Does anyone know how big (money-wise) the cake industry is? I'm wondering because the amount of money that things cost, that I spend on cake toys, ICES conventions, etc. etc. it seems like this is easily a multi-billion dollar a year industry. Does anyone have a $$ figure they can put on it?
It's not a cake-only figure, but when I did my business plan, I had to include market analysis numbers. Nationwide, the wedding industry is a $60-70 BILLION dollar industry. When you throw in numbers that include gifts purchased by guests, engagement rings, insurance, etc., the number goes up to $140 BILLION. The reception is guestimated to be half of the total wedding budget.
Some numbers that my research came up with:
- The cost of a wedding has increased 50% over the last 10 years.
- The industry was expected to grow 14% by 2007 (these numbers were as of 2000) and to grow 30% by 2010. This growth is attributed to Gen-Y.
- 2nd and 3rd marriages account for 60% of all marriages.
- The average income of an engaged couple is $60,000.
- The national average cost of a wedding is $22,000.
- When you figure 50% is the reception, that's $11,000 spent on a reception.
WHen I had to relate these numbers to my local (Indianapolis) area, I figured out how many marriage licenses are issued each year times the average cost of receptions (I used a $7,000-12,000 figure), which equated a dollar value of $50-90 MILLION to be spent on wedding receptions annually in the Indianpolis Metro Area.
Oh yeah ..... there's money in this industry!
It's not a cake-only figure, but when I did my business plan, I had to include market analysis numbers. Nationwide, the wedding industry is a $60-70 BILLION dollar industry. When you throw in numbers that include gifts purchased by guests, engagement rings, insurance, etc., the number goes up to $140 BILLION. The reception is guestimated to be half of the total wedding budget.
Some numbers that my research came up with:
- The cost of a wedding has increased 50% over the last 10 years.
- The industry was expected to grow 14% by 2007 (these numbers were as of 2000) and to grow 30% by 2010. This growth is attributed to Gen-Y.
- 2nd and 3rd marriages account for 60% of all marriages.
- The average income of an engaged couple is $60,000.
- The national average cost of a wedding is $22,000.
- When you figure 50% is the reception, that's $11,000 spent on a reception.
I have some more recent stats to share. Are you ready for this?
* The US national average cost for a wedding in 2006/2007: $27,852
* Wedding cakes averaged $655.00 or about 2% of the wedding budget. (Average number of guests 165, so that breaks down to $3.96 per serving.)
* There are currently more than 44,000 weddings each weekend in the U.S., or 2.3 million per year.
* On average, todays bride is 27 years old and her fiancée is 29. Their household income is $74,000, and they remain engaged for an average of 17 months (compared to 11 months in 1990).
* Number of bride's parents paying for the wedding: 30 percent
* Number of couples paying for their own wedding: 32 percent
* Number of weddings paid for by the couple with help from both parents: 15 percent
I wish all these statistics apply here in Quebec. I live in the province with the lowest number of people getting married in the whole country.
Gosh, how can we convince more people to get married here?
Do you think anyone would catch on if you ran a dating service/wedding cake bakery?
LOL
Maybe your new advertising theme is something like the Olive Garden commercial on lately (not sure if you have those in Quebec). "Celebrate Monday! Have beautiful cake!"
Those are great stats, but I want to be sure I understand this: those stats had a lot to do with the wedding industry proper. I'm talking the sugar industry -- how much in the making cake/cookies/candy (not specifically for weddings)? The wedding industry includes so much more like bands, halls, caterers, etc. not just the cake. I'm wondering with the cost of molds, gumpaste tools, cake boards, etc. etc. Does that make sense?
... I'm talking the sugar industry -- how much in the making cake/cookies/candy (not specifically for weddings)? The wedding industry includes so much more like bands, halls, caterers, etc. not just the cake. I'm wondering with the cost of molds, gumpaste tools, cake boards, etc. etc. Does that make sense?
Sorry, we got kinda sidetracked. The sweets industry would be very hard to define, I think. You've got cakes, pastry, candy/confections, the chocolate trade -- all very distinct areas but they also have a fair amount of overlap.
Here are some sources for research:
http://www.bakingbusiness.com/industrystats.asp
https://www.aibonline.org/resources/statistics/sweetgoods.html
http://www.libsci.sc.edu/BOB/class/clis748/Studentwebguides/candy.htm
http://www.marketresearch.com/browse.asp?categoryid=483&g=1 (market research for sale)
http://www.allbusiness.com/candy-industry/3108680-1.html
http://www.ecandy.com
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