Global Wedding Services Market | The destination wedding segment is expected to reach the highest CAGR of 5.6% from 2021 to 2030

PORTLAND, OREGON, USA, September 5, 2022 /EINPresswire.com/ — Allied Market Research released a report titled “Global Wedding Services Market By Booking Type (Online Booking, Offline Booking), By Planning Type (Full Planning Services, Partial Planning Services, Coordinating Day ), by type of service (videography & photography, catering services, decoration services, transport services, wedding planning services, others), by type (destination wedding, local wedding): analysis of global opportunities and forecasts of industry, 2020-2030″. According to the report, the global wedding services industry generated $160.5 billion in 2020 and is expected to generate $414.2 billion by 2030, with a CAGR of 4 .8% from 2021 to 2030.

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Destination wedding is falling apart wedding industry and also becoming popular among millennials and 1 in 4 couples opt for destination wedding in the US region, leading to an increase in the demand for the wedding services market across the globe. Additionally, New York weddings are by far the most luxurious destination weddings. It’s no wonder the average cost of a wedding is over $70,000. Additionally, the best locations for destination weddings in the United States are California, Florida, and Nevada and the best locations for destination weddings outside the United States are Mexico, the Caribbean, and Hawaii. Additionally, 350,000 destination weddings take place every year and Las Vegas is the leader in weddings with around 1 lakh and more weddings per year. Additionally, destination weddings are a very popular option for second marriages and very 1 in 3 of all destination weddings are from second marriages. Hence, the ratio of couples opting for destination wedding is increasing every year, propelling the growth of the wedding services market in the process.

Main determinants of growth

1 in 4 couples opt for destination weddings in the US region, driving the growth of the global wedding services market. However, the high cost of destination wedding is hampering the growth of the market. On the other hand, the ratio of couples opting for destination wedding is increasing every year, which presents new opportunities in the coming years.

COVID-19 scenario

The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global wedding services market, owing to the implementation of lockdown.
Wedding planning revenues were reduced as many couples postponed their weddings or got married with a limited number of visitors.
Additionally, many wedding services remained closed for months, or reopened periodically for a few weeks or a month.

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The local wedding segment to maintain its leading status throughout the forecast period

Based on wedding type, the local wedding segment held the highest market share in 2020, accounting for more than three quarters of the global wedding services market, and is expected to maintain its leading status throughout the period. forecast. There is more value and importance given to the first trend of experiences, which drives couples to opt for local marriage. Additionally, the destination wedding segment is expected to show the highest CAGR of 5.6% from 2021 to 2030, owing to the increase in the destination wedding trend among millennial couples.

The offline booking segment to maintain its leading position during the forecast period

Based on booking type, offline booking segment accounted for the largest share in 2020, contributing nearly three-quarters of the global wedding services market, and is expected to maintain its leading position during the forecast period. . Indeed, many couples would rather see what they will get in person than order online. However, online booking segment is expected to show the largest CAGR of 5.5% from 2021 to 2030. Nowadays, people prefer online wedding planners and bookings for their wedding, which is propelling the growth of the market for online booking of wedding services. around the world.

Asia-Pacific, followed by North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of 2020 revenue, accounting for nearly half of the global wedding services market. Moreover, the same region is expected to witness the fastest CAGR of 5.3% during the forecast period as the Asia-Pacific wedding services markets, especially Southeast Asia , are identical to opulent and exorbitant celebrations over several days, which include huge crowds with big parties.

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Main market players

Augusta Cole Events
Colin Cowie
David Stark
Fallon Carter
A Charming Party
Nordic adventure weddings
JZ Events
Lindsay Landman
Events Asia (Bali)
Weddings and glamorous events BAQAA

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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services across 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.

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