Realities of The Booming 2022 Wedding Business
More business is good, right? Maybe not always when it comes to weddings. Just when everyone thought weddings would peak in 2021, along comes 2022, and it's the largest wedding season in over four decades. While couples are opting to go big and pull out all the stops, getting that "over the top" dream wedding may be more of a challenge than they think. A recent article in The Washington Post describes the pandemic and postponement of weddings in 2020 which have led to a number of challenges:
Pent up demand and supply shortages have hiked up wedding costs by 25%. The average wedding now runs about $27,000 according to the Wedding Report. From the cost of the steak the guests will devour to the detergent used to wash the linens, prices are higher than ever before.
About 80% of all wedding dresses are made in China. Multiple outbreaks of COVID and government mandated shut-downs have stopped a lot of goods coming from there - including wedding attire. Brides are opting to rent gowns or borrow from their mothers and grandmothers because their wedding day wardrobe won't make it in time.
Product is hard to come by and demand for specific items is outpacing what can be provided by caterers, wedding planners, florists and alike. From imported wines and foods to party favors - the market is barely keeping up with demand.
Wedding vendors tend to be small businesses. An estimated 800,000 small businesses permanently closed in 2020 - leaving fewer companies to support much higher demand.
The pandemic created a massive worker shortage. Those businesses that survived the fall out are left with fewer employees and no infrastructure to accomplish the work.
Wedding venues are booked throughout 2022 and 2023, prompting couples to schedule their nuptials on a week day.
While the wedding business will be at an all time record this year, many businesses will continue to struggle in order to keep up. With the rise of inflation, demand for goods and the fallout from COVID, it doesn't appear this trend will change anytime soon.
“True love stands by each other’s side on good days and stands closer on bad days.” Unknown