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Wedding Services in the US Industry Market Research Report from IBISWorld has Been Updated
Date:8/8/2013

Los Angeles, California (PRWEB) August 08, 2013

Economic uncertainty and an increasing acceptance of cohabitation caused a significant proportion of couples to postpone their nuptials over the past five years, posing a challenge to the Wedding Services industry. Industry unemployment, which skyrocketed to 60.3% in 2009, caused people to delay spending on industry services. This resulted in a 5.8% revenue decline in 2009. Meanwhile, according to IBISWorld industry analyst Sally Lerman, “slowly changing social norms have dragged down the marriage rate over the past several decades and in the five years to 2013, when it is expected to decline at an annualized 0.9%.” During this time, industry revenue is anticipated to decrease at an average annual 0.8% to $50.6 billion, including a 0.8% expected rebound in 2013 thanks to rising consumer spending.

Faster internet connections over the past five years have enabled Wedding Services industry operators to reach out to potential clients at a lower cost. In addition, social networking platform developments have shifted vendors' marketing strategies toward communicating a unique vision to consumers. “Less expensive and more effective online communication has also increased competition by enabling new industry entrants to market to the same demographics as established businesses,” says Lerman. Such improved marketing channels are expected to drive enterprise growth at an annualized rate of 3.6% to 501,798 firms in the five years to 2013.

The marriage rate is forecast to continue declining an average 0.9% per year during the five years to 2018, though this is not expected to dramatically impact industry performance. The amount spent
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