Published On: January 16th, 2023
Extensive celebrations are still in, but differently!
Until a couple of years ago, people found themselves tied with a moral and social obligation to celebrate the D-Day of their lives with lavish outfits and only in the presence of extended friends and family. However, today, with the changing trends in the wedding industry, the celebrations have shrunk to personal spaces and in the presence of a significant few, often termed “micro-weddings” by industry experts. The couples have also swiftly moved from expensive decor, exorbitantly priced outfits, and expensive gifts towards things more minimalistic.
It’s no secret that the draconian wave of the COVID-19 pandemic transformed the face of the wedding industry on a global scale in both hemispheres. It has piqued the wedding industry to emerge with fresh ways of generating revenue while keeping it joyous. But what happened that brought about the two extreme trends?
How Much is the Wedding Industry Worth?
Despite being hit by the pandemic, the wedding industry remains a money-making industry worldwide.
We can’t really set foot in the industry until we discuss the whopping revenue it generates worldwide. The global wedding industry market size was valued at $160.5 billion in 2020 and is anticipated to reach $414.2 billion by 2030.
The most important thing to remember is that the wedding industry is not a single industry but a cluster of small industries and vendors who come together to pull off the final show. Which wedding would be complete without the floral vendors, fashion designers, event managers, caterers, photographers, etc.? Regardless of which part of the world you belong to, solemnising a wedding typically encompasses all these elements.
IbisWorld, a leading research firm, has estimated that the U.S. wedding industry has experienced a growth of approximately 2.1% from last year, amounting to $57.9 billion. However, that would still be less as compared to a revenue of over $70 billion before the pandemic.
However, it’s not just about the pandemic; it’s also about wedding trends and the shifting desires of couples for their Big Day. One colossal example is the cost-cutting on engagement rings! In the USA, millennials spend much less on their weddings than the previous generations.
In Australia, we see the same shift – cutting down on wedding expenses is totally in! Why? The final cost of an average Australian wedding went up to $33.3K, nearly 60% of the average salary of couples between 21-35 years. This, too, is another reason why people are looking to save money.
As for India, a 2022 report estimated the wedding industry worth Rs. 3.75 lakh crore, where catering and venue services constitute about 30% of the total revenue. Furthermore, decoration, event planning, and logistics make up 14%, 12%, and 9%, respectively. Gifting considered a widely accepted norm during the celebrations, constitutes a considerably larger of 9%.
Although the wedding industry after COVID is recovering at a decent rate, the progress may not be different from what it used to be, as the priorities of the masses have changed.
The trends introduced by the pandemic in the face of contingencies have now become a norm, and people are loving it! Let’s dig deeper, shall we?
Wedding Industry Trends You Cannot Miss
The wedding industry is undergoing a revolution, and soon-to-be-married couples need to keep an eye!
Apart from the changes in revenue, the wedding industry after Covid has also witnessed the emergence of new, innovative, and sustainable trends. Here are our favourites!
Tech-driven Wedding Planning
People are extra keen and careful while making their wedding arrangements. They want to touch and see everything personally before they finalise it for their special day, whether it’s a bunch of orchids, the trail of the wedding gowns, or the dessert they are planning to serve their guests.
Remember, AI wedding videos, AI wedding images & even invitations are already in fashion!
The pandemic has trained people to stick to online shopping for obvious reasons. It has tamed the obsession to visit every vendor one-on-one and explain the requirements. This is revolutionary for developing countries where online shopping is not a ‘fundamental’ element of people’s lives. But what started as an adjustment is now a trend.
Personalisations and Customisations
Customisation has been the most buzz in the wedding industry. Couples have moved past the stereotypical event element and prefer everything to be customised. They want every element of the event to signify their favourites rather than guests.
From personalised decor, champagne glasses, cakes, invites, and welcome boards, to outfits and accessories, people like everything the tailor-made way. In recent years, customised mehendi, blouses, and bridal footwear are also ruling the charts!
Sustainable Please!
One of the most catalytic trends in the wedding industry is the switch from elaborate to minimalistic. The millennial couples are up for holding sustainability at the core of celebrations. So instead of buying expensive outfits and jewellery, they’d rent one. Also, rather than inviting hundreds of guests to the event, they would save money for a better and brighter future. The Knot’s “Real Wedding Study” suggests that today, the average number of attendees per wedding is 105, compared to 131 in the pre-pandemic phase.
Besides, using E-invites or seed paper invites and personalised wedding websites significantly contributes to curbing paper use. They are creative and remarkable!
The Use of QR Code
QR codes for sending monetary presents to couples are yet another exciting trend in the wedding industry after COVID. This is especially evident in India, where a vast QR code is placed aside on the dais for the guests to show some love. Besides being eco-friendly, it is also an excellent practice for promoting online payments, which is still firming its hold in the country.
Final Thoughts
Regardless of the dynamic trends in the wedding industry, millennials are continuously ditching conventional practices such as overpriced engagement rings, matching bridesmaid dresses, and crowdy receptions.
Consumer preferences have clearly shifted from the categories from which the wedding industry made the most money. Just as the industry was gaining ground after shouldering the hefty losses inflicted by the pandemic, it has a new roadblock to cut through in the form of changing consumer preferences.
The key is to spot the most lucrative opportunities and remain flexible rather than rigid to better adapt to the evolving consumer psyche.
Stay tuned to Interesting Reads at Colitco for more such exciting analyses and insights.
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