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Steve Chiotakis: In California, there’s another race that still has some on the edge of their seats: A state measure on the ballot defines marriage as strictly between a man and a woman. It’s known as Proposition 8. Early results show Prop 8 passing, effectively outlawing gay marriage. And that could suck some money out of the wedding industry in the world’s sixth-largest economy. Here’s Marketplace’s Jennifer Collins.
Jennifer Collins: California already has 92,000 same-sex couples. When the state’s supreme court ruled in May that those partners could marry, the wedding industry caught an economic bouquet. Jewelers, event planners, florists — everyone in the business of nuptials has gotten a nice bump.
And that gravy train could keep rolling. A study by UCLA predicted the state could see $370 million in new business over the next three years. And even more gay couples could move to the Golden State if the unions stay legal.
But if Proposition 8 passes and gay marriage is banned, thousands of potential customers could be lost at an already tough time. Word is traditional couples are more thrifty these days as the economy tightens.
I’m Jennifer Collins for Marketplace.
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