Wedding Planner
Economic Environment
December 2010–January 2011 The RMA Journal
Wedding Bells
Are Ringing
••After a downturn caused by a troubled economy and fewer marriages, wedding-related businesses are on the rebound.
LiquidLibrary, Hemera/THinksTock by Toon van beeck and GeorGe van Horn While not an industry in itself, the wedding business is a key revenue contributor to a diverse mix of local busi- nesses. Weddings are customized, and therefore not prone to efficiency, and they often occur on an irregular timeline. The clients (bride and groom) dream of perfection, while someone else (their parents) usually pays the bills.
In the same way department stores rely on the holiday season to help define the ultimate success of their year, many small business operators depend on the number and extravagance of wedding events to distinguish a good year from a bad one.
This article provides a quick evaluation of the wedding industry’s contribution to local economies and the small army of business service providers that support it. High- lighted here are the health of the wedding business, the size of the market, and the reliance of key industries on wedding-related revenue.
Going to the Chapel
Weddings are big business. From the proposal to the return flight of a honeymoon, a typical wedding will have a direct and indirect impact on more than 100 industries. The list ranges from gold mining to travel agencies, but in this article we will look only at industries directly affected by the wedding event. While this categorization whittles down the industry impact considerably, the wedding market remains a sizable $47.2 billion sector.
Let’s put this revenue in perspective: If weddings were compared to holiday-generated spending, they would rank just behind Christmas and easily ahead of Thanksgiving. The infrequency of weddings is more than made up for by their extravagance. They generate more revenue than Valentine’s Day, Mother’s Day, and Easter combined.
One
December 2010–January 2011 The RMA Journal
Wedding Bells
Are Ringing
••After a downturn caused by a troubled economy and fewer marriages, wedding-related businesses are on the rebound.
LiquidLibrary, Hemera/THinksTock by Toon van beeck and GeorGe van Horn While not an industry in itself, the wedding business is a key revenue contributor to a diverse mix of local busi- nesses. Weddings are customized, and therefore not prone to efficiency, and they often occur on an irregular timeline. The clients (bride and groom) dream of perfection, while someone else (their parents) usually pays the bills.
In the same way department stores rely on the holiday season to help define the ultimate success of their year, many small business operators depend on the number and extravagance of wedding events to distinguish a good year from a bad one.
This article provides a quick evaluation of the wedding industry’s contribution to local economies and the small army of business service providers that support it. High- lighted here are the health of the wedding business, the size of the market, and the reliance of key industries on wedding-related revenue.
Going to the Chapel
Weddings are big business. From the proposal to the return flight of a honeymoon, a typical wedding will have a direct and indirect impact on more than 100 industries. The list ranges from gold mining to travel agencies, but in this article we will look only at industries directly affected by the wedding event. While this categorization whittles down the industry impact considerably, the wedding market remains a sizable $47.2 billion sector.
Let’s put this revenue in perspective: If weddings were compared to holiday-generated spending, they would rank just behind Christmas and easily ahead of Thanksgiving. The infrequency of weddings is more than made up for by their extravagance. They generate more revenue than Valentine’s Day, Mother’s Day, and Easter combined.
One