2.3 million is the average number of couples that get married in a year in the United States. The bride’s parents and recently, the bride and groom themselves shell out an average of $20,000 per wedding. Last year, the average wedding costs jumped up to $32, 329, as revealed by The Knot. The U.S. Wedding industry continues to be a multi-billion dollar industry with an average revenue of $72 billion last year.
Even during tough times in economic activity, majority of couples getting married say the economy has not affected their wedding plans, even going as far as saying, they overspent. This is backed up with survey results that reveal more couples go over budget on entertaining guests. While guest lists have shortened, quality of guest entertainment from photo booths to fireworks have not been compromised. So, with such a large promise on ROI, you may be the practical kind to jump in and capitalize on this industry.
Now, the wedding industry is large and diverse. It includes not only the ceremony and reception venues, but also the coordinators, hair and makeup artists, caterers, photographers, limo drivers and more. So where can you enter in this industry? You can start by searching for tuxedo rentals in Dallas or be ready for searches like rent tuxedos in Austin, TX, as there is always a market for this. From prom to weddings, men want to look their best too. The wedding and reception venue is still one of the largest wedding costs. In recent years, more couples are looking for unique venues for their wedding, which can include farms, barns, historic homes, beach houses, museums and public gardens. Also, take note that dining is no longer limited to the reception, though. There are wedding party luncheons, get-togethers, brunches, parties, getting-to-know events and rehearsal dinners that restaurants can find market in.
Technology is something that couples also incorporate in their weddings. This includes online wedding concierge, virtual wedding planning apps and sites, planning weddings through Pinterest and pouring countless hours over wedding hashtags. On the wedding day itself, GoPros are useful for capturing the walk down the aisle, couples live stream their wedding or have drones take an aerial footage of their wedding. It is no surprise then that photographers and videographers take a large piece of the wedding pie budget.
Guest entertainment is another large expense for couples trying to make an impact with their wedding. Overseas guests are treated with a fresh bouquet of flowers upon arrival at their hotel via luxury airport car service rentals paid for by bride and groom. Guests enjoy never-ending feasts and entertainment with wedding bands, djs and other entertainment businesses digging into another large piece of the wedding budget. Party favors and giveaways can also be another way for you to enter this industry.
Other non-traditional businesses that can take advantage of this booming industry include retail stores, auction services spas or massage parlors, transportation (e.g. shuttle bus service) and a host of other businesses can invest in wedding-centric offers. Even golf clubs can offer a pre-wedding golfing event or other businesses can offer go-karting and other unconventional wedding games.