Wedding Service Market Analysis 2023-2027: Projected Market Size, Key Trends And Opportunities As Per The Business Research Company's Wedding Service Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Wedding Service Global Market Report 2023, the global wedding service market is poised for substantial growth, with expectations to surge from $175.46 billion in 2022 to $196.58 billion in 2023, showcasing an impressive compound annual growth rate (CAGR) of 12%. Despite challenges arising from the Russia-Ukraine war disrupting global economic recovery post-COVID-19, the wedding service market is anticipated to reach $295.47 billion by 2027, maintaining a robust CAGR of 10.7%.
Wedding Service Market Driving Forces
The increasing number of marriages globally is a key driver propelling the growth of the wedding services market. As marriage remains a socially accepted partnership, wedding services play a pivotal role in supporting and enhancing the marriage experience. By providing expertise, reducing stress, ensuring smooth coordination, and facilitating personalized and memorable wedding events, these services have become integral to modern marriages. Notably, the Centers for Disease Control and Prevention reported a significant rise in the total number of marriages in the United States from 2020 to 2021, indicating a growing trend that is expected to drive the wedding services market.
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Wedding Service Market Major Players and Market Trends
Leading players in the wedding service market, including BBJ Linen, Generation Tux, and David Stark Design, are witnessing a key trend of product innovations. Companies are focused on developing innovative solutions to strengthen their market positions. For example, David's Bridal recently launched "Pearl," an all-in-one management platform and vendor marketplace, streamlining wedding planning for couples. Additionally, The Knot Inc.'s acquisition of Zankyou Ventures SL underscores the industry's commitment to expanding products for engaged couples and wedding planners worldwide.
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To leverage the growth potential and navigate market dynamics, industry players are encouraged to explore TBRC's comprehensive market report. The wedding service market report provides essential insights into market trends, major players, and regional dynamics, empowering businesses to make informed decisions. By understanding emerging trends and consumer preferences, players can strategically position themselves in the evolving wedding services market, tapping into opportunities for sustainable growth and success.
Wedding Service Global Market Report 2023 by The Business Research Company provides insights on the wedding service market size, wedding service market segments, wedding service market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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