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Los Angeles, CA (PRWEB) 17 October 2011
How much does a wedding? 48000000000 $ you say? Why is what the wedding industry worth U.S. industry by IBISWorld market research. A collection of new research reports from industry indicate that this industry has not stopped growing yet in 2016 the wedding industry will have increased to $ 54.3 billion annualized to 2.5% in the results. Where does the money go?
Receive
: According to IBISWorld industry analyst Agata costs represent approximately 46.4% Kaczanowska reception of the wedding service industry. Catering and other food services, 26% of the cost, while typical wedding locations will be approximately 21%. The sites are traditional hotels, restaurants and religious institutions. Meanwhile, the food-service providers are mostly private caterer. “As the recession bit, dropped out of the reception, many couples spending, the costs through a combination, the less food, or serving food cheaper by encouraging customers to contribute to food to reduce -. As desserts – and reserve. a small space “
Held
and accessories: clothing and accessories segment includes all garments worn by the wedding party, including shoes and jewelry. This segment generated approximately 16% of industry revenues. This segment has remained a constant proportion of sales in the recession years. While couples should not bling in the saving power were on other items such as food and the situation more pronounced. The largest expense in the segment of the clothing is the wedding dress. Not only are most brides shop between stores, but the wedding online networks to facilitate exchange of information on designers and shops. As a result, women are more able to find and write about the wedding shops pricing and customer service. This exchange of information has greatly compromised the information monopoly that the traditional bridal shops maintained some more competition in the industry directly.
Details: This segment contains information photographers, florists and wedding planners. The providers of these services is 22.4% of industry revenues in 2011, $ 10.8 billion €. After Kaczanowska “many women are turning to do it yourself flowers and coordination, or who have less comprehensive packages with these suppliers. This trend should be fast in the coming year, discretionary spending will be reversed. Segment photography has grown since 2006 to a large extent as sharing photos and videos is now much more widespread thanks to social networking sites like Facebook. competitiveness among friends and family, and marketing designed to beat capitalize on this trend is driving the cost of existing services. “
Other services
things like entertainment, transport, services and officiate the beauty, favors, d? something other than flowers horn and printed materials such as place cards, menu cards, ceremony programs and guest books. The most important part of this spending on entertainment, including professional musicians, DJs and dancers. This segment is expected to recover over the next five years as couples save money and obtain more money for these items. However, even with economic recovery do it yourself (DIY) is an important trend that appeals married, because they make their wedding more personal. The trend is reinforced by the call on a budget. In addition, many sites sound systems that are compatible with portable music players like the iPod are, and provide an easy way for customers to control the playlists of marriage. This allows for some simple and inexpensive alternative to spend to live music or even a DJ.
On the back of renewed growth and general ease of start-Related Businesses marriage IBISWorld expects an influx of small businesses over the next five years. Increased spending by consumers, however, helps companies in the industry operate more profitably by reducing costs through sales. However, due to the formation of companies, earnings growth should be restricted during this period, reaching only 4.1% of sales in 2016.
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