A recent survey suggests that the wedding market in the US is gathering steam, and is expected to increase in the near future, driven largely by demographics.
The survey by The Fairchild Bridal Group sheds some light on the American wedding market, which is quite different from the market in Canada.
The study reveals that total spending on US weddings has increased $5 billion since 2002 to a total of $125 billion. The survey entitled "American Weddings” also found that over the last fifteen years, the average cost of a wedding has grown 73% to $26,327.
Released May 25, the study found that one out of every 62 Americans will get married in 2005. And while 45% of these couples will spend more than they had planned on their wedding, Daniel Lagani, vice president of The Fairchild Bridal Group sees this as a tremendous opportunity for vendors and services. "The bridal industry is now a life stage that encompasses fashion, travel, home furnishings and more. Engaged couples are active consumers who are building brand loyalty that will last for years to come," he said.
The survey found a 100% increase in the amount couples spend on wedding photography and videography. In addition, nine percent of all American couples have a destination wedding—up 200% in the last 10 years. These couples have a higher combined household income (by over $10,000), yet spend an average of 41% less on their reception than those who have the average wedding. They also tend to have a smaller wedding party by an average of 4 fewer attendants.
American couples are getting married later; the average bride is now 27 years old and her groom 29. Engagements last an average of 17 months, a half-year longer than the 11-month average engagement in 1990. December is the most popular month for engagements, while April is the least popular.
The study predicts a surge in American weddings as “Echo Boomers”—children of the Baby Boomers—move into the "engagement zone." 71 million echo boomers were born between 1979 and 2002, and the oldest in this group reach the marriage age of 27 in 2006.
And there’s good news for the brides’ parents. The study found a 13% decrease in the number of brides' parents paying for the entire wedding. Instead, 27% of brides and grooms pay for their wedding themselves and 16% of couples foot the bill with the help of both sets of parents.
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