What Is The Outlook For The Wedding Industry
Despite recent and current challenges faced by the wedding industry, it is expected to grow by 11% this year, as found in...
- Rajiv - CEO & Founder
- Jul 24, 2021
Despite recent and current challenges faced by the wedding industry, it is expected to grow by 11% this year, as found in an extensive report by IBISWorld. The industry, which is worth $51.2 billion in the U.S. alone, saw an 8.8% drop in demand between 2016-2021, with the year 2020 alone posing a 34.2% loss, as weddings were postponed owing to restrictions on gatherings. Revenue is forecast to rise steadily until 2026, as providers tend to couples who have had to postpone their big day. Some of the biggest trends wedding services and products companies should take into account when it comes to formulating their strategies can be found below.
The Demand For Wedding Products Remains High
The IBISWorld report showed that despite a reduction in the demand for services, the demand for wedding products will continue to dominate, with everything from catering to flowers, fashion, and jewelry being considered essential to a satisfying celebration. The report indicates that the wedding planning industry in particular is set to suffer, since tech-savvy consumers have learned to use online resources for DIY wedding planning.
Wedding Jewelry Trends
Engagement ring sales are soaring as the U.S. recovers from the pandemic, with fine jewelers reporting a resurgence in both wedding band and engagement rings as of April 2021. CNN reports that some companies making losses of approximately 40% in 2020 are now enjoying sales which are 20% higher than the same period in 2019. “Between the forced spending curtailment during pandemic lockdown and multiple rounds of stimulus checks, many households are sitting on more savings now than they’ve ever had before,” Greg McBride, chief financial analyst at Bankrate.com, told CNN. The popularity of online sales is another habit couples have embraced fervently, since online retailers have savvily kept up with current wedding jewelry fashions. Couples can choose from classic ring designs such as halo and pear-shaped diamond rings right through to colored gemstone designs, three-stone rings, and engagement rings bearing colorful emeralds, sapphires, or pearls, as the main gem/stone.
Sustainable And Nature–Filled Weddings
Outdoor weddings became a must in 2020 owing to safety reasons but their popularity is predicted to continue in the upcoming years owing both to health and aesthetic reasons. The pandemic has led to a new appreciation for the Great Outdoors although even prior to 2020, American and global consumers were already indicating a desire to back environmentally responsible services and products. In addition to celebrating weddings by lush green or calm blue areas, couples are also seeking sustainable suppliers for everything from food (local organic produce and cuisine that pays head to the ‘slow food’ movement are both very much in trend) to décor. More couples are seeking green ways to embellish their receptions – including the use of recycled or upcycled wedding favors, potted (instead of cut) flowers, and wedding invitations made from recycled paper.
Opting For Intimacy
Over the past year, many couples intending to throw big celebrations had to rethink their strategies. Regulations limiting the size of gatherings led to the popularity of small, intimate live-streamed weddings attended virtually by extended family and friends. This phenomenon has enabled couples to spend more on items such as jewelry and honeymoons, with digitalization bridging the gap between traditional and forward-looking celebrations.
The wedding industry has bounced back since 2020, with a steady growth predicted for products such as jewelry and fashion. The wedding services industry has suffered immensely since the advent of C19, with many couples now wishing to opt for DIY arrangements. One thing that hasn’t gone out of fashion is nature. The Great Outdoors will continue to feature prominently in dreamlike weddings set against lush greenery or serene beaches.
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