Coronavirus may have caused a slow decrease in the margins of the wedding industry but the overall pictures of this market are really encouraging. Investors love the idea of dealing with that and more and more businessmen deal with wedding planning. The reason? Simple! No serious initial investment is required to get started and whether you will succeed depends on whether you are organized and punctual rather than whether you can start with capital. People are very happy when they plan their wedding and it is not the moment when they chose to be tight with money. For this and many other reasons, the industry has proven very profitable and open to new entries.
- It’s a social event
More than a religious moment, marriage is a kind of social event. Actually, according to sociologists, this is how it has always been. Marriage would be a point where two people would declare their devotion to one another to their close society of people. An announcement that they intend to extend their family and have kids. As years went by the event gained different forms of expression and now is the party that follows the ceremony is what this is all about. In the past for most civilizations, the celebrations would start before the wedding and would peak when the wedding took place. The first night of the married couple would follow and then the honeymoon, which would last a month, allowing the newly married to enjoy their love. Adding up all that means it’s more than a ceremony and so money is spent for a variety of reasons on this occasion.
- More divorces more weddings
One of the reasons because the industry is so profitable is because there are more weddings taking place nowadays. Even though people are less religious they still want to get married to experience the glory of the wedding. In addition, due two the fact that society is more open to divorces nowadays, more and more people end their marriages when they feel their relationship has come to an end. Some of the divorced couples are actually very young and they are very likely to get married even more than once again. The total number of weddings is therefore increasing leading to an open market that sees this business as a great investment.
- Spending on a wedding becomes popular
Putting a lot of money on a wedding has initiated in the United States and the whole western world but it seems to be spreading all over the globe. Other countries, on the other hand, copy the culture of developed countries and adopt the exact same patterns. China has especially noted a great increase in weddings over the last years. Countries like China who have such a big population add to the whole wedding industry sum. The differences in religion are easier to overcome and people now have options.
- Why are weddings so expensive?
Prices of a wedding vary and not few are the cases where the numbers become astronomic. However, there are real reasons why the cost is so high. For one thing, there are many things you have to pay for. From the photographer to the DJ, and the catering up to the decoration, the invitations. The second thing is that most of them have to move. They come from they are located to where the marriage takes place. In some cases, such as the photographer and the catering they have to carry equipment also. All this staff adds a serious amount to the cost.
- What sets the price of the wedding planner?
An interesting question would be: how much could a wedding planner get? Well, the answer to that depends on many parameters. The most important is to keep in mind that a wedding planner sets his own price. Their annual salary varies from $40,000 to $120,000 approximately. The class of their potential clients determines their price. In the meanwhile, there are some cases where clients demand only a part of the planning to be taken care of by a professional and they insist to take up some of the planning responsibilities themselves. This decreases the profit margin. In any case though, in a word of crisis weddings still have a lot to offer.
—CEOWORLD magazine and get news updates from the United States and around the world. The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine.
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