The U.S. Wedding Management Market to Reach $ 7.69 Billion by 2029, Driven by High Budget Weddings
Focus Reports is pleased to announce its latest report on the U.S. wedding management market, shedding light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current wedding management market dynamics and prospects in the U.S.
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The U.S. wedding management market was valued at USD 7.03 billion in 2023 and is projected to reach USD 7.69 billion by 2029, growing at a CAGR of 1.50% during the forecast period. Factors like destination weddings and growing preferences for improving guest experience and technology on the rise of wedding management led to the growth of the wedding management market. The wedding industry in the U.S. is a major contributor to the U.S. economy. Other sectors, including hospitality, beauty, fashion, food & beverage, also support it with the rising number of marriages and spending on weddings by couples.
High-budget Weddings Demand Wedding Coordinators for Logistics, Vendor Coordination, Timeline Planning, and Support on the Big Day
Wedding management entails the seamless coordination of events on the special day. People are ready to spend 30% to 50% or more of their lifetime savings for a perfect wedding. A high-budget wedding typically costs over $20,000, leading the U.S. wedding management market share. The couples who choose this option seek an extravagant and luxurious wedding. They may prefer a larger wedding party. Wedding coordinators are in high demand for high-budget weddings. They help couples with logistics, follow-ups & coordination with all vendors, planning wedding timelines, and providing support & advice to couples on the wedding day. Medium-budget weddings, which include around 51 to 100 guests, cost between $10,000 to $20,000 and show the highest growth with a CAGR of 1.86% during the period 2024-2029. As the wedding focuses on budget, such couples also prefer to hire a wedding coordinator to manage a day of coordination so couples can easily enjoy their wedding day. The popularity of medium-budget weddings is growing significantly due to the trend of destination weddings and the rising disposable income of millennials. The disposable income is high in the U.S., as most couples work. It drives the demand for the wedding management market in the U.S.
The Management Segment is Experiencing Substantial Growth, Aiding Couples in Overseeing all Marriage-related aspects.
The management segmentation in the U.S. wedding management market includes full and partial management. Such coordinators offer all services of coordination required for the wedding to a specific service per the couple’s need. Wedding coordinators’ popularity is growing significantly in the U.S., as they help couples manage all activities concerning marriage, like coordinating with various vendors for decoration, logistics, and food catering. It is a good choice for couples who are getting married at a destination location or planning a complex wedding.
Small and Medium-sized Wedding Coordination Businesses dominate the U.S. Market, Offering Personalized Experiences for Couples
Small and medium-sized wedding coordinate businesses dominate the U.S. wedding management market. These businesses are specialized in specific categories, such as catering, wedding planning, etc. In the U.S. wedding management market, many local players strongly impact a particular area. They can easily offer more personalized experiences to couples in the U.S. They offer a professional coordinator for a day of coordination to run a wedding smoothly. The large and national players provide a wide range of services and have a strong presence on online platforms. They offer wedding management services from full management to partial management. The competitive landscape in the U.S. wedding management market is constantly evolving and is dynamic. Established businesses are expanding their reach and service offerings, and new players are emerging in the market to meet the changing requirements of couples as per the latest trend. The demand for improving guest experience is rising in the U.S. wedding service market. Thus, wedding management businesses focus on improving logistics operations to make their clients feel special.
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