1 in 4 couples opt for destination weddings in the US region, driving the growth of the global wedding services market
PORTLAND, Oregon., April 6, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Wedding Services Market By Booking Type (Online Booking, Offline Booking), By Planning Type (Full Planning Services, Partial Planning Services, Coordination Day), By Service Type (Videography & Photography, Catering Services, Decoration Services, Transportation Services, Wedding Planning Services, Others), by Type (Destination Wedding, Local Wedding): Global Opportunities Analysis and Industry Forecast, 2020-2030 ». According to the report, the global wedding services industry generated $160.5 billion in 2020, and should generate $414.2 billion by 2030, with a CAGR of 4.8% from 2021 to 2030.
Main determinants of growth
1 in 4 couples opt for destination weddings in the US region, driving the growth of the global wedding services market. However, the high cost of destination wedding is hampering the growth of the market. On the other hand, the ratio of couples opting for destination wedding is increasing every year, which presents new opportunities in the coming years.
The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global wedding services market, owing to the implementation of lockdown.
Wedding planning revenues were reduced as many couples postponed their weddings or got married with a limited number of visitors.
Additionally, many wedding services remained closed for months, or reopened periodically for a few weeks or a month.
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The local wedding segment to maintain its leading status throughout the forecast period
Based on wedding type, the local wedding segment held the highest market share in 2020, accounting for more than three quarters of the global wedding services market, and is expected to maintain its leading status throughout the period. forecast. There is more value and importance given to the first trend of experiences, which drives couples to opt for local marriage. Additionally, the destination wedding segment is expected to show the highest CAGR of 5.6% from 2021 to 2030, due to the increase in the destination wedding trend among millennial couples.
The offline booking segment to maintain its leading position during the forecast period
Based on booking type, offline booking segment accounted for the largest share in 2020, contributing nearly three-quarters of the global wedding services market, and is expected to maintain its leading position during the forecast period. . Indeed, many couples would rather see what they will get in person than order online. However, online booking segment is expected to show the largest CAGR of 5.5% from 2021 to 2030. Nowadays, people prefer online wedding planners and bookings for their wedding, which is propelling the growth of the market for online booking of wedding services. around the world.
Asia Pacificfollowed by North Americato maintain its dominance by 2030
Based on the region, Asia Pacificfollowed by North America, held the highest market share by 2020 revenue, accounting for almost half of the global wedding services market. Moreover, the same region is expected to witness the fastest CAGR of 5.3% during the forecast period as the wedding services markets of Asia Pacific in particular South East Asia are identical to the opulent and exorbitant celebrations of several days, which include a huge crowd with a big celebration.
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Main market players
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