Future Market Insights (FMI) in its latest study has forecast the market to rise at a CAGR of ~30.6% between 2021 and 2031.
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.
With the help of drone videography, couples can avail high-quality footage and photos while saving time and money compared to traditional photography solutions. New generation couples are focusing on sustainability and many consumers prefer eco-friendly destination weddings.
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.
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.
- Wedding ceremonies dominates the market with a 33% share, with higher importance being given to family functions.Italy holds a noteworthy share of 17% of destination weddings, aided by a wider range of location options.Santorini will account for a 16% share owing to a high level of penetration of key players with varieties of beaches and scenic mountain locations.
- Corfu accounts for 15% of destination wedding events, aided by destination options and optimal climate for most of the year
“Rise in personalized, innovative and green wedding events with a focus on attractive surroundings, advanced facilities, and a surge in income and rapid urbanization are key factors that will positively influence market revenue through 2031,” says an FMI analyst.
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.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
