eWedNews has learned that a new study is being conducted by WE TV Networks Wedding Report to identify the number of businesses associated with the wedding industry. The survey was conceived to quell ranging estimates that are said to be rampant in the business and causing reported stress to investors.
According to the Small Buisness Administration there were 29.6 million businesses in the United States in 2008, according to Office of Advocacy estimates. Census data show that there were 6.0 million firms with employees in 2006 and 21.7 million without employees in 2007 (the latest available data). Small firms with fewer than 500 employees represent 99.9 percent of the 29.6 million businesses (including both employers and non-employers), as the most recent data show there were about 18,000 large businesses in 2006.
The numbers differ from varied sources and remains a concern for investors in general, including those that have an interest in wedding related companies, including the Knot (NASDAQ:KNOT). “That is why we’ve decided to conduct the study and get a true read on how many businesses service the wedding industry,” said Shane McMurray, founder of TWR. The study is a continuation of information pertaining to the the "State of the Industry". McMurray said, "It won’t take that long to do; we should be ready to release information in August,” he told eWN.
McMurray asked the following on Face Book: We are working on an industry first report that we determine how many businesses serve the US wedding market. What is your guess? Response ranged from a million to “three”, according to stabs in the dark taken by TWR FB friends. Perhaps the study is way overdue?
eWedNews will continue to provide more information and top-line data as it becomes available.
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Posted on 07/30/2010
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