III. Industry Analysis
The wedding venue industry is expected to grow over the next five years. This trend will be mostly fueled by rising income levels.
Increasing per capita disposable income has enabled those who do get married to spend more on their big day, tempering the decline. Additionally, the increasing average age of marriage and the length of engagements will give couples more time to plan and save money for their ceremonies.
As consumers become increasingly involved in their careers, they will have less time to plan their own weddings; consequently, couples will become more likely to hire industry operators to assist in the planning and execution of the wedding. This will boost overall industry revenues.
Over the past five years, the barriers to entry for operators in this industry have decreased as more couples find vendors through the internet. Online marketing and social media have increased visibility for industry players and lowered marketing budgets, making it easier for new companies to enter the industry.