As a wedding boom nears, your business can boom with it
Here’s one thing you can expect in 2022: More couples tying the knot than in any year so far this century.
“2022 will be a record year for weddings,” Jim Marcum, CEO of David’s Bridal, told Bloomberg. This means potential record sales in jewelry, fashion, housewares, catering, travel, and more.
If your business supports or profits from the wedding industry, you can prepare now to maximize gains in the year to come.
Current trends and forecasts show wedding surge
The Wedding Report estimates there will be 2.5 million weddings in 2022, which is nearly double the number in 2020—and the most in nearly 4 decades. What’s more, 20% of weddings that were originally planned for 2021 have been moved to 2022.
Gina Drosos, CEO of Signet Jewelers, cited a “rising tide of engagements” this fall during an earnings call with analysts. She added that sales in the bridal category were up 25% during the summer of 2021 compared to the same period 2 years ago.
Jewelry designer Kristin Coffin has seen a similar trend. “Our sales are up significantly from 2020, so couples were definitely getting engaged at a higher rate in 2021. This is likely a good indicator of weddings to come in 2022.”
Overall, the average total spend on a wedding in 2022 is estimated to be $24,300—an 8% increase over this year.
Family and friends are also in the mood to spend on weddings, if this year’s data is any indication. Research from WeddingWire shows guests spent an average $460 to attend a wedding in 2021, compared to $430 in 2019.
How your business can benefit from the wedding boom
Wedding guests are likely to spend on travel, fashion, hospitality, gifts, and more in 2022. But the costs of a wedding—or attending several in one year—can strain the finances of even the most budget-conscious couples and their loved ones.
If your business sells relevant goods or services to these consumers, you can give them pay-over-time options with Affirm. This payment flexibility can help shoppers fit some of these expenses into their budgets. And it can increase average order value (AOV) and incremental revenue for you, among other benefits.
Coffin said in November that checkouts with Affirm were up 47% from last year, and the flexible payment option is helping more couples get engaged when they want. “Paying over time allows couples to have their weddings sooner, since there’s less of a dent in the bank account after buying the wedding ring,” she said.
Offering longer terms on a payment plan (beyond 12 months) is another way to help shoppers retain more spending power as they consider wedding-related purchases. This strategy can also help protect your margins amid pressure from rising prices and supply chain shortages.
“When shoppers who are having or attending weddings are provided with pay-over-time solutions through Affirm, they have more flexibility to make the occasion truly memorable, with less strain on their budgets,” said Silvija Martincevic, Affirm’s Chief Commercial Officer. “Not only that, but by allowing these customers to pay over time, your business gets the added benefit of lifts in conversion, average cart sizes, and new customers.”
Learn more how Affirm can help grow sales for your business.