Wedding Market Reports by Budget SpendFriday, July 25, 2014
The most current wedding market reports in all four budget categories are now available from Splendid Insights! The budget categories are:
*Luxury: wedding budgets of $96,000 or greater, not including honeymoon (7% of global wedding market)
*Premium: wedding budgets of $31,000 - $95,000, not including honeymoon (19% of global wedding market)
*Standard: wedding budgets of $11,000 - $30,000, not including honeymoon (44% of global wedding market)
*Economical: wedding budgets of $10,000 or less (30% of global wedding market)
Splitting the budget segments into four categories rather than two ("average and luxury") gives a more accurate picture of what couples value and are looking for in their wedding planning process. It can also give you a sense of how to make different choices for your business based on your target clients or who you would like to be your target clients. If you have a mass market product, the Economical and Standard reports are ones you'll want to review.
A note on the budget segment names: it was important to me that the segments be named in a manner that was not demeaning to a couple's financial choices. Describing a wedding as "average" is a slap in the face to a couple who spent just a many hours dreaming of their day as another couple who may have spent more.
I also wanted to stay away from the term "low-budget." $10,000 is a significant amount of money, no matter your household income. If someone chooses to spend less on a wedding, we as an industry shouldn't be turning that choice 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 saving since the day their child was born, and so on. How we talk about budgets in the wedding industry matters, and I tried to choose terms that were respectful of the different choices we see every day.
The budget segment reports, along with regional and country wedding market reports can be purchased here.