Irish Wedding News
26/09/2011
As the Australian wedding season kicks off loved-up couples aren't the only one's celebrating as IBISWorld reveals couples are forking out an average $36,200 to create their dream weddings.
The business information analysts showed an increase of 6.5% on wedding spend in 2010-11.
"Despite gloomy reports regarding consumer spending in 2011, weddings are still viewed as a high priority expense – which many couples save for over a period of time. So while couples may tighten their budgets in order to save, sensible splurging seems to be the theme for the big day," IBISWorld General Manager (Australia), Ms Karen Dobie said, noting that 119,000 Australian couples are expected to walk down the aisle in 2011, an increase of 0.8% on 2010.
"Other factors influencing the upwards trend in wedding spending include an increase in disposable incomes, financial assistance from parents, and the rising average age of couples walking down the aisle (29 for females, 32 for males) – meaning today’s couples are often in a stronger financial position before marrying."
Currently worth $4.3 billion, IBISWorld expects Australia’s wedding industry will grow to reach revenue of $4.7 billion by 2016-17, with the biggest beneficiaries being venue hire operators, wedding dress suppliers, food services and photographers.
"One of the first tasks for a couple planning their wedding is to find a venue that suits their tastes, wedding size and budget," Ms Dobie added. "The cost of venue hire usually comprises the largest part of a couple’s budget, and with hotels and exhibition centres – the most popular venues – set to increase their prices, this cost is expected to rise."
Venue hire currently accounts for 33.4% (over $1.4 billion) of industry revenue, with IBISWorld forecasting growth of 10.5% over the coming five years.
Off-the-rack outfits The increasing number of weddings has led to increased spending on wedding wear – with wedding dresses, clothing and accessories currently accounting for 21.9% (about $942 million) of industry revenue, a figure IBISWorld expects to grow by 6.9% over the next five years.
"Although wedding spending is up, value for money still plays a large role in purchasing decisions. This has seen demand decrease for high-price tailored wedding dresses – which were once considered essential for brides," Ms Dobie said.
Capturing the day Accounting for 46% of revenue for Australia’s professional photography industry, weddings are not only important to loved-up couples, but to photography professionals as well.
While photography and film production continue to play a central role in weddings, IBISWorld expects overall revenue will decrease by 2.8% over the coming five years.
"Despite photography being labour intensive, industry revenue is expected to drop as both couples and photographers move towards cheaper, digital technologies," Ms Dobie concluded.
Other players in the wedding industry that are expected to be affected by the digitisation trend include film production and stationary services – with CDs, DVDs and email replacing the need for hard copies, whether it be for the wedding invitations, photo album or thank you cards.
(GK/BMcC)
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Oz Wedding Spend Soars
As the Australian wedding season kicks off loved-up couples aren't the only one's celebrating as IBISWorld reveals couples are forking out an average $36,200 to create their dream weddings.
The business information analysts showed an increase of 6.5% on wedding spend in 2010-11.
"Despite gloomy reports regarding consumer spending in 2011, weddings are still viewed as a high priority expense – which many couples save for over a period of time. So while couples may tighten their budgets in order to save, sensible splurging seems to be the theme for the big day," IBISWorld General Manager (Australia), Ms Karen Dobie said, noting that 119,000 Australian couples are expected to walk down the aisle in 2011, an increase of 0.8% on 2010.
"Other factors influencing the upwards trend in wedding spending include an increase in disposable incomes, financial assistance from parents, and the rising average age of couples walking down the aisle (29 for females, 32 for males) – meaning today’s couples are often in a stronger financial position before marrying."
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Currently worth $4.3 billion, IBISWorld expects Australia’s wedding industry will grow to reach revenue of $4.7 billion by 2016-17, with the biggest beneficiaries being venue hire operators, wedding dress suppliers, food services and photographers.
"One of the first tasks for a couple planning their wedding is to find a venue that suits their tastes, wedding size and budget," Ms Dobie added. "The cost of venue hire usually comprises the largest part of a couple’s budget, and with hotels and exhibition centres – the most popular venues – set to increase their prices, this cost is expected to rise."
Venue hire currently accounts for 33.4% (over $1.4 billion) of industry revenue, with IBISWorld forecasting growth of 10.5% over the coming five years.
Off-the-rack outfits The increasing number of weddings has led to increased spending on wedding wear – with wedding dresses, clothing and accessories currently accounting for 21.9% (about $942 million) of industry revenue, a figure IBISWorld expects to grow by 6.9% over the next five years.
"Although wedding spending is up, value for money still plays a large role in purchasing decisions. This has seen demand decrease for high-price tailored wedding dresses – which were once considered essential for brides," Ms Dobie said.
Capturing the day Accounting for 46% of revenue for Australia’s professional photography industry, weddings are not only important to loved-up couples, but to photography professionals as well.
While photography and film production continue to play a central role in weddings, IBISWorld expects overall revenue will decrease by 2.8% over the coming five years.
"Despite photography being labour intensive, industry revenue is expected to drop as both couples and photographers move towards cheaper, digital technologies," Ms Dobie concluded.
Other players in the wedding industry that are expected to be affected by the digitisation trend include film production and stationary services – with CDs, DVDs and email replacing the need for hard copies, whether it be for the wedding invitations, photo album or thank you cards.
(GK/BMcC)
Top stories
20/03/2020
LeToya Luckett-Walker Is Pregnant
Charlotte Crosby Finds New Romance
Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
Lin-Manuel Miranda Homeschooling Kids
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