You may think weddings, like everything else, have gone completely modern, with the old traditions falling by the wayside. But, that’s not necessarily true. As the average ages of brides and grooms continue to rise (the average bride is now 29 and the groom is 31), couples who tie the knot have waited a long time to celebrate their big day and want all the hoopla. What’s changed is how weddings are organized and memorialized, with almost everything going high-tech and online.
According to just-released statistics from TheKnot.com, wedding budgets have increased steadily since the economic downturn of 2008, with couples today spending a record high average of nearly $30,000. But it doesn’t stop there: Couples want to give their guests a unique, personalized experience, so one in eight couples spends more than $40,000 on their weddings, and for one in four, the sky’s the limit (that is, there’s no set budget).
More interesting statistics from TheKnot.com’s Real Weddings Study:
- Average amount spent on a wedding dress: $1,281
- Average number of guests: 138
- Average number of bridesmaids/groomsmen: 4 to 5
- Most popular month to get engaged: December
- Most popular months to get married: June and September
- Nearly one in three couples provide guest entertainment.
- More money is being spent on rehearsal dinners, after-party events or morning-after brunches.
- Fewer weddings are taking place in religious institutions.
- Casual weddings are up.
As previously mentioned, personalization is at a peak, with weddings seen as a form of self-expression. Couples want their personalities to be part of the wedding experience, with many choosing to create signature wedding cocktails, hosting interactive food stations and having a family member officiating the ceremony.
Here are a few ideas you can add to your current business or perhaps start a whole new one to profit from weddings:
- Clothes, including the new trend of wedding dresses for “curvy brides”
- Paper goods such as invitations
- A wedding catering aspect to supplement your restaurant or an option to rent your restaurant for weddings
- Wedding planning
- Putting together a directory of local wedding vendors and sell advertising
- Jewelry design
- Wedding rentals of everything from bridal gowns to venue props
- Niche weddings such as “green” wedding or same-sex weddings
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at [email protected], follow her on Google+ and Twitter.com/Rieva and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.