Market Research

5 Facts About Luxury Weddings

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).

3. Million dollar weddings are a real thing. 

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.

5. High-end brides and grooms read both print magazines and wedding blogs. 

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

Photo by Nancy Ray

Insights Into the Ultra Luxury Wedding Market (budgets of $500k+)

You asked and we listened! I'm happy to share that the first ever Ultra Luxury Wedding Market Report is now available from Splendid Insights! This report takes a look at the high-end of the luxury wedding market, specifically budgets of $500,000 or more, not including the honeymoon. 

While this segment is small compared to the rest of the wedding market, it is still lucrative and this report is designed for professionals working with these ultra high-end clients, but who have never had access to wedding-specific insights and statistics focused on this niche. Here are a few takeaways from the Ultra Luxury Wedding Market Report:

  • 1 in 5 couples within this segment spend over a million dollars on their wedding, with 8% spending over $3 million. 
  • Nearly half of the couples pay for part or all of the wedding themselves, and this segment tends to skew a little older (fewer millennials than the others, though they are still the majority wedding client in this group). 
  • They are the most educated of the all the budget segments and the heaviest bridal media users – brides and grooms having ultra luxury weddings do their homework and are not careless with how they spend their money.

You can download the 2017 Ultra Luxury Wedding Market Report here. You can also view the other 2017 Wedding Market Reports here, including the Global Wedding Market Report, the Australian Wedding Market Report, the UK Wedding Market Report, the US Wedding Market Report, and four additional wedding budget segments (EconomicalStandardPremium, and Luxury).

Photo by Nancy Ray

Canada Wedding Statistics + The First Ever Ultra Luxury Wedding Market Report

The 2017 Canadian Wedding Market Report is now available on Splendid Insights! It includes insights and statistics from real couples in Canada who tied the knot in 2016. You can download it instantly here.

We've also added two new reports to our budget segment reports: The Ultra Luxury Wedding Market Report (budgets of $500,000 or more) and the Intimate Wedding Market Report (budgets of $1000 or less). These two reports will be available soon – you can sign up for the waiting list at their respective pages (Ultra Luxury Weddings and Intimate Weddings).

While the luxury wedding segment is defined as wedding budgets of $96,000 or more, we've been asked over the years to take a look at the high-end of luxury wedding budgets. We've defined ultra luxury weddings as those with budgets of half a million dollars or more and we're happy to now make these insights available to you for the first time ever. You can join the waiting list here to be the first to know when this report is released.

In addition, we wanted to share insights and statistics on couples who have meaningful weddings but may choose to spend significantly less than others. It's important to remember that when you see that the average wedding budget is $30,000ish (give or take a couple thousand depending on the year), that elopements, city hall weddings, or people spending $75 on a marriage license and having a friend officiate are included in this number. We created the Intimate Wedding Market Report to focus on wedding budgets of $1000 or less, to take a look at what these couples value when it comes to their wedding planning. If you supplement your main wedding income with elopement services, this report is the one for you. You can join the waiting list here to be the first to know when this report is released.

You can download the 2017 Canadian Wedding Market Report here or choose from over 16 other wedding market reports here.

Photo by Nancy Ray