It's no secret that the luxury wedding market (defined as wedding budgets of $96,000 or more, not including the honeymoon) is a sought after segment of the bridal industry. Working with couples who have higher budgets not only allows wedding professionals more money to work with creatively, but helps many in the industry build sustainable businesses. When there are only 52 weekends in a year to hold the majority of weddings, being able to charge more for services is a strategic option that many pros try to make a reality. If you're one of the wedding professionals working in or wanting to move into the high-end wedding market, here are five facts about luxury weddings that may be useful as you develop and improve on your business and marketing plans:
1. It's not just the parents who are wealthy.
1 in 5 (22%) of couples who had a luxury wedding last year have an annual household income of over $500,000.
2. It's not just mom or dad footing the bill.
More than a third (38%) of couples having a luxury wedding pay for part or all of the wedding themselves. This means that potential wedding budget money is likely competing with other financial priorities: investments, retirement, a new home purchase, and even taking care of other people (1 in 5 millennials are financially responsible for family members outside of their household).
10% of couples having luxury weddings spent a million dollars or more last year, a percentage that actually increased from 2015, believe it or not. While 10% may seem like a small percentage, it's still a significant number of weddings. The competition may be fierce, but there is plenty of work in this ultra-luxe segment to go after.
4. Pinterest is (still) the most used social media platform among wealthy brides and grooms. (Instagram is number five. Yes, really.)
This is one of those facts that creatives don't like to hear, but just because Pinterest may not be your social platform of choice doesn't make it any less valuable to engaged couples in research mode. Remember, people use social differently when wedding planning than they do in their daily life. These couples may not be DIYing everything, but they are highly educated and do their homework. They will expect you to know everything about every idea they bring to the table, and they will come armed with research. This isn't a knock against you as an expert, it's them trusting that you know even more than they can possibly find online.
1 in 5 (20%) of brides or grooms started reading wedding magazines before they were even engaged, and nearly half (42%) read wedding blogs before getting engaged. It's a lot easier to read blogs on the down low before a ring is on your finger than it is a magazine, but this group does read both print and digital. With this highly educated group, it's important to make sure that your marketing and publicity efforts aren't narrowly focused to just one platform or media outlet.
You can learn more about the luxury wedding market and how real couples are making their bridal purchase and hiring decisions by downloading the 2017 Luxury Wedding Market Report from Splendid Insights. You can also download the Ultra Luxury Wedding Market Report (budgets of $500,000+) or choose from over a dozen other wedding market reports.