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Tapping Into the Multibillion-Dollar Wedding & Honeymoon IndustryFebruary 3, 2010 By: Jacqueline Johnson Travel Agent
According to The Wedding Report, the wedding market value in 2009 was a whopping $56.8 billion.
Once she says yes, the date is set and the family goes on a spending spree. For you—the agent or travel service provider—these are your perfect customers! Here’s how they make weddings market one of the most lucrative:
* They are willing to pay more than the average leisure traveler
* They are shopping with a deadline
* There are no seasonal limitations—it is a year-round market
* They are part of a constantly regenerating marketplace—each year over 2 million people get married in the U.S.
* They are highly brand receptive
* Their choices are quality driven—for them it is not an ordinary trip, it is the trip of a lifetime
* They have more disposable income. However, parents and family still make a contribution to this life-changing event
* Their purchases are spread over different categories—insurance, credit cards, luggage, living, etc
No other customer embarks on such a full-price shopping spree, or does so with an immediacy that yields unprecedented branding opportunities for a lifetime. While the economy has dictated some moderation in spending, most couples who are about to get married continue to spend.
Increasing Your Profit Margin
So, how do you make inroads into this market?
These are the top three places brides look up first for honeymoon or destination wedding ideas:
1. Online 42.60 percent
2. Local bridal magazines 34.81 percent
3. National bridal magazines 22.59 percent
You need to keep track of the changing reading habits of today’s brides so that you promote your products in the right places.
* Install window signs (yours and the local wedding vendor’s)
* Post honeymoon information on your website
* Advertise in church/synagogue bulletins and local newsletters
* Buy databases of engaged couples for your mailings
* Befriend tourism boards that get the honeymooners
* Leverage the Internet by joining like-minded groups
* Use Google’s search engine to your advantage
* Populate chat rooms with your URLs
* Participate in bridal shows
* Utilize the benefits of membership in international organizations
* Work with your local radio station to make yourself the contact person for wedding or travel information
* Create promotions to get yourself noticed in your market
* Do not forget to form an alliance with your local jewelry shop—that is where engagement rings are bought
Recommended Service Provider
I will also help you develop a good roster of hotels with seamless operations in the booking of weddings or honeymoon. It is a lucrative market—and knowing how to do the business can save you lots of time while adding to your bottom line.
Featuring: Nisbet Plantation in Nevis & The Reefs in Bermuda
You cannot go wrong with these properties or destinations. In addition to helping you make the process seamless, you are guaranteed to get your commission on time.
To book a honeymoon or wedding, call Nisbet’s Wedding Coordinator Leonora Didder (011-869-469-9325, [email protected]). At The Reefs, contact the gracious and helpful wedding coordinator (011-441-236-9469 or [email protected]).