Economical Wedding Market Report + How We Chose the Budget Segment NamesSunday, August 26, 2012
The 2011 Economical Wedding Market Report is now available on Splendid Insights! This 41 page, full color report covers the economical wedding budget segment (wedding budgets of $10,000 or less, not including the honeymoon). The economical wedding segment accounted for 27% of the global wedding market in 2011.
If your dreams include someday having a product line in Target, Williams-Sonoma, Michaels, or wherever, this is the budget segment you want to pay attention to. Even if your clients spend more on their weddings, your target for mass market products will be couples who are spending less.
An important aside: When we were deciding how to slice the wedding data in relation to budget spend, we decided on four segments: Economical ($10,000 or less), Standard ($11,000 - $30,000), Premium ($31,000 - $95,000) and Luxury ($96,000 or greater). These segments give a more accurate picture at what couples who are spending different amounts value and are looking for in their wedding planning process than simply lumping budgets into two categories: average and luxury.
I also wanted to name the segments with terms that were not demeaning to a couple's financial choices. Describing a wedding as "average" is a slap in the face to the couple who spent just as many hours dreaming of their perfect day as another couple who may have spent more. I also wanted to stay away from the term "low-budget". $10,000 is a lot of money, no matter your household income. If someone chooses to spend less on a wedding than someone else does, we as an industry shouldn't be turning that into some type of wedding caste system. Every wedding budget has a story -- some couples pay for their weddings entirely themselves, some are paid for by parents who have been socking money away every month since the day the doctor told them their baby was a girl, and so on. How we talk about budgets in the wedding industry matters, and I tried to choose words that were respectful of the different choices we see every day.
You can purchase the 2011 Economical Wedding Market Report here and/or the other wedding budget segment reports here.