{"id":77972,"date":"2022-07-12T14:46:36","date_gmt":"2022-07-12T21:46:36","guid":{"rendered":"https:\/\/withjoy.com\/blog\/?p=77972"},"modified":"2022-07-14T13:31:07","modified_gmt":"2022-07-14T20:31:07","slug":"how-inflation-is-affecting-the-wedding-industry","status":"publish","type":"post","link":"https:\/\/withjoy.com\/blog\/how-inflation-is-affecting-the-wedding-industry\/","title":{"rendered":"How Inflation is Affecting the Wedding Industry (And What to Do)"},"content":{"rendered":"\n

It\u2019s no secret that inflation is affecting everyone\u2019s lives, from gas prices to your grocery bill. The wedding industry is no exception. Consumer prices are up about 8.6 percent from May 2021, according to the Bureau of Labor Statistics<\/a>. And despite the climbing rates, this is also proving to be one of the busiest wedding years on record, as delayed nuptials are finally happening and newly engaged couples are also looking to wed. With the number of weddings scheduled in 2022 up nearly 30 percent from 2021, according to The Wedding Report, that means wedding vendors are likely to book up quickly, even with inflated price tags. <\/p>\n\n\n\n

The numbers might sound scary, and they definitely are, but don\u2019t get discouraged. It\u2019s still possible to pull off your dream wedding<\/a>! Here\u2019s the upside \u2014 there\u2019s always something you can do to counter inflation. Start your planning early and be sure to set aside some extra time to work on your wedding budget, especially pricing out all of your \u201cmust-haves.\u201d If those non-negotiables prove to be out of reach, don\u2019t be afraid to reevaluate or compromise. Being open, honest and flexible about what you want and need will help you and your partner plan the perfect day. <\/p>\n\n\n\n

As you get started in your planning process, here\u2019s what to expect with inflation hitting the wedding industry and 13 tips for keeping your budget in check!<\/p>\n\n\n\n

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What’s Being Affected by Inflation<\/strong><\/h2>\n\n\n\n

Let\u2019s start by breaking down exactly what to expect with inflation, which is the rise and fall of the monetary value of goods. Labor shortages, supply chain issues and transportation costs all play a part in these rising prices. When this happens, nearly everything is affected \u2014 even wedding planning.<\/p>\n\n\n\n

Many venues and wedding vendors were shuttered during the early phase of the pandemic, and some never reopened due to the rising costs of doing business. Now, couples looking to get married face challenges with not only higher prices, but also less inventory when it comes to physical items like wedding attire and flowers as well as service providers. It can throw a real wrench into your big day, so thinking months in advance will be important to get ahead of inflation. Here are a few key areas to be aware of as you head into the wedding planning process. <\/p>\n\n\n\n

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Alcohol <\/h3>\n\n\n\n

If you were saving a special bottle of bubbly to celebrate your nuptials, make sure to hang onto it! Both bourbon and Champagne are seeing particular high demand, low supply and increasing prices. High-end Champagne in particular is predicted to experience shortages through 2025 due to production limits set at the start of the pandemic, among other factors. According to VinePair<\/a>, there\u2019s also a barrel shortage causing a two-year slowdown in the production of bourbon, which means prices are going up for your favorite old-fashioned cocktail. Some states even face mandated limits on how many bottles of a certain brand you can purchase at a time. If you were planning to stock your own bar for your big day, this is one area you might run into a few roadblocks if you wait until last-minute.<\/p>\n\n\n\n

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Wedding Attire<\/h3>\n\n\n\n

Your bar isn\u2019t the only element being affected by inflation. Materials across all industries are seeing increases. \u201cThe wedding fashion industry has been hit hard by the high levels of inflation,\u201d says Caitlyn Parish, the founder and CEO of Cicinia<\/a>, a brand specializing in bridesmaid dresses. \u201cThis has resulted in some companies having to make significant cuts to their supplies and inventory or increase their prices.\u201d <\/p>\n\n\n\n

According to Parish, expect to see simpler designs and, possibly, cheaper materials (at higher consumer costs) used to create attire for you and your wedding party.<\/p>\n\n\n\n

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Vendors and Entertainment<\/h3>\n\n\n\n

Inflation goes beyond the cost of physical items you\u2019ll need for your wedding. Shutdowns starting in early 2020 forced many vendors and entertainers out of their respective industries, leaving a smaller number of service providers available for hire. Now, the remaining vendors are busier than ever.<\/p>\n\n\n\n

\u201cMany DJs are charging higher prices because of the demand for their services,\u201d says Chris Kellogg, a veteran East Coast wedding DJ. \u201cNow, wedding couples will have to book farther out and may pay more because of the increased demand.\u201d <\/p>\n\n\n\n

