Weddings are an extension of everyday life, so there is simply no fear that this market will ever go away. It is the dream of most women to have that Cinderella day of being the belle at the ball. Hence, the revenues generated from this lifestage event tops over $100 billion.
Protocol may change, (destination weddings versus traditional church weddings in a hometown), as will dress design and color, vows, and being respectful of a tight economic situation (getting the most for the dollar). Listening to every pundit on behavior changes and expenditure can lead you onto the wrong path of how you spend your marketing dollars or invest your time.
A recent study done by The Wedding Report confirms the following:
• 81 percent of newly married couples take a honeymoon
• 15 percent of newly married couples chose a cruise as their primary accommodation of which, 47 percent use Carnival
• Most couples leave right away for their honeymoon
• On average, couples stay 7.6 days on their honeymoon
• On average, a single couple will spend $3,473 on their honeymoon
• Estimated honeymoon market value is $5.91 billion
• The top honeymoon destination is the Caribbean
• The top activity is Sightseeing
• The average number of guests at wedding is 125
Do remember that there is no seasonality to the bridal market – weddings occur year round— and it is never too late to enter this market. However, you may want to bear in mind that the holiday season from Thanksgiving to Valentine's Day provides more of an opportunity for couples to make that ultimate commitment.
And yes, they will spend. Whether it is tapping in to their savings or using a credit card, 72 percent of women confirm that they have planned for this day and would like to see their fantasy fulfilled.
For more information on the business of weddings please attend the Luxury Travel Expo where I will be speaking on this topic. You may also want to subscribe to EWedNews a very informative daily email covering this market in detail. Paul Pannone, the investigative reporter for EWedNews leaves no stones unturned.
Of course I can be reached via e-mail at [email protected].