Average Cost of Wedding Increases
Jul 14, 2010 Wedding Planning InstituteAccording to research and statistics from WE tv Networks Wedding Report, the average cost of a wedding increased 21.9 percent in the first half of 2010, from $19,581 (in late 2009) to $23,867. That’s a good-size increase for the industry, and it should put a smile on the face of wedding planners everywhere. Despite the slow-to-churn economy, the wedding industry is growing, which means there are opportunities for success at every turn - if you know where to look. While not every service sector saw growth, most of them did. Let’s break down the increase (with more thanks to WE for these numbers):
* Planner/consultant a la carte services were up 84.2% at an average of $1,171.
* Gifts for the bride were up 53.1% at an average of $253.
* Hiring a consultant for initial planning was up 50.4% at an average of $920 - the sector with the biggest gain in spending.
* Other jewelry was down 61.7% at an average of $304.
* Reception accessories was down 55.3% at an average of $200.
* Ceremony accessories was down 49.7% at an average of $207 - the sector with the biggest decline in spending.
Demand went up in the first half of 2010 for products and services. Those with the biggest increases were travel and transportation and musicians, while demand went down the most for facials, manicures and pedicures and teeth whitening.
We don’t think there is a lot of surprise hidden in these numbers. It makes sense that brides are putting their money where it matters most and not with the frivolities often associated with weddings. Hiring a wedding planner to put together a budget at the very beginning makes perfect sense to us, and we’re not surprised to see an increase in that sector of the industry. What does this mean to LWPI’s certified wedding and event consultants? It shows you exactly how to market yourself in this down economy. Showing brides how to get the most bang for their buck is exactly what they’re looking for, and these numbers prove it. It’s easy to get down about business right now if you don’t look for the smaller opportunities. Offering smaller planning packages is a great way to get your foot in the door, and from there you can easily prove to a bride that she can’t live without you.
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