In addition to packed schedules, vendors are also facing rising gas prices, travel costs and equipment expenses, just like you. All of these factors play a part in rising wedding expenses.<\/p>\n\n\n\n

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Travel<\/h3>\n\n\n\n

Travel is an area where inflation may hit both you and your guests. Destination weddings are being affected with increased costs, but you may also see reduced guest attendance even if you\u2019re celebrating in your hometown. Due to higher gas prices and labor shortages, the cost of airfare is increasing while fewer flights are actually going out. This might make out-of-town guests pause before checking \u201cyes\u201d on their RSVP card. Hotel rates are also rising, especially for peak season travel during the summer and winter holidays. Low attendance can leave you and your partner scrambling to hit food and beverage minimums and secure room blocks at the hotel. <\/p>\n\n\n\n

What Inflation Means for Your Big Day<\/strong><\/h2>\n\n\n\n

After waiting years to finally walk down the aisle, nearly 7 million couples<\/a> are expected to wed between 2022 and 2024, according to The Wedding Report. In addition to price increases, don\u2019t be surprised if most vendors are harder to nail down for your dream wedding date. Many couples are finding that their chosen caterers, venues and florists are booked out for months or even years.<\/p>\n\n\n\n

But inflation doesn\u2019t mean the end of the road for your wedding dreams \u2014 it\u2019s just time to get creative when it comes to the planning process. Being flexible with your date could be the key to getting everything you want on your big day. <\/p>\n\n\n\n

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Here\u2019s What You Can Do About Inflation<\/strong><\/h2>\n\n\n\n

While that\u2019s a lot to take in, it\u2019s important to know what you\u2019re facing to overcome the roadblocks! Now, it\u2019s time for the real planning to begin. <\/p>\n\n\n\n

Just as you would pre-inflation, start by breaking down each part of your wedding, from the ceremony to cocktail hour to the reception. Bullet out the essential items on your wedding checklist \u2014 think wedding outfits, an officiant, table and chair rentals, florals, decor, catering and entertainment. Once you figure out your wedding must-haves, start on your list of extras. This could be anything from an outfit change to a raw bar. <\/p>\n\n\n\n

Shop around to get the best pricing on each item, even the extras, to give yourself an idea of how your budget stands up to your vision. With labor shortages and limited vendor availability, this is an area of planning that may take additional time. Patience and persistence will help you power through this part of the process!  <\/p>\n\n\n\n

If inflation has priced your vision over your initial budget, don\u2019t worry just yet. In addition to general ways to save money<\/a> on your big day, we have 13 creative tips to fight back against inflation so you can still have the wedding of your dreams. <\/p>\n\n\n\n

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1. Consider a venue change.<\/strong><\/h3>\n\n\n\n

If demand for your dream venue is high and other options are out of budget thanks to inflation pricing, a backyard wedding<\/a> is a less expensive alternative guaranteed to be available on the date of your choosing! The venue alone can eat up a considerable amount of budget for your wedding day, so your savings here will also go a long way toward helping with rising costs in other areas. It\u2019s a big commitment to host at home, so you may want to allocate a portion of your venue savings to rentals like portable restrooms and tents that will minimize guest traffic indoors. <\/p>\n\n\n\n

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2. Get married on a weekday.<\/strong><\/h3>\n\n\n\n

Getting married midweek might sound like the last thing you would ever want to do, but it\u2019s a great way to minimize the effects of inflation for you and your guests. Not only will your venue be less expensive and more likely to be available, any travel involved will also be cheaper for your guests because it\u2019s on a weekday. Historically, Tuesdays are the cheapest day of the week for airline travel. With that in mind, a Wednesday night wedding could be a win-win for everyone involved!<\/p>\n\n\n\n

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3. Have a \u201cshotgun destination wedding.\u201d<\/strong><\/h3>\n\n\n\n

This emerging trend in the wedding industry has couples planning a destination wedding in a matter of months, with only a small group in attendance. While this sounds like it would be more expensive than a traditional celebration, wedding packages at large resorts are relatively stable \u2014 for now. <\/p>\n\n\n\n

\u201cThe wedding package costs have adjusted very minimally, while package offerings have stayed fairly consistent,\u201d says Bruce Kahler, a travel consultant and destination wedding specialist. <\/p>\n\n\n\n

If waiting for that ideal venue in town to become available sounds unbearable, this is a great way to celebrate your big day in a beautiful location. It\u2019s also the perfect excuse to keep your guest list lean. <\/p>\n\n\n\n

\u201cThe couples we are hearing from now aren\u2019t even waiting a year to wed,\u201d says Laurie Keith, president of Romantic Planet Vacations<\/a>. \u201cWe have such an influx of destination wedding inquiries for travel this spring, summer and fall like I\u2019ve never seen.\u201d<\/p>\n\n\n\n

