Fact – Wedding Industry in Vietnam

The F&B industry  is always vibrant and bustling, in which there is a potential field, with business performance that can be said to be the highest – the business of weddings and events. This industry is in the process of evolving and is fully supported by digital both in Vietnam and the rest of the world. Additionally, this is also a “fertile” land for investors as well as young people because of the opportunities and potential that it brings in the future.

Overview of the current wedding and event industry

Around the world, IBIS World in 2019 reported the industry size in the US to $ 72 billion (up 0.9%), while China reached $ 29 billion with a growth rate of 2.7% per year. And total global sales are estimated at more than 300 billion USD.

In the Vietnam market, right from 2014, ABC – Association of Bridal Consultants in Viet Nam has conducted a survey about wedding services in 4 big cities: Hanoi, Ho Chi Minh, Da Nang, Can Tho. The results show that each year in localities across the country, there are 2.6 million weddings. In addition, with the assumption that 20% of these couples organize a methodical wedding, there will be 520,000 weddings/year. Each couple has an average cost of 80 million VND, the total expenditure has reached 2 billion USD, the rest (80%) will contribute another 3 billion USD. Thus, the total revenue for the wedding and event market is estimated at more than 5 billion USD.

Through 2015, statistics show that each year, more than 300,000 weddings took place in big cities: Hanoi, Ho Chi Minh, Hai Phong, Da Nang, Can Tho. In the year 2018, according to a World Bank report, Vietnamese people tend to spend more and more on wedding services. In particular, the middle class is increasing, 70% of Vietnamese people are economically secure, of which 13% belong to the middle class by world standards. At the beginning of 2019, according to market survey results in Hanoi, Da Nang, Ho Chi Minh City, Nha Trang and Phu Quoc, the total revenue of wedding services in these areas has reached 7 billion USD and in 2020, Vietnam’s middle class is forecast to reach 33 million people, many of whom are willing to spend a proportional amount of money to have a “lifetime” wedding.

Opportunities in the event and wedding industry

The wedding market is expanding and the main driver comes from millennials (25-30 years old) who are reaching marriageable age. In addition, Gen Z (20-25 years old) has also become a source of potential customers for the event and wedding industry. Millennials and Gen Z are special customers, bringing innovation and creativity with their own personalities. In addition, this generation has a mid to high daily spending range, and that will be the foundation for affordability that will increase in the future. Although some couples want to save money, there are brides and grooms who are willing to spend large sums of money to make their wedding day a special occasion. As the main audience who is and will be preparing for married life, with a stable education and income, and regularly updated with new trends, the millennials even have many strict requirements. for this important event.

It can be seen that the Vietnamese wedding market in particular, and the world in general, is constantly developing through each stage. In Vietnam, this can be considered a new market which brings a lot of potential, but in reality, there is no official organization or industry association as well as no consistent standard in service and product. Therefore, individuals and organizations are intending to this profession, it is a huge chance and many ways of development. 

For youngsters who really have a desire and passion for this special industry, starting early and not being hesitant to invest in knowledge and experience are helpful pieces of advice. At the same time, each individual needs to shape and create your personal branding so that customers can see you, meanwhile you can also make an impression on them with your own personality.

Photo: Thien Tong Photography

Published by Wedding & Special Event Network Vietnam

The Wedding & Special Event Network Vietnam is founded by an advisory board to establish and uphold the standards of all Wedding & Special Event Planners in Vietnam. Our mission is to support and education to wedding and event planners by promoting their business and connecting them with professional partners and clients across Vietnam.

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