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Summary
The global wedding market, which encompasses a range of products and services including attire, venues, catering, and decorations, has experienced notable trends since 2020. The COVID-19 pandemic significantly affected the industry, with Italy, a substantial market within this sector, witnessing a drop from approximately 190,000 marriages pre-pandemic to just 97,000 in 2020, causing the industry's turnover to plummet from €15 billion to nearly €2 billion in 2020. Despite this, there was a robust recovery in 2021 with close to 179,000 marriages. Globally, the market size decreased to $160 billion in 2020, but it's projected to grow at a 4.8% CAGR, reaching $414 billion by 2030. The pandemic also greatly impacted wedding tourism, which had flourished pre-pandemic, especially in regions like Tuscany, Campania, and Lombardy. However, in 2020, this niche market suffered an 87.3% decrease in attendance and a 92.7% decrease in turnover. The Support Bis decree by the Italian government allocated €60 million in 2021 to mitigate the economic crisis in the wedding sector caused by the pandemic.
Italian Wedding Market: Shifting Trends and Resilient Demand Amidst Societal Changes
The Italian wedding market, a segment that encapsulates a vast array of services and products essential for matrimonial ceremonies, has seen varied fluctuations, trends, and societal shifts shaping its demand. On a global scale, the wedding market is notably expanding; a report forecasts growth from an estimated $271 billion in 2021 to about $414 billion by 2030. Specifically, in Italy, the wedding market has demonstrated a dynamic interplay of tradition and modern trends. The average age of individuals opting to marry has been on an uptrend, with men marrying at an average age ranging between late 30s and early 40s, while women's average marriage age has been reported between the early and mid-30s. This indicates that Italians are considering marriage at a more mature phase of their lives. Bridal couples, on average, have been inclined to spend upwards of $20,000 on their wedding, with notable regional variations, and when they need to cut back on expenses, guests and decorative elements seem to bear the brunt of reductions.
The demand in the Italian wedding market reflects a curious blend of the traditional and the contemporary. While church weddings remain prevalent, especially in Southern Italy, civil ceremonies have risen in prominence across the north, constituting over two-thirds of the marriages. This shift perhaps reflects a broader societal move towards secularism or alternative forms of union celebration. An interesting dimension to the matrimony market is the rise of second and third weddings among older demographics, coupled with a significant uptick in do-it-yourself (DIY) wedding elements. This trend points to a market opportunity for suppliers catering to customization and personalization of wedding components. In terms of geographical preferences, the most marriages occur in regions like Lombardy, which accounts for about 15 percent, trailed by Campania and Sicily. Northern Italy captures a larger share of weddings, comprising almost half of the total ceremonies. When analyzing the wedding market infrastructure, it becomes clear that the segment is largely composed of small to medium-sized businesses that cater to regional needs with a preference for direct client interaction and quality service. Roughly 70 percent fall in this category and tend to favor local advertising and promotions over expansive campaigns. The wedding market was not impervious to the impacts of COVID-19. Both the number of marriages and the industry's revenue experienced nearly a halving in 2020, with a bounce-back in 2021 that still fell.
Prominent Players Shaping the Italian Wedding Market Landscape
In the enchanting realm of Italian matrimonial ceremonies, various esteemed entities stand out for their distinct contributions and services that they offer to couples planning their dream weddings. These industry frontrunners, each with their specialized forte, are instrumental in orchestrating the ethereal and romantic experiences Italy is renowned for.
- Max Mara Fashion Group is a beacon in the bridal gown industry, its prestige permeating through the collections offered to brides seeking both contemporary and classic designs. With an illustrious history in fashion, Max Mara extends its high standards and exquisite taste to brides across the globe, ensuring their wedding day attire is nothing short of spectacular.
- LORETTA ITALIA S.R.L. is another prominent name that has carved out a significant space in the wedding dress sector. Known for their bespoke gowns that blend traditional craftsmanship with innovative designs, they cater to brides with a vision of sartorial elegance for their nuptials.
- In the realm of gastronomic delights that are integral to any Italian wedding, LE TROI CHEF S.R.L. is a key catering company that prides itself on culinary excellence. Their bespoke menus and impeccable service ensure that each wedding feast is a delectable and memorable part of the matrimonial celebration.
- Wedding planning, an essential service for orchestrating the multifaceted components of a wedding, is capably handled by professionals like ENZO MICCIO S.R.L. His company has gained widespread recognition for delivering an immaculate and stress-free experience to betrothed couples, primarily through meticulous planning and a keen eye for detail that elevates every aspect of the special day.
- Similarly, Anna Frascisco S.R.L offers wedding planning services tailored to the visions of brides and grooms, encapsulating the essence of romance and the rich Italian nuptial traditions. Her commitment to creating bespoke experiences has made her a sought-after planner for those looking to celebrate their union in unrivaled style.
These main actors, each with their unique niche and expertise, contribute significantly to the flourishing Italian wedding market. They are instrumental in ensuring that couples achieve the wedding of their dreams, be it through a perfect gown, a sumptuous feast, or the seamless execution of their big day.
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- Number of pages : 30 pages
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- Last update : 14/09/2022
Summary and extracts
1 Market Overview
1.1 Definition and presentation
The wedding market includes all products and services revolving around the wedding. The market includes clothing (wedding dress and formal wear), event venue, catering, decorations, etc.
