Future Market Insights (FMI) in its latest study has forecast the market to rise at a CAGR of 30.6% between 2021 and 2031. By 2031, the market is forecast to cross USD 290 Bn.
“Rise in personalised, innovative and green wedding events with a focus on attractive surroundings, advanced facilities, and a surge in income and rapid urbanisation are key factors that will positively influence market revenue through 2031,” says an FMI analyst.
With the help of drone videography, couples can avail high-quality footage and photos while saving time and money compared to traditional photography solutions. New generation couples are focusing on sustainability and many consumers prefer eco-friendly destination weddings.
Many players offer natural locations for destination weddings like the Riverview Retreat in Jim Corbett and the Banyan Tree, Phuket. Choosing a park or resort not only provides a beautiful spot to get married but also contributes economically while bolstering exposure to a place devoted to environmental stewardship.
Companies are extensively focusing on leveraging their services through enhancing retail penetration and mass marketing. They are actively collaborating with well-established and local online retailers to ensure accessibility in both developed as well as developing countries. These trends are expected to fuel growth in the long term.
Key takeaways from the destination wedding market study
International destinations are expected to hold 66% revenue share owing to a wider range of options for aesthetics and climate that have attracted a larger pool of couples. Wedding ceremonies dominates the market with a 33% share, with higher importance being given to family functions. Italy holds a noteworthy share of 17% of destination weddings, aided by a wider range of location options. Santorini will account for a 16% share owing to a high level of penetration of key players with varieties of beaches and scenic mountain locations. Corfu accounts for 15% of destination wedding events, aided by destination options and optimal climate for most of the year.
Comments are closed.