1. The average wedding budget is expected to be between $30,000 and $50,000
The average cost of a wedding in 2024 is expected to be over $30,000, with more couples budgeting between $30,000 and $50,000. According to a survey by Zola, when it comes to prioritizing wedding expenses, 54.76% of respondents are willing to spend more money on a photographer, followed by 42.60% on an open bar and 41.27% on the venue.
2. Wedding market size growth is expected to reach $219.8 billion in 2024
The market size of the wedding industry has increased quickly in recent years, and this expansion is predicted to continue in the next few years. It is predicted to increase from $196.58 billion in 2023 to $219.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%, and then to 327.19 billion in 2028 at a CAGR of 10.5%.
3. More than half of couples look for a wedding planner online
Over 50% of people look for wedding planners online such as search engines, social media etc. It is better for wedding planners to optimize their website or social media handle and increase online presence. Couples spend an average of 29% of their budget to hire a wedding planner.
4. Couples hire 14 vendors on average for their wedding
Here are the top vendors hired in 2023 for the wedding day:
Barkev Meserlian, Founder of Barkev's, says, "It's important to note that, similar to all aspects concerning love and marriage, there isn't a singular correct response nor a fixed amount deemed appropriate to invest in an engagement ring.
| Vendors | Percentage of couples that hired |
|---|---|
| Wedding Dress | 92% |
| Venue | 91% |
| Photographer | 89% |
| Groom's Attire | 86% |
| Caterer | 86% |
| Cake | 80% |
| Hair + Makeup | 76% |
| DJ | 72% |
| Florist | 65% |
In another insight from Juan Palacio, CEO of BloomsyBox, adds, "Statistics indicate that more than one-third of florists report that their brides receive proposals within a day or two of meeting."
5. Couples are using technology often when they are planning their weddings
While 11% of couples plan to use AI, only 7% of couples actively use it for wedding planning. Furthermore, 36% are thinking about integrating AI, making 54% open to or already utilizing it, while 46% are unlikely to do so. 62% of couples create a website for their wedding to include key details such as the wedding date, venue, dress code, RSVP information, registry links, engagement photos and more., 52% make use of wedding planning apps.