2016 Premium Wedding Market Statistics + How The Budget Segment Names Were ChosenThursday, February 04, 2016
The 2016 Premium Wedding Market Report is now available from Splendid Insights! This report includes insights and wedding statistics from brides and grooms who spent between $31,000-$95,000 on their wedding in 2015, not including the honeymoon.
How The Budget Segment Names Were Chosen:
Several years ago, when I launched the wedding market research firm Splendid Insights, I wanted to be sure we surveyed a wide variety of brides and grooms. I wanted couples from as many countries as possible, various racial and faith backgrounds, as well as various financial backgrounds. I knew from my own experience in the bridal industry that the luxury market was larger than studies from other companies was showing, and I also knew that the section in the middle was more nuanced than was being reported.
When I was deciding how to slice the wedding data in relation to budget spend, I 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 paint 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 significant amount 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, some couples choose to elope and spend their wedding budget as a downpayment on a house, and so on. Everyone has differing priorities. 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.
The 2016 Luxury Wedding Market Report and 2016 Premium Wedding Market Report are now available for purchase.
Photo courtesy Nancy Ray
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