If the same sex marriage voting turns out more yes, a lot of small businesses in Australia will be experiencing a boom including florists, wedding photography in Australia as well as wedding organizers. This is because tens of thousands of same sex couples are currently residing in the country and waiting for the approval to be legally allowed to get married.
Cherelle Murphy, the senior economist from ANZ, said that the economy will be able to benefit from the marriage equality bill because the wedding industry will bring in about $650 million for the first year alone.
This estimate is not a bold one and it only assumes that only half of the same sex couples will be planning their wedding in the next year after the vote. In a census taken in 2016, there are almost 47,000 gay couples that are living as partners in the country.
In a study conducted in 2010 by University of Queensland, it was revealed that half these couples are willing to marry one another if they were given the chance.
This means that about 24,000 same sex couples are planning to marry and if a marriage costs an average of $54,000 then the total amount these couples will be spending will amount to $1.3 billion.
Ms. Murphy’s prediction entails that this will be a big help to the current wedding industry of Australia which is valued at $6.3 billion.
She also added that same sex couple will spend more for their wedding day because their incomes as a whole is higher by average compared to a man and woman marrying.
Boutierre Girls’ owner, Emily Michele Smith who is also a florist, is predicting that when same sex marriage is approved in the country then her business will also pick up. She said that majority of same sex weddings as of the moment are conducted in New Zealand but if marriage equality is legalized then they will be booking for her business instead.
Aside from the florists, wedding photography in Sydney is also expected to get more bookings as these same sex couples are excited to document their wedding day if it is already a legal union.