The average cost of a wedding drops another 14% in Q2/2009
The average cost of a wedding drops another 14% from $19,212 in Q1/2009 to $16,546 in Q2/2009. Results are based on 909 survey samples of both couples and wedding vendors across the US, a 3.25% margin of error. Average cost based on weighted average demand.
Here are what other vendors are saying about the market;
“I've been in biz 32 years (own a bridal salon) and I've never seen sales plummet like they have in the last year. Biz is down 75% and it’s the same for friends who own shops across the country. It’s so scary! I don't know if I'll last through the winter because of competition.”
“Brides are spending down in ways we have never seen before. They are waiting more to the last minute to buy. They are allowing family and friends to sway their buying decisions.”
Despite the additional slide in spending, there appears to be a leveling off. Samples from July 09 surveys already show a leveling in spending of bigger ticket items, an increase in the number of guests, and an increase in demand for destination weddings. It is too early to tell, but we could be seeing a bottom.
Items that saw the largest increase in spending; transportation rentals and decorations, with increases as much as 68%. Items that saw the largest decrease in spending; jewelry, reception and ceremony accessories, with decreases as much as 52%.
Items that saw the largest increase in demand; Combined services (ceremony and reception) including music and services related to the reception, with increases as much as 180%.
Items that saw the largest decrease in demand; items related to the honeymoon and day-of-coordination, with decreases as much as 54%.
