Raina Moskowitz (The Knot) on the Wedding Economy, the Taylor Swift Effect and AI Planning

About two million couples get married in the U.S. every year… and despite economic pressure, they continue to spend an average of $34,000 on the big day. So, why has the wedding industry remained so resilient? This week, Sammi sits down with The Knot CEO Raina Moskowitz to unpack the business of saying “I do.” Raina shares what it was like leaving Etsy to replace The Knot’s longtime founder, how weddings have changed in the last decade, and how Gen Z is reshaping the industry. Then, Raina breaks down the economics of the modern wedding, from the growing divide between elaborate celebrations and intimate ceremonies to why guest count remains the biggest driver of cost. Later, Raina addresses the New Yorker story that questioned The Knot’s business practices and explains how customer criticism influenced the company’s product roadmap, including its new “Close the Loop” feature designed to reduce ghosting between couples and wedding professionals. Plus, she shares how The Knot is integrating with ChatGPT, what AI could take off couples’ plates during the planning process and why trusted data may become even more important as wedding searches increasingly begin inside AI platforms. Finally, Raina weighs in on wedding trends, the influence of celebrity weddings and how she knew she was ready to stop being the strong number two and take the CEO seat. Follow Sammi Cohen on Instagram  Follow Raina’s work Here’s What Sammi Covers with Raina: 00:00 Raina Moskowitz’s Social Currency  02:03 Partner Message: Shopify 02:58 Raina’s Career Story 05:37 Scaling Etsy During the Pandemic 07:08 Leaving Etsy to Become CEO of The Knot 10:03 Is There a “Right Time” To Take the Leap? 11:47 Replacing a Longtime Founder 13:45 How Weddings Have Changed 16:08 Traditions Couples Are Ditching and Keeping 18:10 Partner Message: Bilt 21:36 Wedding Planning 25:39 How the K-Shaped Economy is Reshaping Weddings 32:30 The Push for Greater Vendor Pricing Transparency 35:55 The Social Media Effect37:55 The “Fake Brides” Story 40:04 The “Close the Loop” Feature and Reducing Vendor Ghosting 45:13 How WeddingPro Helps Small Businesses Grow 48:08 The Knot’s ChatGPT Integration and the Future of AI Planning 51:47 Lightning Round 53:06 Social Currency Corner Thanks to Our Sponsors! Bilt:  joinbilt.com/socialcurrency  Shopify: shopify.com/socialcurrency Learn more about your ad choices. Visit megaphone.fm/adchoices