WEDDINGS GET A NEW SPARKLE - by Anne Szustek
June 15, 2009 07:30 PM
While soon-to-be brides and grooms are trimming their budgets here and there, providers of recession-friendly wedding accoutrements are thriving.
Recession or not, wedding gift-giving remains tradition
In the United States, more than 2.2 million women will get married during 2009, according to Reuters. And according to a poll released today conducted by Brides.com and the Associated Press, 90 percent of Americans who have gone to a wedding have presented the new couple with a gift. Even if not attending, 63 percent of Americans said that they would still send a present. And during the past two years, only three percent of those polled have skipped the ceremony and reception for purely financial reasons. The bottom line: even in hard times, weddings remain a time-honored custom for all involved—and a reliable source of business for retailers.
Saving on the dress
Some brides are cutting down on frills in the fashion sense as well. According to Reuters, David’s Bridal, the chain of wedding gown stores that has been called “the Wal-Mart of Weddings,” pulled in an estimated $683 million last year. Exact figures are unknown, given that the company is privately held. Standard & Poor’s credit analyst Jackie Oberoi says that the company posted a 3 percent year-on-year increase in sales by the end of third-quarter 2008.
A recent survey cited by Reuters indicates that approximately 55 percent of brides want to spend a maximum of $600 on their wedding gowns; that suggests that David’s Bridal is poised to gain market share during the current economic conditions. At the chain, where women sift through racks of plastic-wrapped gowns, the average dress goes for $550, which is slightly more than half of the average cost of a wedding gown overall.
LOVE IN THE TIME OF RECESSION - By: Allison Louie-Garcia
Mon Apr 20, 12:03 pm ET
As this year's wedding season approaches, you may be finding fewer invitations filling up your mailbox. But don't worry; it's probably not because you've been a bad friend.
The $60 billion-a-year wedding industry is hurting as much as the rest of the economy, according to a recent Bloomberg article. And with couples spending an average of 24% less on tying the knot than in '07, they are scaling back on everything from the number of guests to meal selections to flowers. A recent survey done by David's Bridal entitled "What’s on Brides' Minds" reports that 75% of weddings are being downsized in order to save money.
Sandra Chavez, who is getting married in September in Pleasanton, Calif. told Fox News:
"I would be embarrassed to spend thousands and thousands of dollars when people are losing their jobs, homes, cars, etc. We understand that this is just one night."
But what happens after that night? The recession is making its mark on marriages, too—in somewhat surprising ways.
It's not too shocking that a slumping economy puts a strain on most marriages; it's common knowledge that financial stress is one of the top causes of divorce. But according to a recent article in Yahoo! Finance, 37% of matrimonial lawyers report seeing a decrease in divorcing couples during economic downturns. The reason, the article posits, is because getting a divorce is the "worst thing you can do financially."
"Attorney fees and court costs compete with setting up a second household as the largest expense in a divorce. A simple divorce can cost $5,000 to $25,000 in attorney fees and court costs while the average complex divorce runs $20,000 to $100,000, says Bruce Hughes, an attorney and certified public accountant in Tustin, Calif."
So maybe the frugal thing to do these days is just stay single? Not so fast.
The Economist and CNN are both reporting that matchmakers and online dating websites like eHarmony.com and OKCupid.com are prospering during the recession.
Patti Novak, owner of Buffalo Niagara Introductions, a matchmaking company in Buffalo, New York, and star of A&E's former reality series "Confessions of a Matchmaker" said her business has seen a 30% increase in clients in the last eight months. Novak tells CNN:
"I think that as people go through more difficult times, being alone becomes more difficult…[Even] if they can only afford popcorn and a six-pack on a Saturday night, they'd rather do it with somebody than alone."
Similarly, Greg Waldorf, CEO of eHarmony, reports a 20% increase in monthly registrations from September 2008 to January 2009, compared with the same time period the prior year. He also points out that the number of visits to its site was higher than average on days when the Dow Jones Industrial Average fell by more than 100 points. Waldorf told The Economist, simply:
"Going through difficult times with someone special is better than doing it alone."
