For years I would hear that the wedding industry is recession proof. We were confident and untouchable as we had what everyone wanted…the dream wedding. Now as the world’s economy has taken a gigantic belly flop this mantra is now being put to the test. I have been talking to friends in the industry and the outlook calls for some concern. Yes they were right, people would never stop marrying because of a recession but what we are seeing is that the price tag for the event is coming down. So instead of the $5,000 gown some people are looking for the $1,000 gown from last season, instead of the open bar at the reception and the seafood buffet people are starting to scale back their events. For the first time I can remember for many potential brides the concept of the big bad ‘B’ word…BUDGET…is now something that has to be established and followed. Be it a recession or not no one wants to start their lives together in debt.
So what happens next?
As stated earlier, there will still be weddings but it now forces vendors and couples to be more creative. For vendors they must look at redesigning and rebranding their services making them more in line with the changing demands of the consumers. For couples you have to look at new ways of staying on a budget but still getting that amazing wedding. There is no need to panic as creativity is not a bad thing. We will look at some ideas for both parties in another post.