Based on survey results from both couples getting married and businesses, here is what the market looks like as of 8/3/2020 for 2020 and into 2021 and 2022. This is based on 709 (3/2020) and 870 (6/2020) survey results from couples and 421 (3/2020) and 693 (6/2020) survey results from wedding vendors. These results were collected from 3/28/2020 to 4/7/2020 and from 6/16/2020 to 6/30/2020
As it stands today, I think we will likely lose 49% of weddings in 2020 but gain a surge of weddings in 2021 of about 30% Just from the number of weddings alone, a 49% loss in weddings will represent 1.1 million weddings. Spending will be reduced in both budget and guest count reductions. 2020 average spending will be about $19.9k, down 24% from 2019 spending of $24.7k, resulting in a total market of only $22 billion, a loss of $30 billion from the 2019 total of $52.5 billion.
2021 will see a surge of 650k weddings, bringing the total 2021 number of weddings to 2.77 million versus a normal year of about 2.12 million. Again, spending will be reduced in both budget and guest counts. 2021 average spending will be about $21.6k, resulting in a total market of $60 billion.
The resulting loss over 2 years will be about $23 billion, a huge blow to the industry.
We also believe that 2022 will see a slight surge of about 50k weddings, carry over from 2020 postponements and spending will not return to 2019 levels until about 2024.
All markets have been updated to reflect Covid-19 impact. For local 2020+ numbers a single report or membership purchase is required. Local market numbers also use data from the Census Small Business Pulse Survey and BLS employment data to help determine local impact.