But searching for love during a recession isn't just limited to finding that perfect soul mate. A recent New York Times article reports that sales of romance novels are up as well.
Harlequin Enterprises, the world's leading publisher of romance fiction, reported that fourth-quarter earnings were up 32% over the same period the year before. And while sales of adult fiction were basically flat last year, according to Nielsen Bookscan, the romance category was up 7% after holding fairly steady for the previous four years. The New York Times reports:
"Like the Depression-era readers who fueled blockbuster sales of Margaret Mitchell’s “Gone With the Wind,” today’s readers are looking for an escape from the grim realities of layoffs, foreclosures and shrinking 401(k) balances."
So whether you're slashing your wedding budget, struggling through a financial crisis with your spouse, or searching for someone or something to help you through these dark times, it's clear the recession is affecting love all around.
Isn't it romantic?
MEN MORE CAUTIOUS ABOUT MARRIAGE, NEW RESEARCH CLAIMS - By: Matt Cresswell.
Wednesday, 4th March 2009. 3:41pm
New research has revealed that grooms are more conscious about the serious commitment of marriage than previously thought. Meanwhile, fiancées are more concerned about making the actual wedding day itself a special occasion.
The findings are included in a new book, Welcoming Marriage, a practical guide to marriage law, released by the Church of England this week. The book is written by Canon Stephen Lake, Sub-Dean of St Albans Cathedral, and is a practical guide to how changes in marriage law have opened up new opportunities for churches to welcome couples who are thinking of getting married.
The Rev Lynda Barley, the Church of England’s Head of Research and Statistics, said: “When the sidespeople ask ‘bride or groom’s side?’ they could be highlighting more of a difference than they realize. Couples agree that the primary reason to have a wedding is to get married to the person you love but beyond that men and women view the wedding day differently.”
Ms Barley, who wrote a chapter for the book, continued: “Grooms tend to let their fiancée make most of the decisions about the day itself, perhaps partly because brides are more likely to see their wedding day as a ‘completing’ of their relationship, while the men are more likely to focus on the event as a major sign of commitment.”
Welcoming Marriage is published just in time for the post-Valentine’s Day rush in wedding enquiries. Its research draws on real-life case studies and expert knowledge about the ‘wedding market’.
TOP TEN WEDDING TRENDS - CONTINUED
1. Smaller Weddings
Couples are having smaller weddings with more intimate guest lists. Some are opting for simplified and less formal weddings, while others are making theirs more elaborate. They are also incorporating special traditions into their wedding ceremony, including family traditions, as well as other cultural, ethnic and spiritual practices. Back-yard weddings have increased and couples are having their receptions much closer to home. Couples are spending less money on catering services by ordering buffet dinners or just having hors d'oeuvres or cocktail receptions. Couples are also purchasing smaller entertainment and photography packages. In addition, they are purchasing basic services, with less add-on or luxury items and services.
2. Photography
Couples are still hiring less expensive unprofessional photographers with digital cameras. They are looking for inexpensive photography services and choosing packages with less hours of photography. In addition, they are requesting packages that include CDs of all their digital images so that they can make prints themselves or post slideshows of their weddings online. These are often called "shoot-and-burn" photography services. Other popular requests include DVDs with high-resolution images as opposed to traditional print and album orders.
3. Do-It-Yourself Projects
Brides are opting to create their own invitations instead of having them professionally made. Seal-and-send invitations are quite popular. Brides are also buying cut flowers and crafting their own bouquets and centerpieces. Couples are more likely to hire "Day of" Coordinators and wedding design services, as opposed to traditional long-term wedding consultation. Brides are looking for inexpensive alternatives to conventional décor, particularly centerpieces. Bridesmaid bouquets can double as head table centerpiece decorations. Brides are also choosing to do their own hair and make-up instead of hiring someone for the wedding day.
