Wedding Industry: Big Changes Coming!
Photo: Fresh Shoot Studios
The wedding industry is shifting and prices are rising - so much so that the dream Italian wedding you started planning a year ago may well now look quite different.
So, what’s happening?
Suppliers and venues are coming off the back of a terrible few years, which went from having no work (and no income) to the busiest summer ever. Delivering the contracts they’d upheld through covid, at fixed prices when the cost of materials, staff, travel – everything has increased. This has left suppliers and venues, looking ahead to future years and bracing themselves for further increases in the price of doing their job. They’re lucky if they’re even making a profit and now are forced to put their prices up after years and years of not doing so.
Hence then, prices rising across almost every venue and supplier and quite often by a lot. This is absolutely necessary - these businesses need to be paid their worth (honestly, if you went ‘back-stage’ at a wedding and saw every tiny detail being carried out by your suppliers - your mind would be blown!)
But what’s happening if they’re all increasing prices?
Couples don’t know where they stand. Those that are planning for 2023 and maybe beyond, had clear and good budgets and forecasts but if they hadn’t locked in suppliers, those budgets are starting to rise and now couples are feeling quite out of control. Should they book at this price to nail down that supplier? Should they ‘shop around’? But then the first supplier puts up the price again! It’s panicking.
We’re hearing from some venues that they haven’t decided on 2024 prices yet, or opened the books for 2024, but then rumours filter in that they have already taken bookings. This ensues panic on couples and planners who want to get the venues / suppliers they really want and have fear of missing out.
1. Nail down suppliers now for 2023, like right NOW! If you were issued a quote before, that should still stand. But if you haven’t locked it in with a deposit, don’t expect it to stay the same!
2. If you’re looking at 2024 – most suppliers aren’t ready to take bookings yet, be patient and make sure they let you know as soon as they open.
1. Have a clear pricing structure and clear booking process – be either open or closed to enquiries for 2024 and beyond.
2. Open a wait list that you’ll email when you open for bookings on a first come first served.
3. And maybe start to think about your clientele – if budgets have risen across the board, you may become a luxury. Is it time to re-consider the clients that you want to reach and find them where they are?
1. Communicate with your couples – this is absolutely key!
2. Share this shift in the wedding industry and let people know what’s happening so they can start to prioritise their budget. As it’s likely they’re going to have to decide to change some plans slightly or add more budget, unless you originally built contingency at the start.
If you're worried about this or have further questions on how increased prices are going to affect your wedding - then reach out to your planner AND join our couples Facebook group where you'll also find lots of other people in the same boat.
Or jump on our weekly Insta Q&A and ask industry expert and wedding planner, Lucy White your questions.
Written by Lucy White, Founder of La Lista & Wiskow & White, with over 7 years and 200 weddings worth of experience.
