Analysis of Wedding Industry Spending Changes from 2007 to 2008
Feb 23, 2009 Wedding Planning InstituteBy understanding current wedding trends, Certified Wedding Planners and those learning how to become a wedding planner can provide value and solutions to their clients during continued economic unease.
According to research compiled by The Wedding Report:
Areas of spending decline from 2007 to 2008
·        Wedding dress fell by 31%
·        Rehearsal dinner fell by 34%
·        Spending for a DJ fell by 6%
·        Bridesmaid bouquets fell by 36%
·        Gifts for attendants fell by 38%
·        Wedding invitations fell by 34%
·        Engagement ring fell by 30%
·        Photographer fell by 26%
·        Videographer fell by 24%
·        Wedding cake fell by 33%
·        Wedding favors fell by 9%
·        Reception food service fell by 53%
·        Limo rental fell by 24%
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The current economic state is the primary factor for most spending declines, with smaller guest lists and lower-priced vendor options also contributing.
Areas of spending increase from 2007 to 2008
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·        Tuxedo/suit increased by 47%
·        Ceremony location increased by 108%
·        Bride bouquet increased by 1%
·        Brides wedding band increased by 21%
·        Grooms wedding band increased by 38%
·        Reception bar service increased by 12%
·        Reception location increased by 15%
·        Reception rentals increased by 84%
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Combined reception and ceremony events led to the increase in location costs while a de-emphasis on engagement rings led to higher-priced wedding band choices.
Tags: Become a wedding planner, Certified Wedding Planner, Wedding Industry News, Wedding Industry Statistics, Wedding Industry Trends, Wedding Planning News, Wedding Planning Trends
Posted in Wedding Industry, Wedding Industry News, Wedding Industry Statistics, Wedding Industry Trends
February 24th, 2009 at 9:12 am
This is good info to know for CWPs, which can be shared with bridal clients to help them make choices on how to spend their budget.
February 24th, 2009 at 12:02 pm
The current economic conditions have curtailed spending to some degree when it comes to saying “I do” but the good news is that there has not been any decline in the number of weddings. I guess love does conqueor all. What a great opportunity for all CWPs to utilize their special skills and network to assist their bride in achieving the necessary cost savings while at the same helping her to realize her dreams.
February 25th, 2009 at 2:32 am
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March 2nd, 2009 at 9:50 am
This information is good for CWP’s to have so they can see where couples are spending their money, however these things will fluctuate every year, but people will always be getting married. It is our knowledge and creativity as CWP’s to provide the couple with the best options for their budget, while also making it the best day of their lives! No matter what state the economy is in, the happy couple should always look to hire a wedding planner who can do these things for them.
March 10th, 2009 at 2:48 am
I agree with Kathryn. It is a good way to see what couples are cutting down on. With the bad economy, its hard to find everything you need and want within a certain budget. By hiring a wedding planner, its a good way to get the best quality and quantity for your money. Most planners with have connections with vendors to get the best for your money. It will save you and also keep you on budget.
March 15th, 2009 at 5:33 pm
It is really shocking to look at the decrease in spending in so many areas. This is really great information to have. It will definitely be useful when helping clients plan their budget. It is good news, as Lynne mentions, that there has not been a decrease in weddings with the economic downturn!
April 2nd, 2009 at 12:38 am
Interesting statistics and good to better understand the industry and deal with it realistically. Actually it’s not enough to come up with creative ideas or apply style trends, but also stick to a tightening budget and follow the new “economic trend”. The challenge is to do more for less. The increasing numbers are pretty indicative of a new way of approaching weddings: ceremony locations increased by 108%! Also reception rentals increased by 84%, does this mean that the trend is for other alternatives than hotel venues? As wedding planners we will have to think harder and research some smart ways to save the bride money without compromising quality. She’d better hire us! It would be interesting to read some statistics about hiring wedding planners.
April 9th, 2009 at 2:44 pm
This is good to know because the way that the economy is now, it is good to know to tell bridal clients how to spend their budget. Because it is our job as wedding planners to help save money for the bride’s special day.
April 9th, 2009 at 7:26 pm
Is the decrease in spending attributed to smaller guest lists or are couples booking less expensive vendors and venues? Instead of purchasing a $1200 dress, does a bride who wants to cut back purchase an $800 dress.
As CWP’s we will need to help our clients cut back in any way possible if that is their desire. I will be curious to learn how the spending habits will change from 2008 to 2009.
October 8th, 2009 at 3:06 am
[...] images. This is supported through the finding that couples’ spending on wedding photography declined by 26% between 2007-2008. Obviously this isn’t the only reason for this decrease but the increased number of photographers [...]