The global wedding market is one of the largest and most profitable industries today. Statistics show that nearly 2.3 million couples get married in the United States annually.
Many sub-markets contribute to the larger wedding industry. Some of the most prominent include the wedding dress market and the wedding ring market.
Wedding Dress Market
According to a report by Statista, the global bridal gown market was worth $32.5 billion in 2017 and is expected to reach $43.5 billion by 2022 during the forecast period.
One of the most prominent products in the wedding industry in the bridal gown. It is an important part of the overall wedding celebration.
In terms of regions, North America is one of the more prominent markets for bridal gowns. This region alone is anticipated to register a CAGR of 7.1% during the forecast period 2017-2022.
This growth is attributed to the innovations in the wedding dress industry. Designers and manufacturers are implementing new and unique fabrics, designs and styles for wedding gowns.
Wedding Ring Market
Another important part of a wedding are the wedding rings that are (typically) exchanged during the wedding ceremony.
The wedding ring market is segmented by ring type, including:
Researchers predict that the wedding ring market will show sustainable growth in coming years as the demand for wedding rings increases. This is due to:
In addition, advances in ring making technology has increased consumer demand for unique and innovative wedding rings. Many couples prefer to engrave or custom-design their rings with significant words or images.
Furthermore, many consumers have been opting to purchase wedding rings through an online medium. Customers increasingly prefer to online shop and buying wedding rings via the internet significantly cut down shopping time for couples.
Another factor influencing the global wedding market is an increase in disposable income.
In general, couples are increasingly willing to spend more money on the wedding industry in order to have a high-end, memorable wedding. According to a report released in 2017 by the Knot, couples spend an average of $33,000 on weddings.