How The Wedding Industry May Be Affected By Recession
Many wedding vendors will recall with a grimace, the economic downturn of 2008/2009. It’s now seven years later and the wedding industry seems to be once again facing similar circumstances. Many global experts have called the wedding industry “recession-proof” and while this may be true in the sense that weddings continue to happen ( they don’t stop!), wedding budgets are far from immune!
Brides’ perceptions too, weigh in heavily on the scale and format of weddings. Some brides take the “once in the lifetime” approach and spare no expense, some opt for moderation and others go the “budget-bride” route.
Here are some of our predictions for how the recession will shape the local wedding landscape this year:
Focusing on the “experience” – rather than having the expected over-the-top trimmings, couples may return to more refined, simpler weddings. The focus will be on how they feel on the day rather than “keeping up with the Joneses.” There will be an increased number of more meaningful, personalised weddings. RSVP management will become even more crucial, as guest lists pare down a bit. Couples may also opt for the destination wedding experience – and travel abroad for both a wedding ceremony and a honeymoon altogether.
Less DIY (do-it-yourself)– This may come as a shock to reveal that we feel that DIY may actually be on the decline at this time. The reason for this is that unlike 2008/2009, brides were not as informed as they are today. Modern engaged couples know too well the hazard of trusting a DIY approach for certain key areas such as wedding co-ordination, florals, cake artistry, photography and videography.
Venues – Venues which have, in the past, locked couples into their “preferred vendor list” or instated penalties for choosing a vendor away from that list, may now have no choice but to become more flexible; as competition increases for reception spaces. Couples will probably have more leverage to negotiate terms and conditions at certain properties.
Social Media Amateurs – A recession naturally brings out “entrepreneurial fever” in the population, as more people seek to do something outside of their 8 am-4 pm jobs. What we may see is a rise of business profiles on Facebook, Instagram and Linkedin from amateurs. Whilst this may give couples more choice; brides and grooms need to be even more wary, do thorough background checks and get client testimonials before booking wedding vendors.
Reviews will be encouraged – With less money to spare and quite possibly, longer engagements, many brides will now be doing even more research before signing with wedding vendors. Therefore, the importance of getting positive reviews should be a wedding vendor’s focus this year (and always!). Brides can give vendor reviews on www.trinidadweddings.com
The Rise of Wedding Insurance – The more the economic climate is uncertain, the more inclined couples should be to get insurance coverage for their wedding. Although policies vary, most will cover postponement or cancellation of a wedding if one of the main parties (bride or groom) has an accident, illness or has loss of life. Some policies will cover natural disasters, certain types of damages or losses incurred by the hosts, if a wedding vendor goes out of business.
Need more help? If you’re a wedding/event professional or entrepreneur, visit this link for a seminar that’s going to help you manage your cash flow better in 2016: http://www.trinidadweddings.com/cash-flow-management-workshop-for-entrepreneurs/