emerging wedding trends impacting your business · | 2 © 2014 xo group inc. all rights reserved....

Emerging Wedding Trends Impacting Your Business

| 2

© 2014 XO GROUP INC. ALL RIGHTS RESERVED.

Welcome!

Gabrielle RolonDirector of Education

Sarah LambertDirector, Business Development

2

| 3


Agenda

What today’s nearly-weds want from venues

What we’re hearing from hotels

3 strategies to grow your wedding business

3

| 4


What Today’s Nearly-weds Want From Venues

| 5


Millennial Couples

• She’s older: 29 (up from 28 in 2008)

• He’s older: 31 (up from 30 in 2008)

• She’s more educated:

− 77% are college graduates (up from 68% in 2008)

− 27% have a graduate degree (up from 20% in 2008)

• More affluent:

─ Average HHI: $92,836 (up from $85,100 in 2008)

Who are they?

Source: 2014 Real Weddings Study5

| 6


What’s trending

• Weddings are a big business• $39+ billion industry wedding event

market size • 1.7 million annual wedding events per year

• Intimate guest lists: 136 guests (vs. 149 in 2009)

• A shift towards casual 82% vs. 76% in 2009

• Outdoor reception venues on the rise

• Nearly half (46%) are 3 days or more

• Location is The Key Reason for Booking:• Scenic backdrop/locale: 46%• Both indoor and outdoor space: 28%• Unique or non-traditional: 27%


| 7


What our couples tell us…

• 1st big decision is wedding venue (50% of the budget)

• Average cost $14,006 (vs. $12,838 in 2009)

• 76% do not use a wedding planner

• Need guidance & transparency for finding their perfect wedding venue


| 8


What We’re Hearing from Hotels

| 9


Occupancy challenges

• Seasonality: Summer and Autumn weddings dominate

• 78% of all weddings take place between May to October

• May, June and October are the most popular months

• 7 in 10 weddings occur on a Saturday

• Relationships require more investment:

• The venue is the most expensive decision

• Over half of the wedding event budget: Average cost $14,006 (+$1,168 since 2009)


| 10


What our hotels tell us…

• They are getting too many of the wrong leads

• Pre-qualifying leads is costing time and staff is limited

• Need help filling unbooked (peak and off-peak) wedding dates

• Need help filling hotel rooms on weekends

10

| 11


3 Strategies to Grow Your Wedding Business

| 12


1. Partner with local wedding pros & industry events

• Offer off-site perks to other local wedding vendors

• V.I.P access, gift cards or exclusive offers

• Check your local CVB site for upcoming industry events

• Create a special for those attending the event

• Become the “preferred hotel”

12

| 13


2. Add value to the customer experience

• Package with free service or discount

• Free champagne toast or transportation services

• Host an educational event• I.E., Mini wedding expo

for nearly-weds or a workshop for wedding pros on how to get more wedding business

13

| 14


3. Develop a Marketing Focus Unique to Weddings

• Create a presence that engages today’s nearly-weds

• Showcase real wedding images, testimonials, etc. to highlight the customer experience

• Partner with organizations specializing in weddings with a built-in bridal audience

• Participate in programs that understand & solve the pain points of couples and hotels – I.E., The Knot Venue Concierge

14

| 15


| 16


Our vision is to inspire, plan and book every wedding in America with LOVE.

16

| 17


The Knot is the #1 Wedding Brand, Reaching 8 in 10 Couples

17

| 18


NEW! Venue Concierge by The Knot

Offline, high-touch, proactive venue concierge service helps couples find the perfect venue.

For more info visit theknot.com/concierge/venues

18

| 19


Questions

• How would you characterize your properties’ wedding business?

• What challenges do you face growing your wedding business?

19

emerging wedding trends impacting your business · | 2 © 2014 xo group inc. all rights reserved....

Documents