After a booming year for marriages, 2012 is set to be another strong year for players in this highly profitable industry
Los Angeles, CA (PRWEB) December 03, 2011
The Wedding Services market is massive in China, where over 12 million marriages are forecast to take place each year. For providers of wedding services, the outlook is bright, as more Chinese couples choose and can afford expensive Western-style weddings. Industry revenue is forecast to grow at an average annualized rate of 7.8% in the five years through 2016, according IBISWorld, America’s largest publisher of industry research.
After a booming year for marriages – as many Chinese couples avoided marrying in unlucky 2010, and chose 2011 with hopes of a Year of the Dragon baby – 2012 is set to be another strong year for players in this highly profitable industry. With growing disposable incomes and greater interest in Western-style weddings (as opposed to traditional Chinese banquet-style weddings), the industry has attracted many new businesses.
Other drivers of industry growth are tax breaks for industry participants and the potential for well-run businesses to increase market share. Establishments providing neighborhood services, such as wedding services, are not required to pay income tax and VAT.
Because the industry is relatively new in China, room for improvement currently exists. IBISWorld expects experienced firms to use advanced marketing strategies to increase their client base and enhance their reputation. For more information, including profit levels, market segmentation and more, download IBISWorld’s report on Wedding Services in China.
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The Wedding Services industry in China comprises establishments coordinating and organizing a wide range of wedding services, from dating services to wedding planning, including wedding car rentals, dress rentals, video recording services, wedding photography services, wedding banquets and masters of ceremonies (MCs).
Wedding Services in China Report Key Topics
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on 200 Chinese industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.cn or call 1-800-330-3772.
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