The Wedding Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wedding Service Global Market Report 2024, The wedding service market size has grown rapidly in recent years. It will grow from $196.58 billion in 2023 to $219.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to cultural and religious traditions influencing wedding ceremonies, social importance and societal expectations around weddings, economic prosperity and disposable income levels, influence of celebrity weddings, evolution of wedding fashion and bridal industry.
The wedding service market size is expected to see rapid growth in the next few years. It will grow to $327.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to expansion of wedding-related media and content, family values and emphasis on ceremonial events, rise of destination weddings, changing demographics and diverse wedding traditions, personalization and customization trends in wedding services
. Major trends in the forecast period include technological advancements in wedding photography and videography, integration of virtual and augmented reality in wedding planning, focus on sustainability and eco-friendly weddings, development of ai-driven wedding planning toolsadvances in wedding venue technology and infrastructure.
The increasing number of marriages is expected to propel the growth of the wedding services market going forward. Marriage is a legally and socially accepted partnership, usually between a man and a woman, governed by laws, norms, conventions, beliefs, and attitudes that define the rights and duties of the partners and give status to their kids. Wedding services support and improve marriages by providing expertise, reducing stress, providing smooth coordination, and facilitating a personalized and memorable wedding event. For instance, in April 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, the total number of marriages in the United States increased to 1,985,072 in 2021. Therefore, the increasing number of marriages will drive the wedding services market.
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The wedding service market covered in this report is segmented –
1) By Type: Destination Wedding, Local Wedding
2) By Service Type: Videography And Photography, Catering Services, Decoration Services, Transport Services, Wedding Planning Services, Other Service Types
3) By Planning Type: Full Planning Services, Partial Planning Services, Day Of Coordination
4) By Booking Type: Online Booking, Offline Booking
Product innovations are a key trend gaining popularity in the wedding service market. Major companies operating in the wedding service market are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, David’s Bridal, a US-based bridal garment store, launched Pearl, an all-in-one management platform and vendor marketplace. It is a complete wedding planning platform and national vendor marketplace that allows brides to plan their weddings and connect with thousands of local suppliers across the United States. Pearl collects all the couple’s wedding aspects into one spot, making planning, organizing, and cherishing simpler.
The wedding service market report table of contents includes:
1. Executive Summary
2. Wedding Service Market Characteristics
3. Wedding Service Market Trends And Strategies
4. Wedding Service Market – Macro Economic Scenario
5. Global Wedding Service Market Size and Growth
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31. Wedding Service Market Other Major And Innovative Companies
32. Global Wedding Service Market Competitive Benchmarking
33. Global Wedding Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wedding Service Market
35. Wedding Service Market Future Outlook and Potential Analysis
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