The Destination Wedding Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Destination Wedding Global Market
Report 2024, The destination wedding market size has grown exponentially in
recent years. It will grow from $27.64 billion in 2023 to $36.49 billion in
2024 at a compound annual growth rate (CAGR) of 32.0%. The growth in the
historic period can be attributed to desire for unique experiences, increased
affordability of travel, social media influence, rise in wedding tourism,
cultural and exotic appeal.
The destination wedding market size is expected to see exponential growth in
the next few years. It will grow to $105.92 billion in 2028 at a compound
annual growth rate (CAGR) of 30.5%. The growth in the forecast period can be
attributed to continued desire for exclusivity, expansion of destination
options, shift toward intimate gatherings, increased focus on sustainability,
global economic recovery. Major trends in the forecast period include health
and safety measures, personalization through technology, all-inclusive wedding
packages, culinary experiences and local cuisine, collaboration with local
wedding professionals.
The rising penetration of social media is expected to propel the growth of the
destination wedding market growing forward. Websites and programs that
emphasize communication, community-based input, engagement, content-sharing,
and collaboration are collectively referred to as social media. It can be
challenging to unplug, even during the most important moments of life such as
weddings, because Snapchat, Instagram, and Facebook have ingrained themselves
so deeply into daily existence. Particularly during destination weddings, a
variety of photo and video opportunities are available. For instance, according
to Pew research center, a nonpartisan fact provider, in 2021 72% of American
people used at least one social media. Furthermore, according to an article
published by Willow Wedding, a US-based wedding planner, in the US, 83% of
wedding planning is now done online where 62% of couples create their wedding
site, 52% use a wedding planning app and 54% implement a wedding hashtag on
social media. Therefore, the rising penetration of social media is driving the
growth of the destination wedding market.
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The destination wedding market covered in this report is segmented –
1) By Function: Pre-Wedding Ceremonies, Wedding Ceremonies, Reception,
Other Functions
2) By Inclusion And Activity: Accommodation Services, Food Service, Butler
Services, Other Services
3) By Season: High Season, Mid-Season, Low Season, Mid-Peak Season
4) By Venues: National, International
5) By Booking Channel: Phone Booking, Online Booking, In Person Booking
Major companies operating in the destination wedding market are focusing on
strategic collaboration, to provide reliable services to customers. Strategic
collaboration refers to a mutually beneficial partnership between two or more
independent entities who work together to achieve shared goals aligned with
their individual strategic objectives. For instance, in February 2023, the
Singapore Tourism Board (STB), a Singapore-based State Department of Tourism,
announced a collaboration with WeddingSutra, an India-based destination wedding
and event planning company. STB reintroduced Singapore as a high-end wedding
destination by conducting an informative panel discussion with well-known
personalities in the Indian wedding business. The meeting was also attended by
key Singapore players such as Sentosa Development Corporation, Gardens by the
Bay, and Singapore Airlines. The event allowed Singapore participants such as
Singapore Airlines, Sentosa Development Corporation, Changi Airport Group,
Gardens by the Bay, Far East Hospitality, and wedding planners to meet
one-on-one, emphasizing unique venue choices, exclusive beach resorts, and
private yet luxurious surroundings.
The destination wedding market report table of contents includes:
1. Executive Summary
2.
Destination Wedding Market Characteristics
3.
Destination Wedding Market Trends And Strategies
4.
Destination Wedding Market - Macro Economic Scenario
5. Global
Destination Wedding Market Size and Growth
.
32. Global Destination Wedding Market Competitive Benchmarking
33. Global
Destination Wedding Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Destination Wedding Market
35.
Destination Wedding Market Future Outlook and Potential Analysis
36.
Appendix
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