At 86 million strong, today's millennial generation is 7% larger than baby boomers--making them the largest generation in US history! Despite having to struggle through two recessions, high unemployment and growing student loans, they have some serious financial clout. In fact, there are over 15.5 million affluent millennials in the US with at least $100,000 in annual household income.
With an average age of around 30, these affluent millennials are in a phase of life where they are getting married, purchasing homes, and starting families--meaning they are your most important customer right now!
So what are affluent millennial couples looking for when they plan their wedding? Here are the top wedding trends we're seeing:
Classic, Elegant, Romantic: Their wedding style is timeless and sophisticated, with classic elements such as string music (44% up from 38% in 2013) and traditional tiered wedding cakes (73%). Plus, elegant affairs are on the rise, with 43% choosing a formal/black tie wedding
Personalization and Customization: They crave one-of a kind experiences and value authenticity. In fact, 62% add a personal touch by creating at least 1 DIY item (e.g. escort cards) and 91% have at least one signature wedding element (e.g. wedding logos/monograms, signature cocktails).
Guest Experiences: They want to inspire their guests and create intimate experiences. They are keeping the guest list down, with an average of 193 guests--down from 201 in 2013. Plus, they're paying attention to the details, like the location! The top reason for choosing a wedding location is the scenic backdrop (52%)
What can you do to connect with this affluent millennial couple? Check out our top 3 tips:
- Inspire them:
- Use real wedding photos to showcase your work
- They want you to capture their unique spirit and mood, so help them create a personalized experience that is uniquely theirs
- Create marketing materials that inspire
- Be authentic:
- Market the human touch that goes into your products/services
- They crave emotional connections and care about who you are, so tell your story and let them get to know you
- Share your manifesto--what do you value, what does your brand represent?
- Provide an unforgettable experience:
- Incorporate their core values into the wedding
- Add elements that reflect the couples' own special tastes and interest
- Develop a one-of-a-kind personalized experience
Now get out there! Get more bookings and connect with this fascinating, affluent generation.
Source: The Knot 2014 Luxury Weddings Study
Photo: Jose Villa Photography