Despite the economic downturn and changing views about the institution, the wedding industry is a $54 billion dollar business, with the average wedding costing upwards of $25,000. And June still remains the most popular month to get married (10.8% of weddings happen then), followed closely by August (10.2%). A recent Harris Poll showed generational shifts around some of the more stalwart wedding traditions:
• Across all demographics, big weddings are out of vogue, with 83% of respondents saying that money spent on an elaborate ceremony is a waste
• 88% of those surveyed thought the cost of “destination weddings” put an unfair burden on guests
• Conversely, economics inform couples’ desires to have a more personalized wedding, with more DIY touches
• Only 56% of Millenials think the groom’s family should pay for the rehearsal dinner, compared to 71% of Baby Boomers
• 20% of respondents who have been married in the last five years or are currently planning a wedding have used an app to help with some aspect
• Popular apps include Pinterest, which provides vision boards for everything from wedding favors to honeymoon planning, Wedding Scan, which reads the barcode of gifts to create a registry, and Wedding Budget, which helps keep expenses in check
• Not surprisingly, Millenials make up the majority of wedding technology adopters, with 16% creating their own wedding website, 3% using an app to help choose a wedding gown, 8% using electronic/email invitations and 8% using a wedding photo sharing app
As Ilana Stern, CEO of fashion site Weddington Way explains, “Millennials value the opinions of their peers and community. The way they plan and purchase for their weddings has completely evolved. They are no longer dependent on in-store sales reps and opinionated family members to help them make their decisions. Instead, they canvas the endless community of the web (via social media, apps, groups, etc.) to help them plan, create, and execute their dream weddings.” Weddington Way provides a platform for brides to choose their favorite bridesmaid styles and share them with her friends, who can then vote on their favorites.
Borrowing Magnolia takes Weddington Way’s bridal party outfitting to the next level, providing the actual wedding gown for the bride who’s looking for creative ways to stick to her budget. Says Borrowing Magnolia co-founder Stephanie Olvey, “We’ve noticed that the modern bride is a little bit savvier — how can she do things herself, how can she save money — and we’ve noticed that the bride is less focused on putting on this really showy event that costs a lot of money.”
If you want to know what inspires your customers’ decisions around big life events, contact us. We can help you better understand their passions and motivations.