Market Overview

Size of the wedding market (as a total of major 6 categories) for 2022 is estimated to 118.5% of the preceding year to 1,757,700 million yen. Despite the sharp drop in 2020 due to COVID-19 crisis, which caused the market to fell to below 2 trillion-yen level, recovery in demand for wedding ceremonies and receptions has been seen since 2021. Owing mostly to the fact that the society is getting back to normal in 2022, the market of wedding and receptions is expected to return to 1 trillion-yen level. Consequently, the wedding market is forecasted to reach 1.7 trillion yen.

In detail, the bridal jewelry market has been on the rise. The increase attributes to the soaring jewelry prices due to the skyrocketing material prices, as well as to the reallocation of wedding and reception budget to jewelry, as the couples downsized their guest list to their wedding ceremonies and parties. Regarding the marriage information/matchmaking services, it should be noted that while the market has significant room for growth, industry restructuring is taking place at the moment. To see the impact of restructuring, the market situation needs to be monitored over the next year or two.

Noteworthy Topics

Establishment of “Future Wedding JAPAN” (General Incorporated Association)

A general incorporated association named “Future Wedding Japan” was organized on September 1, 2022. The consortium was established for the purpose of “sustaining and developing wedding industry”, “reinforcing industry collaboration as well as alignment with the government and local governments”, and “contributing to the sustainable development of Japanese society and economy by supporting marriage, which would be a way to address declining birthrate, local economy invigoration, and tourism revitalization.”

As of the end of January 2023, the member companies include major companies in wedding business, such as wedding reception venue operators, and related businesses like bridal shops and wedding florists. Prior to the spread of COVID-19, wedding industry lacked industrywide attempts to appeal to the society. In the wake of the crisis caused by the pandemic, the association is expected to take initiative in building a horizontal connection and invigorating the wedding market extensively.

Future Outlook

The wedding market (as a total of major 6 categories) for 2023 is forecasted to reach 114.9% of the preceding year to 2,019,000 million yen. In the wedding/reception market, the largest market of the six, steady growth is sustained mainly among newly opened venues and existing popular venues. The honeymoon market is also on recovery trend, as restrictions on overseas travel has been lifted. It is projected that the expansion of the bridal jewelry market, boosted by the soaring material prices, will contribute to the growth of the entire wedding market. Likewise, sound growth is anticipated for the market of marriage information and matchmaking services.


 

Research Outline