The Knot CEO: Weddings Are Back With A Vengeance

The wedding industry is making a strong comeback after a 16-month hiatus, with couples “ready to go all out again,” according to Timothy Chi, the chief executive of wedding planning website The Knot Worldwide.

“In the U.S., there’s about 2 million weddings that happen on average annually. We saw about 50 percent of those happen, so that just means there’s another million weddings then that got pushed forward, and we’re really starting to see that come to fruition here,” Chi said.

Now that weddings are takings place again, Chi told CNBC that he expects the number of weddings to increase by 20 percent to 25 percent this year and next compared to pre-pandemic levels. That is welcome news for businesses as the industry as a whole saw its revenue decline by 34 percent last year, with many couples choosing to postpone or downsize their weddings.

Consumers’ interest in spending on weddings is now on a rebound, fortunately. According to The Knot, couples are spending about $22,500 on their wedding receptions, on average, which is $3,000 higher than what they spent in 2020 and the same as 2019 levels.

Sixty-six percent of respondents in a survey by The Knot said that they have a greater appetite to spend more on their big day as they want to make the day “more special.” This includes spending on things such as buying exotic flowers, hiring a second photographer, increasing guest count and ensuring health and safety measures.

“There’s not really a better way to reenter post-COVID times than with a huge celebration bringing your closest friends and families together,” Chi said.

Originally published at https://retailbum.com on July 12, 2021.