4. Packages
Couples are likely to choose venues that offer discounts when they have their wedding ceremony and reception in the same location. They are also seeking services from vendors that offer package deals and all-inclusive or multiple services. For instance, hotels or resorts may offer packaged rates that also include catering, entertainment, and the use of decorations. When couples hire venders independently, they are selecting lower-end packages with limited products and services. They are also attempting to individualize packages to meet their particular preferences in order to just pay for services they want and avoid those they don't feel they need.
5. The Internet
Couples are using the Internet in many areas of wedding planning. They are going online to research vendors, make purchases and compare prices on wedding items before going shopping. In addition, brides are increasingly using the Internet to purchase and resell their wedding gowns. Couples are also creating wedding websites to keep guests informed and updated on locations, accommodations, directions and other pertinent information. In addition, they usually indicate where they are registered for gifts, and guests are able to RSVP on the website instead of mailing back invitations. After the wedding, couples continue to use their website to post slideshows of their wedding pictures.
6. Cakes
Cheesecakes, cupcakes, specialty deserts are trendy alternatives to traditional wedding cakes. Couples are displaying decorative cakes during the reception and purchasing large sheet cakes from grocery stores to actually serve to guests. They are also searching for wedding cake recipes on the Internet, suggesting they or their family members are creating the cakes themselves. Groom's cakes are also currently trendy. They're usually served after the rehearsal dinner and are designed according to a special interest of the groom's. For instance, the might be shaped like a motorcycle or a basketball with his favorite team's logo on it.
7. Colors
Brides are choosing a certain color and style or designer for their bridesmaid dresses and letting the maids select the dress they feel suits them best. This way, brides are able to show individuality while keeping enough uniformity to make things appear coordinated. Bright colors are incredibly popular right now, particularly red, orange, green and blue. Color schemes include bolder colors and unusual color pairings. Brighter colors are also popular in bridal bouquets as less brides are requesting all white bouquets.
8. Flowers
Brides are purchasing cut flowers and creating their own bouquets and centerpieces. In addition, they are choosing brighter colors for their bouquets, and less brides are asking for greenery. Brides frequently search for calla lilies when they're researching wedding flowers and bouquets on the Internet. Laying fresh flowers on cakes is still trendy, both directly on the frosting and scattered around the table.
9. Honeymoons
Couples are searching for all-inclusive honeymoon packages, and cruises are rising in popularity. In addition, they are choosing honeymoon locations that are closer to home. Couples are also registering for their honeymoons instead of other gifts. In addition, they are extending their wedding festivities by having post-wedding brunches and excursions. Therefore, they often postpone their honeymoons to spend more time with close family and friends.
10. Same-Sex Marriage
Same-sex marriage legalization has increased the number of gay weddings in California. Some gay women are choosing to wear dresses while others are looking for curvy, feminine suits or tuxedos, which they are having a difficult time finding.
Source/s: Proprietary consumer and vendor surveys, Consumer message boards, Google
|
|
Wedding, Engagement-Ring Spending on The Decline
The weeks leading up to Valentine’s Day are typically a busy time for jewelers selling engagement rings, as the date is the second-biggest time of year (behind Christmas) for wedding proposals. The bad news for jewelers this year, however, is that the average amount spent on an engagement ring is expected to drop 9.8% in 2009 to reach $2,900.
The projected decline follows a 30% drop in the average amount spent on an engagement ring in 2008, says Shane McMurray, chief executive of The Wedding Report, a Tucson, Ariz.-based firm that specializes in wedding industry market research. Together, the declines suggest a significant shift in consumer attitudes. In past economic downturns, he says, the wedding industry has been more resilient as people continued to spend on weddings.
“The economy really has people in a big bind right now, so that has a direct effect,” says Mr. McMurray, who notes that the average amount spent on weddings plummeted 24% in 2008, compared with 2007, to reach $21,814, according to a survey of 3,000 brides that The Wedding Report conducted in 2008. This year, he expects couples to spend 6% to 8% less on weddings on average — these wedding costs include reception fees as well as items such as the wedding dress, tuxedos and rings for the bride and groom.
