Destination weddings the toast of the festive season

The global destination wedding market is expected to grow from $15.89 billion in 2021 to $21.43 billion in 2022 at a compound annual growth rate (CAGR) of 34.9 per cent. The destination wedding market is expected to grow to $64.01 billion in 2026 at a CAGR of 31.5 per cent.

The high season starts in the late winter and lasts till the end of summer. The main activities included in a destination wedding are accommodation services, food services, butler services, and other services. The functions that take place during the wedding include pre-wedding ceremonies, wedding ceremonies, receptions, bachelor's parties, and other types of functions. The venues of the destination wedding could be national or international wedding destinations.

The channels of booking for these destinations will be through phone, online, and in-person booking. North America was the largest region in the destination wedding market in 2021. The regions covered in the destination wedding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 per cent 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 per cent of wedding planning is now done online where 62 per cent of couples create their wedding site, 52 per cent use a wedding planning app and 54 per cent implement a wedding hashtag on social media.

Therefore, the rising penetration of social media is driving the growth of the destination wedding market. Eco-friendly weddings in natural locations have emerged as a key trend gaining popularity in the destination wedding market. People are attempting to be more environmentally conscious these days, which is why they are opting for eco-friendly weddings in natural settings.

Destination wedding service providers provide incredibly sustainable and natural sites which helps the market flourish. For instance, according to a 2022 real weddings survey by Theknot, a US-based wedding planning company, 70 per cent of couples agreed if they planned to have a marriage in 2022 to include environment-friendly activities and décor such as buying second-hand or up-cycled items, using recycled paper items, and minimizing the use of single-use plastic.

One-third of the couples believed that the vendors should be more proactive in providing eco-friendly solutions. In July 2021, Matrimony.com Ltd, an India-based wedding services provider, acquired ShaadiSaga for Rs.11 crore ($ 1.410.87 million). With this acquisition, matrimony.com aimed to expand its services in the north and west markets and become a market leader in the destination wedding space. Shadisaga.com is operated by Boatman Tech Pvt. Ltd, which is a wedding planning site providing a one-stop solution for planning and deciding venues and vendors for destination weddings. The countries covered in the destination wedding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

While the wedding industry accounts for around 15-20 per cent of the overall clothing industry sales, weddings constitute around 60 per cent of jewellery sales and for cosmetics companies, it is the most crucial period. According to a survey by WeddingWire India in August the per month earnings of nearly half of its wedding vendors (42.5 per cent) have gone up in 2022 as compared to 2019 and around 31 per cent of vendors in the wedding industry have increased their charges due to high product and labour costs across categories.

Destination weddings play an important role for businesses involved in travel and tourism. The increase in the number of hotels, resorts, cruise line stop-offs and flight connectivity, has made it easier for couples to get married at their desired destination. Overseas weddings play a key role in the overall growth of the global destination weddings market, as couples seek a unique and personalized experience abroad. These weddings are positively impacting local economies which work in favour of the market.

The cost of a destination wedding is significantly cheaper than a wedding at home, as many players offer all-inclusive discounts on destination wedding packages. These events involve a smaller number of guests, augmenting market prospects.