LEGALIZATION OF SAME SEX MARRIAGE - WHAT NOW?
On June 26, 2015, the US Supreme Court ruled the same-sex marriage is a legal right throughout the nation. It seems what Williams Institute and Credit Suisse predicted became a reality. In 2014, their study projected a $2.6 billion spending boom over the first three years of legal nationwide same-sex marriage ceremonies.
As the country’s highest federal court legalizes same-sex unions, what will happen now to people with businesses in the wedding industry? We will use figures from the Williams Institute study for discussion purposes.
Let us focus first on the financial impact of same-sex marriage by state. States that did not allow such unions could benefit as much as states where same-sex marriages were already legal. For instance, Texas could see over 23,000 wedding ceremonies, depicting total spending of almost $182 million. However, North Dakota would likely entertain around 280 same-sex unions in the first three years, taking home about $1.9 million.
Weddings are normally extravagant in America. The average cost of a US wedding is $31,213. According to Knot.com, the $31,000 plus price tag last year indicates a $3,000 increase over the last six years. Depending on the scope of a wedding planner’s involvement in the ceremony, the share of outlay could certainly create a huge impact on their bottom line.
For a reception venue, an average expense ranges from $275 to $14,000 (or higher). Other costs include $555 for a wedding cake; $1,901 for a ceremony site; $1,973 for a wedding organizer; $2,141 for a florist; $2,556 for a photographer; and $3,587 for a band.
How about guest spending? This aspect is more interesting. Guests will spend a considerable amount of money as more and more weddings will become festive weekends. An average spending of a wedding guest is $673. Whether a person has a direct participation in a wedding or not, he or she will still spend on the following: clothing ($95), dining out ($116), hotel accommodations ($170), and airfare ($225).
Gay weddings are still new in the country, but it present a new and growing revenue stream for businesses focused on weddings. To cash in on this new segment, some experts suggest taking a proactive approach to marketing.
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