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00:00 Taylor
You’re absolutely right. And I think the big thing here is that love is seemingly inflation proof. We’re seeing in our data that wedding spending growth was up 8 and a half% so far this year. and that’s more than double what we’ve seen the past two years. And what that tells us is that consumers are still prioritizing the big day, that these big life milestones are still something that’s worth banking the budget.
00:23 Speaker A
It sort of speaks to this volumes of this idea of this experiential economy holding up. Is that what this is?
00:30 Taylor
Absolutely. And you know, we’ve seen this trend of prioritizing experiences really for the past four or five years. But what makes weddings different is that it’s really a whole season of spending. A wedding is a multi-layered event. It’s spending on possibly travel, on restaurants, on clothes. And so really, it’s a domino effect. And when we see that consumers are still prioritizing weddings, still increasing their wedding spending despite facing higher costs. It really underlines the point that consumers are adapting, that consumers are finding ways to be savvy while still spending on things that matter to them.
01:21 Speaker A
What’s so interesting too within the report is that now the amount of Gen Z getting married is actually increasing. But at the same time, we’re hearing some concerns that Gen Z isn’t dating as much, they’re not thinking about this. So, how is Gen Z, you know, playing within this market and and maybe how does it compare to millennials in previous years?
01:44 Taylor
It’s interesting. So we’re kind of seeing millennials toss the bouquet to Gen Z.
01:53 Speaker A
Oh, that’s a good one, Taylor.
01:54 Taylor
And in our Thank you. And in our data, we are seeing that Gen Z is increasingly coming on to the wedding scene. And really, that has an impact for wedding trends. It has an impact on how consumers are prioritizing future life events. And what we’re seeing is that trends like destination weddings, lab grown diamonds, different things are emerging as different generations are kind of making their mark on the wedding scene. But again, broadly speaking, wedding spending is still really strong across all generations that we’re seeing particularly amongst Z and millennials both.