Despite stagnating vaccination rates and the continued spread of COVID-19, wedding bells are expected to continue to ring loud and clear in the coming months as couples who have postponed their wedding move forward with rescheduled (or in some cases rescheduled) plans.
Vishal Joshi, co-founder and CEO of wedding planning startup Joy, told PYMNTS that weddings have increased since spring “and are showing no signs of slowing down.” This fall, there are twice as many weddings as in previous years, with couples increasingly holding their weddings on Fridays, Sundays, and weekdays to find available wedding venues and providers.
“We’re seeing a real appetite for personal ceremonies as couples have missed that bond with friends and family,” Joshi said.
Joy recently raised $ 20 million in new funding to grow its workforce and expand its registration platform. Joy said it had seen 100% growth in U.S. couples, a trend that is likely to continue through 2022. In addition, Joy has seen double-digit growth in demand for its registration every week since launching its registration feature in the spring, and nearly 90% month-on-month growth in the number of guests giving gifts through the platform.
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“We’re modernizing wedding planning by developing smarter software that is beautiful and easy to use,” said Joshi. “The confirmation that couples love our approach is in the growth we have seen each year through word of mouth, excluding marketing expenses.”
Wedding spending fell dramatically in 2020, according to industry research firm The Wedding Report, with only about $ 26 billion spent on 1.3 million weddings, compared to over $ 52 billion spent on 2.1 million weddings in 2019 became.
Demand is expected to pick up again this year with 1.9 million weddings and over $ 43 billion, but in 2022 the real boom will be spent with nearly 2.5 million weddings and $ 60 billion. According to The Wedding Report data, which dates back to 2008, that would be the most weddings in a single year – and for only the second time, total wedding spending has exceeded $ 60 billion.
Only about half of Americans are fully vaccinated against COVID-19, and as the Delta variant continues to spread across the country – and a new variant known as Mu called an “interesting variant” by the World Health Organization last week became – little can be said with certainty about the coming months. Dozens of etiquette guides have been compiled for brides to learn how to ask guests about vaccination status (e.g. on many couples during an already chaotic planning process.
Amy Nichols, founder of California-based Amy Nichols Special Events, told the New York Times that due to the Delta variant, she has seen an increase in couples reluctant to book for 2022. “They don’t know what to expect, whether we’re in better shape or things are getting worse,” she said.
The Wedding Report also found that 20% of weddings originally planned for this year have been postponed to 2022 and companies have booked around 10% fewer than in 2018 and 2019.
Still, the September 2021 view is very different from March 2020 or even September 2020. More is known about COVID-19 and how to prevent it, and most people have gotten used to it (or as best they can) .). be) to wear masks if necessary, even if this could make wedding photos look unusual.
“Brides and grooms need to remember that there are a million variables that influence individual choices and decisions,” Robert Hess III, public health expert and CEO of Hess III Consulting, told Brides.com. “So, continuing to offer flexibility and planning ahead is critical to ensuring that your big day is as special and meaningful as you always dreamed it would be.”
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Above: Despite their price volatility and regulatory uncertainty, new PYMNTS studies show that 58 percent of multinationals are already using at least one form of cryptocurrency – especially when transferring money across borders. The new survey on Cryptocurrency, Blockchain and Global Business, a collaboration between PYMNTS and Circle that surveyed 500 executives, examines the potential and pitfalls crypto faces on its way into the financial mainstream.