From Kiplinger: Is The Wedding Industry Recession Proof

Wedding Businesses to Profit from a Rush to the Altar

The sluggish economy isn't about to deter scores of lovebirds from tying the knot this year -- and spending to do it in style.

 

By Laura Kennedy, Researcher-Reporter, the Kiplinger letters

 

April 4, 2008

Wedding bells will ring often this year as will cash registers of wedding planners, caterers, florists, photographers and the many other suppliers of wedding services. Spending on nuptials will reach about $70 billion this year as 2.3 million couples tie the knot, about 100,000 more than last year.

"People tend to get married whether they have the money or not, whether they have a job or not, whether they get a promotion or not," says David Wood, the president of the Association of Bridal Consultants, a nationwide training organization for wedding planners. And many couples and their families are happy to splurge on the big day -- an average wedding costs $27,000, and that doesn't include the honeymoon.

Professional planners play a bigger role in weddings today.Nearly 15% of couples now hire an outside expert to handle details, up from around 8% five years ago. Driving the trend? More and more couples are working professionals getting married at an older age and welcome extra help with the many details. An outsider's assistance can save much wear and tear on brides and grooms and their parents, not to mention more than a few arguments. Event planners who offer some of their services à la carte -- helping with only certain parts of the wedding -- will win more points with cash-strapped brides and grooms.

Newlywed "experiences" are a growing part of the $14 billion gift registry business. Couples are branching out in their registries beyond the traditional kitchen gadgets, inviting their guests to pay for everything from hot-air balloon rides and horseback-riding lessons to their honeymoons.

Also, more couples are looking to create a unique wedding "experience" for family and close friends by taking their events on the road. Resorts and other wedding venues in exotic locales stand to gain the most from the move towards so-called destination weddings. The top choice for such events? Hawaii, according to a 2007 survey by Mintel International Group.