Destination wedding market to rise 30.6 pc annually from 2021 to 2031

International destinations take 66 pc share in destination weddings market, says Future Market Insights
/ New Delhi
Destination wedding
Destination wedding market to rise 30.6 pc annually from 2021 to 2031

Young couples prefer international destination weddings, says FMI

Most destinations around the world from Thailand to Turkey are positioning themselves as ideal for organising destination weddings. A recent report reveals why.
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Destination wedding market is one of the hottest selling properties in the global tourism market as it begins to rediscover its pre-pandemic colours. A report by market research and analyst firm Future Market Insights says that this market is set to grow rapidly, at over 30.6 pc CAGR in the period 2021-2031.

The report by FMI says that by 2031, destination wedding market is estaimated to be valued at over USD 290 bn, from a rather low base of USD 21.5 billion, though that figure may be impacted due to the numerous barriers to travel in place around the world in response to the Covid-19 pandemic.

The report says that food services activities are a big chunk of the destination wedding market, accounting for 39 pc of the total value in 2021. Among the trends observed in destination wedding services in demand, the report says that with the help of drone videography, couples can avail of high-quality footage and photos while saving time and money compared to traditional photography solutions. Another trend identified by the report is that new generation couples are focussing on sustainability and many consumers prefer eco-friendly destination weddings.

Many players offer natural locations for destination weddings as choosing a park or resort not only provides a beautiful spot to get married but also contributes to the local economy while bolstering exposure to a place devoted to environmental stewardship.

The report adds that companies are extensively focussing 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.

For destination weddings, international destinations are expected to hold 66 pc revenue share owing to a wider range of options for aesthetics and climate that have attracted a larger pool of couples, says the FMI report, adding that wedding ceremonies dominates the market with a 33 pc share, with higher importance being given to family functions. Italy holds a noteworthy share of 17 pc of destination weddings, aided by a wider range of location options.

Within Italy, Santorini holds 16 pc share owing to a high level of penetration of key players with varieties of beaches and scenic mountain locations, while Corfu accounts for 15 pc of destination wedding events, aided by destination options and optimal climate for most of the year, it adds.

“Rise in personalised, 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.

The report acknowledges that like other domains of tourism and global economy, the outbreak of the novel coronavirus 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, says the report.

But it adds that from Q3, 2020, with improving situation, the market saw a slight improvement to regain its growth in the second quarter of 2021.

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