When it comes to wedding rings, the average amount spent on a bride’s wedding ring rose 21.3% to reach $1,129 and the amount spent on a groom’s ring increased 38.3% to reach $907 last year, due in part to couples having more money to spend on smaller-ticket items after scaling back on spending on big-ticket items such as catering and reception fees, Mr. McMurray says. This year, however, those amounts spent are expected to decrease by 8.6%, he says, adding that spending on the wedding dress is also likely to see a 6% to 8% decline this year.
Unfortunately for men, even in this downturn, a survey by online ring reseller IdonowIdont.com showed that women still expect their partners to splurge on a ring. In the survey of 208 women conducted in October, 64% said a groom should pay “as much as he can afford” for an engagement ring, and only 23% said they thought it was OK for the bride to chip in and help to purchase her engagement ring. (Almost 40% said “Absolutely not–would hurt the romance of the moment,” the survey said.)
Weddings in paradise on decline due to shaky economy - By Ashley Hamarshock
Published Thursday March 5th, 2009
Twinkling waters. Swaying palms. Powdery sand. Sorbet sunsets. Graceful hula dancers. Ahhhhh, Hawaii. Long regarded as a hot spot for destination weddings, it whispers "exotic" without requiring a battery of shots.
But recently a perfect storm has soaked the local wedding industry: a shaky U.S. economy, the shutdown of two major airlines servicing the islands, and a statewide crackdown enforcing permits for beach weddings.
"People just aren't coming here," said Penei Aller, who runs Beach Weddings Hawaii with her husband, Dard. They were involved with 62 weddings last year - a company record. This year, they've only booked about half that.
Aller, a Big Island minister and singer, has been doing weddings since the 1970s. Because her company tends to co-ordinate smaller events, she thought they'd weather the downturn more easily, but she was wrong. "For December, we had more baptisms than weddings," Aller said. "That's never happened before."
The problems started when Aloha Airlines and ATA Airlines abruptly went out of business just days apart in April. The economy was already faltering and worsened as the year progressed.
Fuel prices reached all-time highs and reasonably priced airline tickets were increasingly scarce. Then, Hawaii's Department of Land and Natural Resources announced it would begin in August to enforce a requirement that many beach weddings needed a permit.
"I think initially when the announcement came out in the summer, people were kind of stunned," said Susan O'Donnell of Aloha Wedding Planners on Oahu. "It just seemed a little untimely."
Morris Atta, who leads the land division for the state agency, said the law is meant to protect the public beaches and originally targeted commercial boating operations in Kauai.
It expanded to include weddings after a Maui party refused to co-operate with officials. The permits are required for most weddings that hire any professional services on the beach, including wedding planners or ministers.
Usually, the professionals file for the permits, which cost 10 cents per square foot, with a minimum $20. Violators could face fines of up to $5,000, but Atta said that so far people have been complying and no fines have been issued.
Since last August, the state has tightened the rules several times. Beach weddings now may last no more than two hours. No chairs may be brought onto the beach except those needed for the elderly and disabled, and fewer decorations are allowed.
"We understand the beaches are public and they are there for the masses to enjoy," said O'Donnell, adding that the state made the permit process simpler by putting it online in the last few months. But she thinks some of the new rules are too strict. Wedding-industry professionals are assembling recommendations for state officials that they hope will be an acceptable compromise.
The decline in weddings, however, isn't just a wedding issue, noted Marsha Wienert, Hawaii's tourism liaison: Tourism in general is down.
The number of air visitors fell 7.9 per cent in the first 10 months of 2008 and total visitor days were down 8.1 per cent from the same period in 2007.
It's not just Hawaii. "Tourism around the world is being affected by our (U.S.) economy," Wienert said.
According to the Hawaii Department of Health, 12,377 non-residents were married in the state through September 2008. That's an 11 per cent drop from 13,887 for the same period in 2007. Many of those who do come to Hawaii are having smaller weddings and ordering fewer services.
Dave Miyamoto, a photographer and president of the Oahu Wedding Association, said his business is down 20 per cent from last year. Back then, he said, he was getting bookings at least a year in advance. Now, the calls he receives are more likely to be for a wedding a month or two away.
"People are a little more careful with their money right now," he said.
|
