In honor of our assistant director getting married today (yes, on a Tuesday!), this week’s tip is all about the business of the wedding industry.
The basics of the wedding industry
You may be surprised to know that fall is considered peak wedding season in the United States. While June is the third most popular month to get married, about a third of weddings actually take place in September and October each year, making those months the most popular. Couples are least likely to get married in January and February, with The Knot reporting only about 4% of couples choose to hold their wedding during those months.
January is also often considered the cheapest month to get married, though that savings can be marginal, as the average wedding last year cost $33,000. On average, couples work with 14 different vendors, and while venue prices can vary based on season and demand (and are often the most expensive part of a wedding), many other wedding expenses, such as flowers, entertainment, and caterers, tend to be more stagnant throughout the year.
For more reports and statistics on the wedding industry, the Library of Congress compiles an array of resources that can be useful for reporters.
It often starts with a diamond
The cost of an engagement ring is often lumped in with the cost of the wedding, and according to The Knot’s most recent wedding study, 94% of couples exchanged at least one engagement ring. The average cost of an engagement ring ($5,200 in 2024) has been steadily declining over the past few years, likely due to an increase in popularity for lab-grown stones, which are considerably cheaper than natural stones. Just over half of couples reported purchasing a lab-grown stone last year.
The demand for lab-grown diamonds is “likely the biggest challenge facing diamond producers today,” and “the massive success of lab-grown diamonds has reduced prices for natural stones well beyond what the mining industry had expected, driven largely by consumers who want more affordable options.” De Beers, the world’s biggest diamond producer and creator of the phrases “a diamond is forever” and “diamonds are a girl’s best friend,” reduced its prices 10-15% last year, seemingly to retain its market share.
As inflation impacts consumers from every angle, it’s no surprise that younger consumers are opting for alternative options, especially when they can purchase larger stones that still fit into their budget.
Weddings and technology
An interesting angle to consider when covering the wedding industry is how technology has changed it. It’s estimated that 90% of wedding planning now takes place online, from locating vendors, booking venues, and purchasing decor, to sending invitations and creating registries. In particular, social media has become a crucial tool for young couples to find ideas, advice, and vendors. But that’s just the start of how technology has impacted weddings.
Couples can livestream the ceremony for remote guests or track RSVPs online. QR codes on save-the-dates can take guests to micro wedding websites with all the details about the occasion or help introduce augmented reality features such as “wedding countdowns that animate venue transformations in real time or allow guests to explore seating arrangements through 3D visualizations.”
Additionally, many couples are turning to artificial intelligence for writing thank you notes, creating wedding website copy, and planning party itineraries. AI wedding planners are also helping couples make decisions more efficiently in less time, and some couples have even turned to AI to write their wedding vows.
