The Wedding Report just released two valuable reports about US wedding industry performance.
(There is a small fee to download the reports, well worth the price, in my opinion.)
You can download them here:
Two important findings:
- The size of the online wedding market is increasing. Brides are using mobile phones and the internet to make purchases and payments for the wedding.
- A moderate increase in wedding budgets is predicted for 2011…BUT the number of couples getting married is down to 2.1 million per year, that’s 1968 levels, a trend that looks like it’s here to stay.
These stats provided by WE tv Networks Wedding Report.
What does this mean for the wedding industry?
The wedding industry is responding to the slowly recovering economy. Couples are still paying for most of the wedding themselves, but as the outlook improves they are beginning to spend more money.
Online Opportunities For the Wedding Industry
If you sell or book your services on the internet, you will have a distinct advantage over your competitors who cannot. More and more couples are using the internet not only to research but to purchase products and services for the wedding.
If you do not have a website that generates traffic, leads and bookings for you, invest in creating one. It’s one of the best investments you can make.
Your website should not be just a pretty online brochure. When you set it up properly, it generates leads and sells for you 24/7. No more excuses!
In addition, advertising to the mobile market is on the rise. Through phone applications and multiple media buying methods, it is relatively cheap to promote your services to the mobile audience with little competition.
Even if you have a service business, think about how you can use the internet.
- Can you bill your clients online?
- Receive deposits via Paypal or credit card?
- Make it easy for brides to purchase accessories or extras on your website?
Brides WANT to buy online. It’s time we started making it easy for them.
The Wedding Market Is Shrinking
Historically, the number of marriages always increased slightly after a recession. But not so with this current Great Recession.
The number of weddings occurring annually in the US is down and isn’t predicted to increase any time soon.
This means that even though the size of the average wedding budget is increasing slightly, the total number of weddings in the US is 152,000 less than it was in 2005.
With fewer weddings to go around, we have to work smarter than ever to get the weddings we want.
This isn’t a disaster, but it is a sign that the wedding industry is changing. Marriage just isn’t as popular or as “necessary” as it used to be. Now, if they legalize same-sex marriage, it might help compensate for that decrease…
If there are fewer weddings to go around in your neck of the woods, it’s wise to consider…
- What other products and services are your customers asking for? How can you offer them?
- What other markets can you serve?
- Which of your products and services generate 80% of your profits? Can you drop or limit the other 20%?
- How can you use your strengths to generate more leads for your business and really stand out from your competition?
I’m an eternal optimist, but (thanks to my level-headed husband, Jeff) I am forced to confront the reality of what’s happening around me.
Please, look at these numbers. Consider what they mean for your business and use them to make decisions for your future.
The Wedding Report is an amazing resource. You don’t have to be in the dark about what’s happening in your local market anymore. I highly recommend that you check it out.
Note: If you purchase a report or subscription through a link on this page, we will get paid. However, I’ve been following the Wedding Report for years and would still recommend it without seeing one penny.
We Need Your Help
Jeff and I are working with Shane McMurray of the Wedding Report on a FREE pricing formula to use for your wedding business. You simply plug-in the numbers for your local market and use the formula to determine a realistic price for your business and exactly how many weddings you need to book to make your goals.
We need your help to make this as valuable as possible.
What would you like to know about pricing for your wedding business? Leave a comment below and we’ll do our best to answer them in our upcoming training.