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Wedding Service Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Wedding Service Market Size
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
BBJ Linen, Generation Tux, David Stark Design, Couture Events, Easton Events, Geller Events, Bridal Bliss, Oren Co, Amorology LLC, LISA VORCE CO, Alison Events, KT Merry, Chic Weddings, Holly-Kate and Company, Wedding Spot, J.Lemons Events, Genius Eventi S.r.l, Bash Please, Bluebird Productions, Calder Clark, Michelle Rago Destinations, A Savvy Event, Calluna Events, Emily Clarke Events, Stefanie Cove and Co., BAQAA Glamour Weddings and Events, Marcy Blum Associates Inc, Downey Street Events, Firefly Events, Zest Events.
Wedding Service Market 2024 Key Insights:
• 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 Projected Surge In Marriages Fueling Growth In The Wedding Services Market
• Tech Solutions Transforming The Wedding Service Market
• Asia-Pacific was the largest region in the wedding service market in 2023
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