The Economics Of Weddings Today

Weddings have become a big industry. Lots of money and efforts are invested in wedding arrangements because it involves a variety of vendors. A couple has to deal with different vendors from the venue providers to wedding planners, florists, DJs and photographers. With literally hundreds of weddings annually, the economic impact to the wedding industry is very substantial.

People all over the world have experienced many changes but weddings remain to be the ultimate symbol of love and happiness. Companies involved in facilitating happiness consider weddings as a very lucrative industry. According to a report from IbisWorld on wedding services, the global wedding industry is now worth an estimated $30 billion per year.

A lot have changed in the institution of marriage since the 1950’s when marriage was considered as a union between a man and a woman based on practicality and compromise. Today, marriage is largely seen as an equal partnership between couples based on love and mutual respect.

A number of coupes today prefer to unshackle themselves from society’s usual norms. There are a number of reasons behind the decision but the protection of hard-earned assets is the most significant. In 2005, a comprehensive study on the economics of marriage revealed that the wealth of married couples increased by about 14% for each year that they are wed.

This is best explained by the fact the married individuals save more and is more conducive the long-term financial planning. Married couples are more likely to consider investments like a home because they know that theirs is a long-term relationship that inspires a readiness to invest. Couples who cohabitate also save but they tend to invest less because their finances are separate. In simple words, they are not as committed as married couples.

If you are planning for a wedding, why not consider destination wedding in Thailand? Aside from attractive and inspiring wedding venues in Bangkok, there are event planners that can make all the wedding arrangements according to your requirements. Destination weddings are the current trend for couples who do not want to spend so much for the event. Besides that a wedding in Thailand will ensure unforgettable memories.