Market Overview

Size of the wedding market (as a total of major six categories) for 2023 is estimated at 1,970,800 million yen, 111.2% of the preceding year. The market size of wedding and receptions recovered to 1 trillion-yen level in 2022, and the market is expected to maintain stable growth in 2023 as well. Accordingly, other markets related to wedding are also returning to 1.9 trillion-yen level. The bridal jewelry market expanded by intermittent rise of product prices due to soaring material prices. As the society moved on to post-COVID period, the demand increased for marriage agencies /matchmaking services (described as “marriage information/matchmaking services” in our previous market reports) for conventional in-person matchmaking in addition to online matchmaking that was vibrant during the pandemic. With increase of clients in some of these services due to these backgrounds, and with new market entrants of online services, the market seemed like it was on an upward trend. However, as bankruptcies of businesses were witnessed one after another, the market size in 2023 decreased from the preceding year.

Noteworthy Topics

Investments Resume in Earnest for New Openings of Wedding Venue & Facility Renewals

New openings of wedding venues and facility renewals (renovation of chapels, reception venues, and banquet halls) is driving the business growth. Businesses have resumed investments in earnest in 2023, which were curbed by the COVID-19 crisis. Major wedding companies are shifting their business format to hotel business, and/or developing new businesses. Meanwhile, mid-sized companies are pursuing growth strategies by opening multiple venues per year.

Future Outlook

The wedding market (as a total of major six categories) in 2024 is projected to grow to 2,040,000 million yen, 103.5% of the preceding year. Considering the status of orders received and inquiries related to wedding consultation, the mainstay wedding ceremonies/receptions market is expected to experience moderate growth. The rapid recovery after the fall during the pandemic seems to have calmed down.

The bridal jewelry market anticipates flat growth as the intermittent price increases subside.

The marriage agency/matchmaking services market is forecasted to grow slightly, as it is presumed that the enhancement of online and in-person services continues to attract users.

Research Outline