This story has been updated from its original publication on May 10, 2013.
NEW YORK (TheStreet) -- With the Supreme Court's historic decisions this week to declare the Defense of Marriage Act as unconstitutional as well as its decision to overturn California's amendment banning gay marriage, the $50-billion wedding industry is about to get even bigger.
Market research specialist IBISWorld puts the size of the U.S. wedding industry at a whopping $50.6 billion. As consumers expand their disposable incomes, the wedding industry is expected to grow 2.3% over the next five years, IBISWorld forecasted said in its April 2013 report.
The Defense of Marriage Act, or DOMA, allowed the federal government to disregard same-sex marriages even if they were recognized by specific states, causing confusion for partners in matters such as Social Security benefits, tax returns and financial aid, among others.The decision to declare the law unconstitutional came on the same day as the court nullified California's Proposition 8 amendment, which banned same-sex marriages in the state. These two historic decisions means the wedding industry is about to get an even further boost from gay and lesbian couples looking to legalize their partnerships. According to a survey by XO Group's (XOXO) The Knot.com and The Advocate , a news resource specifically for the gay community "nearly 20% of our audience is planning to get married in the next one to three years," said Stephen Murray, Here Media's senior vice president for marketing and brand strategy. "That's a huge increase from even a year ago, and one that opens up an array of new opportunities for wedding, bridal and travel advertisers." Here's a handful of companies already benefitting from the massive wedding industry.
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