A friend is getting married and he/she comments to you that “everything about the wedding industry from buying a wedding dress to picking out flowers to arranging a wedding reception, all of the costs are unclear at the outset and weddings can end up surprisingly expensive.” Naturally, this appears beneficial to firms in the industry. Putting yourself in the shoes of an economist, why is this the case? What information asymmetries, price discrimination opportunities or other market characteristics explain this situation? (e.g. Why haven’t natural market forces, the power of internet or other factors impacted this industry the way other industries have been disrupted? What is special about this industry?)
A friend is getting married and he/she comments to you that “everything about the wedding industry from buying a wedding dress to picking out flowers to arranging a wedding reception, all of the cos
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