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?
A variety of celebrities have put their names to a Shepard Fairey print in order to support gay marriage. More than 80 celebrities including Julia Roberts, Charlie Sheen, Natalie Portman and many others have signed "Defend Equality - Love Unites" original prints with a design by Shepard Fairey. Some celebrities took a unique approach to signing. Jared Leto wrote out the language of California's Proposition 8 ballot initiative (which stipulates that marriage is only between a man and a woman) on the back of his Fairey print, burned it and put the ashes in a clear glass urn with the inscription, "Here lies within, the remains of Proposition 8, may it rest in peace." Virginia Madsen added a collage to her poster. The pieces will be sold in online auctions next month. On November 12, Shepard Fairey will take part in the official launch event at the Andaz West Hollywood hotel. VIP tickets for the event are $100.
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