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Gay Marriage Could Buoy Faltering Wedding Industry
Filed under: Events
Forbes' recent in-depth look at the impact of potential profits from legalized gay marriage on the struggling nuptial-driven industry sounds like a specialized stimulus package to me! Imagine if even half of the 781,267 same-sex couples already living together were to tie the knot. That alone would possibly boost the wedding industry by almost $10 billion! Currently the wedding market pulls in a whopping $160 billion with an average nuptial event costing over $20,000. But the industry has seen a steady 1.9 percent decline every year since 1999 and with the recent recession more couples are watching their pennies when planning the big day. When it comes to gay marriage it seems most same-sex couples choose to spend about 34 percent of the amount straight couples shell out. But assuming their friends and family still spend the average $113 per wedding gift and the couple still receives the average 75 gifts, this category of the industry alone would rake in $3.4 million with just half the same-sex couples who already live together taking their vows. Add on catering and reception costs, honeymoon expenses, photography and jewelry and you're looking at roughly $9.5 billion of potential revenue just waiting to be scooped up.
With California's serious economic troubles I'm surprised they didn't use Proposition 8 as a way to jump-start their economy through the wedding industry? Isn't that a better alternative to legalizing marijuana?
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