Thursday, May 31, 2007

Echo Boomers Say “I Do” to $10 Billion Destination Wedding Market

A new Mintel report was released today and the news is ever more promising for the future of Destination Weddings!!
Here is the entire press release:

New Mintel Report Shows Echo Boomer Interest Rising in the Emerging Wedding Sector

CHICAGO--(BUSINESS WIRE)--More U.S. consumers are taking their vows on the road, according to a new Mintel report. In the last five years, the destination wedding market has ballooned from $3 billion in 2001 to nearly $10 billion in 2006—equating to over 300 percent growth. As the Echo Boomer generation, currently ranging from 13 to 30 years old, stands as the largest age group since the Baby Boomers, there is strong potential for the destination wedding market to continue its rapid climb through 2018.

According to Mintel’s exclusive research, eight percent of respondents are planning to have a destination wedding in the next two years. Of those respondents, one fifth fell between 18 and 24, eclipsing all of the other age groups. This shows major growth potential within the Echo Boomer wedding sector.

With consumers waiting longer to marry, the Echo Boomers present the largest target demographic for destination weddings. The median age stands at 26 for today’s brides and 27 for grooms. Between 2007 and 2018, the number of people turning 27 will grow by a third as the Echo Boomers come of age. This demographic will comprise two out of every three brides by 2012.

“Even though marriage rates are declining, the Echo Boomer group shows major potential due to their sheer numbers and higher interest in destination weddings,” said Chris Haack, analyst for Mintel. “This younger generation wants all of the benefits of a traditional ceremony, with the adventure aspect added to their experience. Traveling and having an intimate ceremony is becoming a more cost-effective option for many couples, and marketers can take advantage of this messaging when they appeal to younger couples.”

Companies such as Royal Caribbean are pioneering more adventurous wedding options, positioned to appeal to a younger consumer group. This year, Royal Caribbean launched the Explorer Wedding program that gives consumers many adventurous marriage location options, including on an Alaskan glacier or in a hot-air balloon.
Mintel estimates that destination wedding spending overall will reach more than $18.9 billion by 2011.

Photo Courtesy of Whitebox Weddings

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