Now £10,725.00 might cause you to have a sharp intake of breath but have you any idea what the wedding industry is worth? According to popular wedding website hitched.co.uk, the industry is worth over £10 billion per year!
They surveyed thousands of newlywed couples last year and found out that from engagement through to the honeymoon, a wedding celebration in the UK can come to around £36,000. That seems like crazy money when you consider it’s just for one day. But to add insult to injury, half of the cost of the wedding falls on the wedding guests to stump up.
The bride and groom spend around £12000 on the big day, and another £2700 on the honeymoon. The guests collectively spend around £1,760 on accommodation, £6,374 on clothes, £2,210 food and drink, £4,665 on gifts and £3,438 on travel.
What does that mean for you as a seller? Well, you need to tap into the clothing and gift side of it. Stock wedding clothes for guests including hats, fascinators and bags and you’ll be laughing!
Now obviously these are average figures and there are going to be huge society and celebrity weddings that cost 100s of 1000s of pounds, so the majority of weddings will cost less. That gives you as a seller an opportunity to cater for the lower end of the market via eBay and on market stalls etc.
Once upon a time, June was the most popular month to get married but that seems to be changing. More recently it was August but honeymoons can cost an absolute fortune at that time of the year, and in our recession hit society, increasingly people are being thriftier and marrying at other times of the year. So selling wedding related goods will obviously be a yearlong business opportunity that’s worth looking into.
You can also think laterally. The cost of stationery and decorations for a wedding costs an astounding £885! £885 for some cards and envelopes and bit of confetti? There’s a bandwagon worth jumping on!
So, if you’re looking for a new focus for your eBay store or market stall, or you’re considering opening a little business somewhere, there are plenty of reasons to stock wedding related paraphernalia. £10billion reasons per year actually!