Global Destination Weddings Market by System Type, End User, Region, Industry Analysis and Forecast, 2021-2031 – Market Research Blog
Drone videography has become a major trend in the destination wedding market with the increasing penetration of social media. The use of drone footage in wedding events takes destination weddings to the next level. Future Market Insights (IMF) in its latest study predicted that the market would grow at a CAGR of around 30.6% between 2021 and 2031.
According to the market analysis, the destination wedding market will generate revenue, exceeding US $ 21.5 billion in 2021. By 2031, the market should cross 290 billion US dollars. Restoration activities remain important and should 39% share of value in 2021.
With the help of drone videography, couples can enjoy high quality footage and photos while saving time and money compared to traditional photography solutions. New generation couples are focusing on sustainability, and many consumers prefer eco-friendly weddings.
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Many actors offer natural venues for destination weddings like the Riverview Retreat in Jim Corbett and the Banyan Tree, Phuket. Choosing a park or resort not only provides a beautiful place to get married, but also helps the economy while increasing exposure to a place dedicated to environmental stewardship.
Companies are largely focused on operating their services by improving retail penetration and mass marketing. They actively collaborate with well-established and local online retailers to ensure accessibility in both developed and developing countries. These trends should fuel long-term growth.
Key takeaways from studying the destination wedding market
- International destinations are expected to hold 66% of the revenue due to a wider range of aesthetic and climate options which have attracted more couples.
- Wedding ceremonies dominate the market with a 33% share, with more emphasis placed on family functions.
- Italy holds a notable 17% share of destination weddings, aided by a wider range of location options.
- Santorini will account for a 16% share due to a high level of penetration of key players with varieties of beaches and scenic mountain spots.
- Corfu accounts for 15% of destination wedding events, thanks to destination options and optimal climate for most of the year.
“The increase in the number of personalized, innovative and eco-friendly wedding events emphasizing an attractive environment, state-of-the-art facilities, increased income and rapid urbanization are key factors that will positively influence the market income up to ‘in 2031,’ says an IMF analyst.
Impact of COVID-19 on the market
The novel coronavirus outbreak has caused an economic downturn by causing disruptions in business operations in various sectors. The service sector is one of the hardest hit. A reduction in overall discretionary spending was observed, which posed a temporary challenge for players operating in the market.
As the coronavirus crisis continued, major cities banned gatherings and asked people to follow social distancing guidelines.
Couples have switched to live streaming using video conferencing apps. This has resulted in a major downturn in the wedding industry, with many couples canceling or postponing their events. Many people working in the wedding industry, including photographers and caterers, have also suffered from the strict standards.
However, with the improvement of the situations in the third quarter of 2020, the market has seen a slight improvement. The market is expected to return to its initial growth in the second quarter of 2021.
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Aggressive promotional strategies, advertisements and new product launches have boosted destination wedding sales worldwide.
Major players in the destination wedding market include White Eden Weddings, FiestaSol, Tropical Wedding & Honeymoon, Magical Weddings, Sparkles & Bubbles, ALL THING BEAUTIFUL, PLANNED FOR PERFECTION, Peach Perfect Weddings, The Wedding Travel Company, LM WEDDING PLANNER , Jennifer Fox Weddings, W Day, The Destination Wedding, Wedding Planner Roma and Studio Brzak Events, among others.
Market by category
- High season
- Mid season
- Low season
- Mid-season peak
Through Inclusion and activity:
- Hosting services
- Food service
- Butler services
- Other services
Through Accommodation capacity:
- Less than 100 guests
- 100 and more
- Pre-wedding ceremonies
- Wedding ceremonies
- Bachelor party
- Other types of functions
By booking channel:
- Reservation by phone
- Online booking
- Reservation in person
Scope of the report
|Historical data available for||2016-2020|
|Market analysis||Million USD for value|
|Key regions covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa|
|Key countries covered||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC countries, Turkey, South Africa North and South Africa|
|Key segments covered||Season, inclusion and activity, capacity, function, locations, booking channel and region|
|Key companies profiled||
|Cover of the report||Market forecasting, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives|
|Personalization and prices||Available on demand|
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Key Points Covered in Destination Weddings Market Research
- 2016-2031 Market Estimates and Forecasts
- Key Drivers and Constraints Affecting Market Growth
- Analysis by segment, country and region
- Mapping and benchmarking of the competition
- Brand share and market share analysis
- Key product innovations and regulatory climate
- Impact of COVID-19 on Destination Marriage and How to Navigate
- Recommendation on key winning strategies