The size of the global market is growing, in line with the increase in disposable income and the strong cultural and social ties of marriage. The United States leads the global market in terms of spending.
In analyzing demand, it is important to look at trends in recent years. In Northern Italy, there has been a boom in civil marriage, which accounted for 63.9 percent of the total marriages celebrated in 2018, while in Southern Italy, newlyweds are more traditional, deciding to get married in church in 69.6 percent of cases. In addition, the last 10 years have seen an increase in the number of weddings in which the bride and groom are over 65 years old, which represents a new potential opportunity for market players. In fact, while it is true that the divorce rate has risen, it is also true that more and more Italians are marrying twice or three times as they reach old age.
In recent years, there has been an increase in the number of do-it-yourself arrangements, where wedding-related products such as invitations, decorations, etc. are homemade. Market players have expanded their offerings to meet this demand, selling products that the bride and groom can customize to their liking.
Finally, the emergence of COVID-19 has had a negative effect on the wedding market in Italy, given the numerous decrees that have limited the number of meetings and postponed most weddings to date.
1.2 A market with future growth prospects
According to Allied Market Research 's report, the size of the global marriage services market has been estimated at $*** billion in **** and $*** billion in ****. It is also expected to reach $*** billionby ****, registering a CAGR of *.* percent from **** to ****, and to maintain its dominance throughout the forecast period.
Global wedding services market World, ...
1.3 Analysis of the Italian market
Based on Istat data, the number of marriages in Italy always hovered around ***,*** in the pre-Covid period(***). However, the pandemic negatively impacted the sector, dropping the number of marriages to just **,*** in ****. In **** there was a strong recovery, some ***,*** marriages were celebrated
Number of marriages in Italy Italy, ****-****, in thousands Source: ...
1.4 Covid Impact
the Covid was a blow to the wedding industry. AsIstat reported, **,*** weddingswere celebrated in ****, **,*** fewer than in ****. A reduction of almost ** percent that also affected receptions. On the contrary, very often the inability or difficulties in being able to celebrate with relatives and friends caused the yeses in front of the ...
2 Demand analysis
2.1 Demand analysis
Average age
The average age at which Italians marry has been increasing over the last period. For men it went froman average value of **.* in **** to a value of **.* in **** while for women it went from **.* (***).This trend indicates a change in Italian society, where marriage is postponed to a later ...
2.2 Demand trends
The graph below represents the proportion of searches for the term "marriage" in Italy in a given time period (***). Thus, a value of ** means that the keyword was used less often in the relevant region, and a value of * means that there is not enough data for this keyword.
Interest in ...
2.3 Geographic Distribution
The regiono with the highest number of marriages is clearly Lombardy (***). In general, Northern Italy sees a greater number of marriages: ** percent of marriages take place in the North.
2.4 The related areas
First and foremost, location and catering. Most respondents say they spent between *** -*** euros per guest on catering. If we calculate that, the average number of guests at a wedding in Italy is ***, the total amount of catering would be around **,*** euros.
In second place, the 'wedding dress. The vast majority ...
3 Market structure
3.1 Market structure
According to the Marriage White Paper, companies in the industry attrevarsano a good time: about half of the companies equips a growth phase (***) and **% are stable. Only the remaining **% attrevars a decreasing phase.
Turnover trends of companies operating in the sector Italy, ****, in % Source: ****
Seventy percent of those operating in the ...
3.2 The main actors
In addition to the wedding planners we have already mentioned in the previous paragraph, the main players in the wedding market are wedding dress manufacturers and event catering companies.
Manufacturers of wedding dresses
As far as wedding dresses are concerned, the main manufacturers are ateliers, workshops that offer dress design and ...
3.3 Wedding tourism
Wedding tourism is the name used to define all those weddings in which the bride and groom choose to organize the wedding in a country other than their own, consequently also moving all the guests and turning them into a real vacation. In ****, Tuscany recorded the highest market share of the ...
4 Supply analysis
4.1 Product analysis
Weddings include many services and goods to consider, such as the venue, catering, clothing (***), and indirect services that are purchased in connection with the wedding, such as honeymoons.
Location
Below is an overview of the most popular wedding venues on offer in Italy.
What are the preferred reception locations in Italy? Italy, ...
4.2 Price analysis
Source: ****
4.3 Price trends
Most companies keep prices stable (***). Most companies also do not feel compelled to lower their prices to avoid losing customers: only *% feel compelled to do so often.
Price trends for companies in the wedding industry Italy, ****, in %
5 Regulations
5.1 Regulatory Context
Administrative aspects
First, it is believed that the owner of the leased property does not have to apply for any administrative authorization, in order to Law ***/****, as long as he or she is not engaged in the business of serving food.
Therefore, in the event that the activity is limited to ...
5.2 Wedding bonus
The wedding bonus is a non-refundable grant aimed at businesses in the wedding, entertainment, party and ceremony planning and Horeca (***) sectors. The beneficiaries are companies that suffered a ** percent reduction in turnover in **** compared to **** due to restrictions caused by the pandemic.
The facility was introduced by the Support Bis Conversion ...
6 Positioning of players
6.1 Segmentation
- LORETTA ITALIA S.R.L.
- Max Mara Fashion Group
- LE TROI CHEF S.R.L.
- ENZO MICCIO S.R.L.
- Anna Frascisco S.R.L
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