In this article, we will be taking a look at the 15 Countries that Spend the Most on Weddings. You can also take a detailed look at the 5 Countries that Spend the Most on Weddings.
Around the world, weddings are not only joyous celebrations of love and commitment but also significant cultural events that often reflect the values, traditions, and economic landscapes of their respective societies. As couples take on the journey of matrimony, they invest not only in their futures together but also in creating unforgettable experiences for themselves and their loved ones. While the concept of a wedding may remain universal, the customs, rituals, and expenses associated with these ceremonies vary greatly from one country to another.
The amount spent on weddings varies significantly across cultures, influenced by factors such as income levels, cultural traditions, societal norms, and economic conditions. The total annual spending on weddings worldwide is estimated to be in the hundreds of billions of dollars. According to data from Allied market research, The global wedding services industry had a market size of $160.5 billion in 2020, which is projected to hit $414.2 billion by 2030 at a CAGR of 4.8% from 2021 to 2030.
Photographers and videographers are thriving due to the rising expenditure on weddings. While wedding photographers typically operate as small businesses or sole proprietors, offering their services on a freelance or contract basis. Many photographers also collaborate with wedding planners, venues, and other wedding vendors to provide comprehensive wedding packages and referrals. Reports from Fortune Business Insights indicate that the global wedding photography market would grow from $21.83 billion in 2023 to $36.80 billion by 2030 at a CAGR of 7.74% during the period.
Furthermore, businesses thrive during wedding seasons, catering to the diverse needs and preferences of couples and their guests. From wedding planners and photographers to florists, caterers, and venues, a myriad of industries benefit from the influx of wedding-related spending. For example, in the United States, the wedding industry generates billions of dollars annually.
Wedding planning companies, a major part of the wedding industry, play a pivotal role in orchestrating these elaborate celebrations. These companies offer a range of services, including venue selection, event design, catering, photography, and entertainment, helping couples navigate the complexities of wedding planning with ease. Additionally, the concept of destination weddings has grown significantly in recent years, adding a new dimension to wedding planning and spending.
Businesses in the wedding industry have capitalized on the growing popularity of destination weddings, offering specialized services and packages tailored to couples’ unique needs and preferences. Travel agencies, wedding planners, resorts, and local vendors play integral roles in facilitating destination weddings, providing couples with everything from logistical support to personalized experiences. Companies like Marriott International Inc. (NASDAQ:MAR) have expanded their offerings to include wedding packages and services, leveraging their global footprint to cater to couples planning destination weddings.
Following is what Vulcan Value Partners had to say about Marriott International, Inc. (NASDAQ:MAR) in their Q3 2023 investor letter:
“Marriott International, Inc. (NASDAQ:MAR) is a company that we have owned several times in the past. The company is an asset-light global lodging franchisor and operator that benefits from strong network effects. Approximately 99% of Marriott’s global rooms are managed or franchised which enables the company to generate high returns on capital. Marriott has an extensive portfolio of brands ranging from luxury brands such as The Ritz-Carlton, to premium brands such as Westin Hotels & Resorts, to select brands such as Residence Inn by Marriott. The company is doing an excellent job converting independent hotels into the Marriott system through its soft brands including the Luxury Collection, the Autograph Collection, and the Tribute Portfolio. This conversion opportunity should benefit Marriott’s net unit growth in a period when new hotel development could be challenging in North American and Europe. The company generates robust free cash flow through its long-term, contracted franchise fee and management fee revenue streams. Its competitive advantages include brand strength, operational scale, direct booking systems, and loyalty programs. We sold Marriott in the first quarter of 2020 because of our concerns about the company’s debt structure. Since then, Marriott has restructured its debt and improved its balance sheet. Additionally, average daily rates (ADR) on corporate travel have returned to pre-Covid levels.”
Methodology
To shortlist the 15 Countries that Spend the Most on Weddings, we ranked the countries based on consensus of different sources. We selected countries that appeared multiple times in our research and ranked them on the basis of average expense per wedding based on different sources.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years. Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders – check details here.
15. Columbia
Average Expense per Wedding: $3,300
Colombian weddings are lively celebrations filled with music, dance, and heartfelt emotion. With an average expense per wedding of $3,300, Colombia ranks 15th on our list. Venues can range from haciendas to vibrant city plazas, providing couples with diverse settings to exchange vows. The expense reflects a focus on simplicity and authenticity, with couples opting for intimate gatherings surrounded by close family and friends. Colombian weddings often feature traditional customs such as the exchange of coins and the lighting of unity candles.
14. Argentina
Average Expense per Wedding: $3,700
In Argentina, weddings are elegant affairs characterized by sophistication, style, and passion. With an average expense per wedding of $3,700, Argentine weddings blend European flair with Latin American charm, creating unforgettable experiences for couples and their guests. Argentine weddings often feature traditional customs such as the tango dance and the cutting of the wedding cake with a sabre.
13. Brazil
Average Expense per Wedding: $6,600
With an average expense per wedding of $6,600, Brazilian weddings are festive affairs that showcase the country’s rich cultural heritage and joie de vivre. Venues range from pristine beaches and lush rainforests to modern event spaces in bustling cities, offering couples a diverse array of settings to say “I do.”
12. Chile
Average Expense per Wedding: $7,400
Weddings in Chile are elegant affairs that blend tradition with modernity, creating timeless celebrations filled with love and warmth. Chilean weddings prioritize intimacy and authenticity, with couples opting for meaningful experiences over extravagance. Family plays a central role, with loved ones coming together to bless the couple and celebrate their union.
11. Peru
Average Expense per Wedding: $7,700
With an average expense per wedding of $7,700, Peruvian weddings prioritize family and community, with couples inviting loved ones to join in the festivities. It ranks 11th on the list of countries that spend the most on weddings.
10. Mexico
Average Expense per Wedding: $8,600
Weddings are colorful fiestas in Mexico that celebrate love, family, and cultural heritage. With an average expense per wedding of $8,600, Mexican weddings are joyous occasions filled with music, dance, and delicious cuisine.
9. Russia
Average Expense per Wedding: $15,000
In Russia, Venues range from historic palaces and luxury hotels to scenic countryside estates, offering couples a range of options to create their dream wedding. Russian weddings often feature customs such as the breaking of bread and the tossing of coins for luck.
8. Portugal
Average Expense per Wedding: $16,700
Portuguese weddings prioritize tradition and elegance, with couples investing in picturesque venues, exquisite cuisine, and personalized touches. Their weddings often feature customs such as the breaking of the bride’s bouquet and the sharing of traditional sweets called “bem-casados,” symbolizing happiness and unity.
7. France
Average Expense per Wedding: $17,600
French weddings are known for their emphasis on family and community, with close relatives playing significant roles in the celebration. The French commitment to artistry and style is evident in every aspect of the wedding, from haute couture bridal attire to artisanal wedding favors. Overall, the expense on marriage in France reflects a commitment to creating memorable experiences rooted in love, culture, and refinement.
6. United Kingdom
Average Expense per Wedding: $19,200
British weddings often embrace centuries-old customs alongside contemporary touches, showcasing the country’s rich cultural tapestry. Venues range from historic castles and stately homes to trendy urban settings, catering to diverse tastes. British weddings are renowned for their sense of pomp and pageantry, particularly royal weddings that captivate global audiences.
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Disclosure: None. 15 Countries that Spend the Most on Weddings is originally published on Insider Monkey.
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