look at various businesses in this industry and to gain some more knowledge on wedding organizations, both in the perspective of the business (provider) or the planner (customer).