A blow to the industry blog post – From the Wedding Report
Based on survey results from both couples getting married and businesses, here is what the market looks like as of 7/1/2020 for 2020 and into 2021.
This is based on 709 (3/2020) and 870 (6/2020) survey results from couples and 421 (3/2020) and 693 (6/2020) survey results from wedding vendors.
These results were collected from 3/28/2020 to 4/7/2020 and from 6/16/2020 to 6/30/2020
21% of couples are or have postponed to later in 2020
5% are or have moved to 2021
0% are or have cancelled altogether (some likely married but cancelled the full event)
5% are trying to hold their current 2020 wedding date
46% of couples are cutting their budget by an average of 31%
58% of couples are cutting their guest count by an average of 41%
Even more alarming, 58% of wedding vendors surveyed (6/2020) said they are expecting to lose more 2020 weddings.
As it stands today, I think we will likely lose between 47 to 52% of weddings in 2020 but gain a surge of weddings in 2021 of about 30-35%
Just from the number of weddings alone, a 49% loss in weddings will represent 1,082,000 weddings. Spending will be reduced in both budget and guest count reductions. 2020 average spending will be about $20.1k, down 23% over the estimated $24.7k, resulting in a total market of only $22.6 billion, a loss of $32 billion from the original 2020 estimate of $54.4 billion.
2021 will see a surge of 664,000 weddings, bringing the total 2021 number of weddings to 2.87 million versus the estimated 2.21 million. Again, spending will be reduced in both budget and guest counts. 2021 average spending will be about $20.9k, down about 18% over the estimated $24.8k, resulting in a total market of $60.2 billion, a gain of only $5.3 billion over the estimated $54.9 billion
The resulting loss over 2 years will be $26.7 billion, a huge blow to the industry. There is a high probability that spending, and guest count reductions will be an issue out to 2022 and beyond.
What are you doing to pivot your business?
