Wedding industry may see 'strong boom' in 2021: The Knot Worldwide CEO
The Knot Worldwide CEO Tim Chi says data is showing people are hopeful for summer, fall weddings
Wedding industry predicting 'strong boom' in second half of 2021: The Knot Worldwide CEO
The Knot Worldwide CEO Tim Chi provides insight into the surge in wedding bookings as coronavirus restrictions lift and vaccines rollout.
The wedding industry in 2020 might have seen a hefty number postponements due to the COVID-19 pandemic, but experts in the field foresee a "strong boom" as the year progresses.
At least that’s what current data collected by The Knot Worldwide is showing, according to the company’s CEO Tim Chi. In an interview with FOX Business’ Stuart Varney, Chi explained that its five wedding publications have found that couples are preparing to tie the knot or celebrate belated nuptials in the next half of 2021.
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"We have properties all over the world, so we’re able to track data and sentiments about what’s going on," Chi said.. "I think I we’re seeing a lot of green shoots right now in the U.S. and U.K. markets. The strong vaccine rollout coupled with, you know, the innate desire to want to see family and friends, we’re predicting a strong boom in late summer and into fall for weddings this year."
Last year, Chi says about 50 to 60% of weddings were dislocated because of the pandemic.
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"Couples were trying to figure out with all the restrictions if they could even have a wedding or not," Chi said. "Most postponed."
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While some couples did not hold off on getting legally married, "a lot of folks" are reportedly still planning a larger celebration.
According to The Knot’s published 2020 Real Weddings Study [COVID-19 Edition], 93% of couples said they were still having a wedding.
Nearly half (47%) of couples who had a wedding planned last year opted for a later date. Thirty-two percent had a wedding ceremony but postponed their reception and 15% postponed their entire wedding to 2021 or beyond.
Only 7% canceled their reception entirely while 3% said they were "unsure" of their future wedding plans.
Despite the number of delayed celebrations, Chi says there’s been a "slight decline" but the industry as a whole has remained "relatively stable."
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"I think the broader theme still is that people want to celebrate with friends and family," Chi told Varney. "[They want to] have that big day and it’s still a special moment in everyone’s life."
For wedding celebrations that did occur at the height of the pandemic, average spending dropped to $19,000 due to downsizing. The year before that, the average cost of a wedding was $28,000. It is not immediately clear if summer and fall weddings for 2021 will follow that spending trend.
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The Knot Worldwide encompasses five online wedding publications that have a global presence, including The Knot, WeddingWire, Boda.net, Hitched and How They Asked.