Wedding Industry Inflation - What You Need To Know
Hey, all you engaged couples - let's get real about what is happening in the world, and more specifically, in the wedding industry!
The Knot just released that in 2019, the number of couples that married in the US was 2.2 million, whereas, in 2022, their data is indicating that over 2.6 million couples will share their nuptials.
Why does this matter? Because in a time when goods are harder to get and more expensive to buy, it is going to affect the cost that vendors charge for their services for your wedding. The demand is up and the supply is on the struggle bus.
If you look around prices for everything are increasing. Gas prices are going up, the global supply chain is suffering and affecting the price of goods, and it is getting harder and harder for businesses to find dedicated employees.
So, how does this affect the wedding industry? The same thing is happening in our world. Catering companies are having to pay each server and bartender nearly double just to stay fully staffed for events, not to mention the cost of food increasing.
Florists are paying three times the amount for stems of flowers. An example of this is a flower that used to cost $3-4 per stem, which is now costing florists $13-14 per stem. Think of it this way: if your florist is purchasing 1,000 stems for your wedding, you can quickly see how this would drastically impact the overall floral budget.
With the influx of weddings occurring in 2022 and 2023, companies are booking up faster and charging more to cover the increased costs.
How can you best navigate booking your vendors for your wedding? First, take a look at your guest count. A more intimate guest count will immediately reduce the overall cost of the wedding and is an easy way to stay within your budget. Secondly, we recommend that you book your main vendors (planner, caterer, florist, entertainment, and photographer/videographer) as soon as you can. Calendars are filling up and the sooner you book your vendors the greater chance you have at getting your first choice. Thirdly, we encourage you to book wedding vendor professionals who can help navigate the planning process as our industry continues to shift and change, given the culture of our world.
Lastly, we encourage you to lean on your planner to prioritize the items of your wedding that are most important to you when deciding how to allocate your budget. Professionals in the industry understand and respect that each wedding has a budget, however, the strategy in how that budget is allocated is incredibly important to getting the ideal wedding that you want.
And remember this: as a society, we have shifted so much of the focus of the wedding to the design aspects and Pinterest-perfect photos. We want to remind anyone who is walking through this process right now to remember why they are planning a wedding in the first place. Love is the reason that we get to celebrate and keeping that as the main focus throughout the process will help keep stress levels down. We are here for you and would love to chat more about this!
Feel free to send us a DM if you have any questions!
The Gals at ACH Events