The destination wedding market with the rising penetration of social media. Usage of drone footage in marriage events takes destination weddings to the next level. Future Market Insights (FMI) in its latest study has forecast the market to rise at a
The destination wedding market with the rising penetration of social media. Usage of drone footage in marriage events takes destination weddings to the next level. Future Market Insights (FMI) in its latest study has forecast the market to rise at a CAGR of ~30.6% between 2021 and 2031.
As per the market analysis, the destination wedding market will generate revenue, surpassing US$ 21.5 Bn in 2021. By 2031, the market is forecast to cross US$ 290 Bn. Food service activities remain important and are set to account for 39% of the value share in 2021.
Many players offer natural locations for destination weddings like the Riverview Retreat in Jim Corbett and the Banyan Tree, Phuket. Choosing a park or resort not only provides a beautiful spot to get married but also contributes economically while bolstering exposure to a place devoted to environmental stewardship.
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Companies are extensively focusing on leveraging their services through enhancing retail penetration and mass marketing. They are actively collaborating with well-established and local online retailers to ensure accessibility in both developed as well as developing countries. These trends are expected to fuel growth in the long term.
Key Takeaways from the Destination Wedding Market Study
International destinations are expected to hold 66% revenue share owing to a wider range of options for aesthetics and climate that have attracted a larger pool of couples.
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Impact of COVID-19 on the Market
The outbreak of the novel coronavirus has resulted in an economic downswing by causing disruptions in the business operations in various sectors. The service industry is one of the hardest hit. There has been observed a reduction in the overall discretionary spending, which posed a temporary challenge for the players operating in the market.
As the coronavirus crisis continued, large cities banned gatherings and asked people to follow social distancing guidelines.
Couples have moved on to live streaming using videoconferencing applications. This led to a major slowdown in the wedding industry, with many couples canceling or postponing their events. Many people who work in wedding industry including photographers and caterers also suffered due to strict norms.
However, with improving situations in the third quarter of 2020, the market saw a slight improvement. It is expected for the market to gain its initial growth in the second quarter of 2021.
Who is winning?
Aggressive promotional strategies, advertisements, and new product launches have driven sales of destination weddings around the globe.
Major players present in the destination wedding market include White Eden Weddings, FiestaSol, Tropical Wedding & Honeymoon, Magical Weddings, Sparkles & Bubbles, ALL THINGS BEAUTIFUL, PLANNED FOR PERFECTION, Peach Perfect Weddings, The Wedding Travel Company, LM WEDDING PLANNER, Jennifer Fox Weddings, W Day, The Destination Wedding, Wedding Planner Roma, and Studio Brzak Events among others.
About Future Market Insights (FMI) Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market
Jul 20, 2022
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