Source: Pew Research Center
The signal: In 2019, we wrote about weddings going micro. In 2020, they’re LGBTQ. Last year alone, 4 countries legalized same-sex marriage (Northern Ireland, Ecuador, Taiwan, and Austria), giving marriage rights to a potential population of over 70m people. There are now 30 countries that allow gays and lesbians the right to marry.
For some perspective, 2 years after the US Supreme Court gave gay couples the right to wed, more than 1m LGBTQ couples had married. That means over 500k same-sex marriages took place, equating to billions of dollars in wedding-related revenue.
Source: Pew Research Center and Wikipedia
The opportunity? Weddings aren’t easy to plan. And experts say queer weddings can be even more challenging. For example, some venues still turn away same-sex couples. In response, online communities like the LGBTWeddings subreddit share tailored tips and tricks.
Source: Subreddit Stats
But perhaps more compelling is the money in the wedding business. US couples are more willing to shell out wads of cash than any other day in their life, spending, on average, some $33k for their wedding.
Approximately 1.3B people live in countries where same-sex marriage is legal. That means that over 6B people reside in a place where they don’t have this option. However, as the gates open up (ex: Thailand has a population of 69m and polls already sway for the cause), more same-sex couples will wed and seek support, whether it be finding LGBTQ-friendly venues, vendors, honeymoon locations, planners, or same-sex products, such as a “mr and mr cake topper.” Search volume for these products is still relatively small, but expect it to increase alongside social acceptance.
Source: Keywords Everywhere