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From the MarketResearch.com Information, the overall marriage rate is the lowest it has been for more than 40 years, 88% of Americans get married at least once in their lives. In 2004, one out of every 64 Americans got married, or 4.6 million men and women wed as 2.3 million couples per the National Center for Health Statistics. The figure of 2.3 million marriages has held relatively steady for the last decade. This translates into almost 44,000 weddings each week or 6,200 weddings daily for the last ten years.
Virtually every wedded couple takes a honeymoon; 99% of newly married couples went on a honeymoon in 2004—a consistent statistic for the last five years. Honeymoon travel accounts for over $7 billion in annual spending per Fairchild/Conde’
Honeymoons are driven by wedding trends which are driven almost solely by demographics and generational trends. This report will investigate these trends driven by two generations in prime marriage age, those members of the “Echo Boom” generation born of Boomer parents: Gen Y and Millennials. Each generation segment has their own unique values that drive and will steer honeymoon trends and spending over the next ten years. Given the extraordinary growth of the average wedding cost, or an increase of 50% in the last decade, it is projected that honeymoon spending will follow the same or similar increases over both the short and long term future. For the purposes of this report, a honeymoon is defined as a holiday, trip or travel taken by a newly married couple occurring specifically as part of U.S. marriage tradition. Remarriage honeymoons will be included as per existing market data.
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