It’s a good time to be in the wedding business.
While COVID lockdowns wiped out the wedding season in 2020, the industry has recovered sharply, creating a flurry of business for vendors, per The New York Times.
The boom is expected to last beyond this year
While many of these ceremonies are socially-distant “micro-weddings,” not everybody is cutting back, which brings good news for vendors.
Independent research firm Wedding Report expects the average price per wedding to rise through 2023:
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- 2021: 1.93m weddings, average spend of $22.5k
- 2022: 2.47m weddings, average spend of $24.3k
- 2023: 2.24m weddings, average spend of $24.9k
Increased spending could be due to a number of factors, including couples saving up during the pandemic, stimulus checks from the government, and the surging stock market.
But the boom may actually be a blip
Wedding Report expects 2022 to have the most ceremonies since the 1980s before settling back to pre-COVID numbers, which weren’t exactly on the upswing.
Data from the National Center for Health Statistics (NCHS) maps the decline in marriage rates along the following timeline:
- 1982-2009: Marriage rates declined steadily
- 2009-2017: Marriage rates stabilized
- 2017-2018: Marriage rates dropped 6% to the lowest rate recorded between 1900 and 2018
One boom may lead to another
Since many couples wait to get married before having children, a baby boom could be next.
Recent data reported across multiple states hints at a turnaround from early in the pandemic when birth rates were declining.
With that in mind, it may not be a bad time to brush up on your babysitting skills.