Recession Hits the Wedding Business

It's the happiest day of your life. You buy elegant dresses, rent tuxedos, buy beautiful flowers and cake, and book musicians, a reception hall, a caterer and a wedding planner to keep it all straight.

Overall wedding spending increased in 2008, but future weddings in the recession will look very different, according to some recent surveys and wedding industry professionals.

Couples spent 5 percent more total on their wedding in 2008 than they did in 2007, according to an April survey by The Knot, a Web site and magazine devoted to planning weddings. However, three-quarters of brides-to-be say they will be adjusting their budgets to deal with the economic recession, according to a January survey taken by David's Bridal, a wedding retailer. The David's Bridal survey also determined that one quarter of brides would be cutting their budgets in half, while one tenth said they would cut their wedding budget by more than 75 percent.

“We're seeing budgets of five, six, seven, ten thousand dollars, unless they're way above the fray and didn't meet Mr. Madoff,” said Martha K. Bindeman, a certified special events planner with Finishing Touches Events, an event planning business in Bethesda, Md. that has been in operation for 30 years. The average wedding budget for 2008 was $29,334, according to The Knot's survey.

Some Washington-area wedding vendors are beginning to feel the sting of the recession. Business began to decline between December 2008 and January of this year, said Bindeman. The recession officially began in December 2007.

“[The recession] didn't resonate as much with people until they saw their stock portfolios halved,” said Bindeman. “Unfortunately, the first thing to go is the event planner.”

Carol Marino, owner of A Perfect Wedding in Fairfax, Va., disagrees that the first thing to go when couples cut costs is the wedding planner.

“Most brides understand the value of using an experienced wedding planner who can give them cost saving tips and find vendors and services that will fit their budget needs,” she said in an email. Indeed, spending on a wedding planner increased more than 8 percent between 2007 and 2008. But, Marino concedes that business has declined over the past year, which she attributes to the recession.

Even if wedding vendors are still doing well, weddings can be booked up to a year in advance, said Kelly Prizel, a wedding photographer who also runs a wedding resource Web site for same-sex couples, So You're EnGAYged. Some wedding vendors she has talked to say they don't have many weddings booked for 2010 yet.

Both Prizel and Bindeman said they are doing better than most, however, because they have found different ways to get into a shrinking market. Prizel said that because she just started her wedding photography business and she doesn't yet feel comfortable charging a lot for her services, she is doing better than some other businesses that have been around for a while, and made a profit despite starting her business during the recession. Bindeman's business diversified, doing all its printing in-house and making its own custom chocolates.

How Couples Are Saving Money on Weddings

“All brides are on budgets, even with high end weddings they like to know the bottom line,” said Marino. Here are some tips the experts suggested to cut costs on any budget and still have a beautiful wedding.

Do it yourself. Marino, the wedding planner, said more brides are planning at least part of the wedding themselves. Natalie and Kelly Prizel, who got married earlier this year and work together at So You're Engayged, said that they didn't have many budget restrictions but decided to make their invitations. While Natalie said it saved money, she said she wouldn't recommend it—that was the only thing they fought over while planning the wedding. Another option Marino says brides are doing is getting an event coordinator for the day of the wedding, or only for areas where they feel they need more help.
Prioritize. “For every couple, you're going to have to choose what's important,” said Natalie Prizel. For example, she said that flowers weren't important to them, so they didn't spend as much money on them. Spending less money on flowers allowed them to spend more money on things they cared about.
Negotiate. “Research your vendors and find someone who's willing to work with you on price,” said Kelly Prizel. Bindeman, who plans weddings professionally, says places like reception venues are flexible, and you can save on rentals by using the venue's standard offerings. Kelly Prizel also suggested bartering with wedding vendors for something they can use (remember, Prizel is a photographer with skills valuable to other vendors).
Find an out-of-town or less-known vendor. Kelly Prizel said that they saved a lot of money by finding a hairdresser from out of town, which was cheaper by half even after paying their travel costs. Finding a newer or less well-known vendor who charges less for their services is another option, said Prizel. Some wedding planners have started charging by the hour instead of charging a flat fee for their services, Bindeman said, which may help cut costs.
Change the date. Simply changing the date from a Saturday to a Sunday can help cut costs, said Bindeman. Expenses like musicians and venues can be less expensive on other days, she said.
Downsize. “There's not as much pressure to do something as formal,” said Bindeman. Making the rehearsal dinner more casual, or taking a honeymoon to a cheaper vacation spot are two ways she suggested couples are cutting back.

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