The destination wedding market size has grown exponentially in recent years. It will grow from $27.64 billion in 2023 to $36.49 billion in 2024 at a compound annual growth rate (CAGR) of 32.0%. The growth in the historic period can be attributed to the desire for unique experiences, increased affordability of travel, social media influence, rise in wedding tourism, and cultural and exotic appeal. The destination wedding market size is expected to see exponential growth in the next few years. It will grow to $105.92 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, and 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, and collaboration with local wedding professionals.
Major Driver In The Destination Wedding Market
The rising penetration of social media is anticipated to drive the growth of the destination wedding market in the coming years. Social media, encompassing websites and programs emphasizing communication, community-based input, and content-sharing, has become deeply ingrained in daily life. Even during significant life events such as weddings, the influence of platforms like Snapchat, Instagram, and Facebook remains strong. Notably, in 2021, 72% of Americans used at least one social media platform, as reported by the Pew Research Center. Additionally, 83% of wedding planning in the US is conducted online, with 62% of couples creating their wedding site, 52% using a wedding planning app, and 54% implementing a wedding hashtag on social media, according to Willow Wedding. Therefore, the increasing integration of social media is a driving force behind the growth of the destination wedding market, with market sizes in 2023, 2024, and 2028 reflecting this trend.
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Destination Wedding Market Competitive Landscape
Sparkles & Bubbles Weddings, Tropical Wedding & Honeymoon, Vivaah Weddings, Revel Events Weddings, The Wedding Travel Company, ALL THINGS BEAUTIFUL Weddings, Peach Perfect Weddings, The Destination Wedding, Wedding Planner Roma, Jennifer Fox Weddings, Sandals Resorts, The Knot, Magical Weddings, WeddingWire, Lomas Travel, Zola Inc., Exquisite Vacations Inc., LUXE Destination Weddings, Brides by Liza, Perfect Weddings Abroad, White Eden Weddings, Fiestasol Weddings, LM Wedding Planner, Studio Brzak Events, Planned For Perfection Weddings, BAQAA Glamour Weddings & Events, The Big Night Weddings, Shehnaiyan Weddings, Impressario Inc. Weddings, Signature Wedding Details, Honeymoons Inc., Iberostar Hotels & Resorts, Karisma Hotels & Resorts, Hard Rock Hotels, Palace Resorts, Dreams Resorts & Spas, Aisle Planner, I Do! Wedding & Events, BaliVIP Weddings, Wedding Italy, My Wedding Away, Jamaica Wedding DJ, Wedding Destinations, The Bridal Consultant
Destination Wedding Market Segmentation
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
By Geography:The regions covered in the destination wedding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the destination wedding market share in 2023.
The Destination Wedding Global Market Report 2024 furnishes information about the global destination wedding market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
