What is a significant reason for the decrease in wedding planner industry revenue in 2020?

The significant reason for the decrease in wedding planner industry revenue in 2020 was primarily due to cancellations and postponements caused by the COVID-19 pandemic. The outbreak led to widespread restrictions on gatherings, travel bans, and safety concerns, which directly impacted wedding ceremonies and related events. Many couples were forced to reevaluate their wedding plans, leading to a surge in cancellations and requests for rescheduling.

This unprecedented situation created a challenging environment for wedding planners, who typically rely on a steady stream of events throughout the year. The combination of limited guest lists, changes in venues, and uncertainty about public health guidelines made it difficult for planners to maintain their usual business operations, resulting in a substantial revenue decline across the industry.

In contrast, the other options don't adequately address the immediate economic impacts of the pandemic on wedding planning. While trends like the merger of companies or growing popularity of domestic and destination weddings could influence the industry, they did not have the same immediate and sweeping effect on revenue as the cancellations and postponements during 2020.