Destination Wedding Market Overview 2024-2033 – Competitive Landscape and Strategies
Posted by ramtbrc on March 7th, 2024
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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https://www.thebusinessresearchcompany.com/report/destination-wedding-global-market-report
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 .64 billion in 2023 to .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 5.92 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
- Destination Wedding Market Characteristics
- Destination Wedding Market Trends And Strategies
- Destination Wedding Market - Macro Economic Scenario
- Global Destination Wedding Market Size and Growth
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- Global Destination Wedding Market Competitive Benchmarking
- Global Destination Wedding Market Competitive Dashboard
- Key Mergers And Acquisitions In The Destination Wedding Market
- Destination Wedding Market Future Outlook and Potential Analysis
- Appendix
