The Business Of Love

With valentines day just around the corner, have you considered the economic value of "love" and the inevitably associated value of weddings and honeymoons?

Well, it seems the age old tradition of love is BIG business. In a recent survey undertaken by Plus94 market Research Solutions a significant proportion of the country across all race groups marks the day by buying presents, taking their loved one out for a meal or getting a romantic breakaway, with an average spend of about R400 per person, while some are as high as R100000 per person!

Although further statistics and figures from South Africa are not readily available, consider that valentines day in the United States generates over $14 Billion (R105 Billion) .....and the love of Valentines Day readily translates into the business of weddings and honeymoons. South Africa is a major Honeymoon destination, not quite on the level of some of the Indian Ocean Islands or the Caribbean, but you just need to Google, "Honeymoon South Africa" and you are greeted with over 20 million hits and a variety of lodges, specialist tour operators and event organizers focusing on the honeymoon market.

The American Honeymoon market has some of the best statistics available about couples who take their Honeymoons abroad. Consider these:

• Estimated Number of Honeymooners: 1.4 million U.S. couples per year of which 890 000 of those are abroad. 
• On average, the honeymoon is booked 4 months before the wedding. 
• Honeymoons comprise a $12 billion-dollar-a-year industry. 
• Couples spend an average of $4,466 on their honeymoon. That's three times as much as the average U.S. adult spends on a vacation. Luxury honeymooners, which comprise 15% of the market, spend an average of $9,954 and vacation for 11 days. 
• The honeymoon, on average, accounts for 14 percent of the wedding budget. 
• The length of an average honeymoon is eight days. 
• 62% of couples pay for most of their honeymoon on their own. 
• 10 percent of newlyweds take cruises for their honeymoon. 
• 40% of honeymooners will stay at a resort vs. 27 percent at a large hotel vs.10 percent at a small hotel.

We always hear about the high divorce rates and marriages breaking up, but on the positive side a total of 184 860 marriages were registered in South Africa in 2006, an increase of 26 percent from 10 years ago, according to Statistics South Africa. With the average South African wedding costing anything between R20 000 and R200 000 - you do the maths.