The Bridal Industry in 2023: Trends, Profitability, and Business Outlook
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The Bridal Industry in 2023: Trends, Profitability, and Business Outlook

12.18.22

The wedding and bridal industry is booming! Learn about the latest trends of owning a wedding franchise in 2023.

 

As 2022 draws to a close, Complete Weddings + Events is here to help you look back at how the wedding industry fared over the past year. Gaining a perspective on the bridal industry is an important step to determining whether launching a wedding and event planning franchise is a viable business venture. Finding the right franchise requires picking an investment that matches your goals and work priorities in a promising industry.

 

2022 was forecast to be a banner year for the wedding industry. Nearly 2.5 million couples planned to say “I do,” this year, marking the highest number since 1985, according to the Wedding Report, a wedding trade group. Bridal industry growth in 2022 can partially be attributed to the pandemic outbreak, which botched plans for many happy couples over the prior two years. To stay safe, people called off their wedding celebrations and rescheduled them for 2022. Approximately 20% of weddings held in 2022 were rescheduled owing to the pandemic, revealed Wedding Report. In 2020, nearly 82% of weddings were canceled to comply with government shutdown orders, travel stoppages, and to keep loved ones safe.

 

While the pandemic is certainly not over, the rollout of the vaccine and the lifting of mask mandates is reducing its impact on the wedding industry. One out of three brides no longer deem COVID a concern when it comes to wedding planning, according to consumer data provided by David’s Bridal, a bridal wear chain.

 

Although the pandemic put wedding plans on hold for many couples, it gave many lovebirds the push they needed to make a commitment. More than 80% of couples who were already engaged said the pandemic outbreak made them even more eager to tie the knot.

Bridal Industry Outlook

The number of weddings in 2023 is expected to dip slightly to 2.24 million, but the amount of money couples spend on their big day is increasing, reveals Wedding Report. In 2023, couples are forecast to spend on average $28,100 on their wedding, up from $22,500 in 2001. Couples are willing to open their wallets to ensure their wedding celebrations are memorable.

Approximately 35% of brides expect to have up to 200 guests attend their wedding, and 33% expect to entertain up to 100 guests, reports David’s Bridal.

Despite the increasing popularity of living together before they put a ring on it, people ages 18 to 29 years old prioritize marriage, according to research conducted by The Knot, an online wedding resource. Many younger generations simply want to achieve financial independence and build a successful career before saying, “I do.” At least half of the people who participated in The Knot’s survey expect to be married within the next two to five years.

Make a Match with Complete Weddings

The outlook for the industry is bright. The wedding industry is forecast to generate $414.3 million by 2030, according to Allied Market Research. Tap into the wedding and event market by joining the Complete Weddings + Events team. For an initial investment ranging from $66,820 to $71,070, you can own an all-in-one wedding and event planning franchise in your area. We have a wide variety of territories available across the United States.

Owners of Complete Weddings + Events customize and design service packages for weddings and other special occasions. In addition to photography, videography, DJs, photo booths, and lighting, we can coordinate events for customers. Having all our services under one roof makes our brand an attractive choice for customers.

We offer a comprehensive training program to ensure our new owners are ready to help people celebrate memorable occasions. To keep owners abreast of the latest trends and innovations in the industry, we provide ongoing support with weekly webinars, monthly town halls, and annual meetings. Each of our owners meets weekly with a business coach to answer questions and provide guidance.

Get Started Today!

Pursue entrepreneurship in a high-demand industry by partnering with Complete Weddings + Events. Request franchise information to learn more about our brand and connect with a franchise business consultant.

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Complete Weddings + Events is North America’s best in event and wedding photography, videography, lighting, DJ services and photo booth rental.

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