Los Angeles, CA (PRWEB) September 27, 2013
Operators in the Wedding Planners industry organize and design marriage ceremonies and receptions. Over the five years to 2013, industry revenue has been volatile as consumers experienced financial instability during the economic downturn. Because the Wedding Planners industry relies heavily on consumers, the industry ebbs and flows with per capita disposable income and unemployment. As per capita disposable income fell and unemployment shot up, couples either delayed marriage or provided industry services themselves, resulting in less demand for wedding planners. Although IBISWorld expects the industry to decline at an annualized rate of 0.7% to $1.2 billion over the five-year period, the industry has trended upward since 2010, bolstered by rising disposable income and declining unemployment.
To this end, industry revenue is expected to grow 1.0% in 2013.
Significant changes in technology are expected to make the Wedding Planners industry more profitable. As consumers gain greater access to the internet, wedding planners will be more accessible, simplifying the process of acquiring clients. This will push industry operators to emphasize various internet marketing techniques in order to stand out among competitors. This benefits operators immensely, as the industry is fragmented and primarily comprised of small independent nonemployers.
Improved consumer financial stability is expected to lead couples to spend more on wedding services, such as wedding planners. As such, do-it-yourself wedding services, services that are done by the client in order to save money, are expected to be offset by rising disposable income. Additionally, couples that delayed getting married in the midst of the downturn are expected to wed and hire industry participants to manage and organize the event.
For more information, visit IBISWorld’s Wedding Planners in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld industry Report Key Topics
Wedding planners organize and design marriage ceremonies and receptions.
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 every US industry. 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 or call 1-800-330-3772.