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4. Hire students to help with catering.<\/strong><\/h3>\n\n\n\n

This is a great way to work around the current labor shortage while helping students get some experience in their given field. Scout out your local culinary school for potential candidates for catering. Many times their pricing models will be markedly cheaper than established caterers and you can take pride in knowing you helped someone get their start in the industry. <\/p>\n\n\n\n

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5. Hire a wedding planner.<\/strong><\/h3>\n\n\n\n

Though we\u2019re talking about making cuts, a wedding planner should not be one of them. These industry professionals know every vendor in town and can help you score the best rates. With their longstanding relationships and industry insight, they\u2019ll also be able to help you better understand where inflation is hitting your budget. If you\u2019re planning a destination wedding, definitely hire a local pro. Not only will these wedding magicians keep you on budget, they will help you get everything you want at the right price by thinking creatively.<\/p>\n\n\n\n

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6. Get an early start on planning.<\/strong><\/h3>\n\n\n\n

It\u2019s worth stating again: Give yourself extra time to navigate inflation! It may take longer than usual to hear back from potential vendors, and you\u2019ll likely spend more time shopping around to make sure you get the best possible pricing. Vendors and venues are also booking up fast, so the best thing to do is to lock down your essentials as soon as possible. Try to negotiate rates where appropriate and see if they will accommodate some cost-saving alternatives to lighten the load. For example, ask the venue if you can hire a food truck to cater your cocktail hour and reception instead of having a formal sit-down dinner.<\/p>\n\n\n\n

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7. Cut your guest list.<\/strong><\/h3>\n\n\n\n

While reducing your guest list is always an obvious way to save, making cuts during this period of inflation can have more than one benefit. Not only will you be saving on overall costs, it may give you more options when it comes to choosing an affordable place to say \u201cI do\u201d \u2014 a huge positive since venues and vendors are in short supply lately. A pared down list could also open the door to non-traditional venues or budget-friendly places like state parks, which tend to have lower limits on the number of guests you\u2019re allowed to have in attendance. We aren\u2019t saying you need to go as extreme as a microwedding, but you should create a manageable list of those closest to you. Feelings from family may come into play here, but you can tactfully manage expectations by simply saying it\u2019s not in the budget to have so many people. <\/p>\n\n\n\n

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8. Save the liquor for the after-party.<\/strong><\/h3>\n\n\n\n

As we mentioned before, bourbon is becoming increasingly hard to come by, which means higher premiums for your beverage minimum and bar packages. Most venues offer a significantly less expensive wine and beer option that will allow a little more wiggle room in your budget.<\/p>\n\n\n\n

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9. Expand your <\/strong>wedding registry<\/strong><\/a>.<\/strong><\/h3>\n\n\n\n

Setting up a cash fund<\/a> for big post-wedding expenses means you can allocate a little more of your own money now to cover inflation costs surrounding your big day. A honeymoon fund<\/a>, for example, allows your guests to contribute cash to help with airfare, hotels and activities during your romantic getaway. With at least part of your honeymoon costs covered, you can use that extra savings to offset any unexpected inflation-related expenses when budgeting for your wedding. <\/p>\n\n\n\n

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10. Elope (and host your reception later).<\/strong><\/h3>\n\n\n\n

No, it\u2019s not the same as having the big party at the big venue with the big band, but eloping can still be very romantic \u2014 not to mention, spontaneous. Gather a few of the VIPs in your life to accompany you, and don\u2019t forget to at least secure a photographer to capture every minute of the intimate day. Once you\u2019ve put a ring on it, the pressure is off! Now you can plan a big party to celebrate your newlywed status on your own timeline, after costs start to come down.<\/p>\n\n\n\n

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11. Shop the sales and secondhand for wedding attire.<\/strong><\/h3>\n\n\n\n

With the wedding fashion industry being hit hard by inflation, couples will likely bear the burden of those increased costs and limited supplies. If you have your heart set on elaborate attire, shopping a sample sale or buying secondhand are great ways to cut costs while ensuring your wedding outfit is ready in time for your big day. Try finding an outfit that\u2019s close to what you want and see if a tailor can make it perfect. Buying a size or two larger than what you need is a simple alteration, so make sure to take that into account while you\u2019re shopping.<\/p>\n\n\n\n

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12. DIY as much as you possibly can.<\/strong><\/h3>\n\n\n\n

The costs of inflation are often passed down to the consumer, so the more items you can craft yourself, the further you can stretch your budget. From flower arrangements to programs, get creative with items you can make without involving another vendor. Don\u2019t be afraid to ask for help! Your friends and family love and support you, so lean on their generosity before your big day. Not only will it save you some money, but the memories will be invaluable.<\/p>\n\n\n\n

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13. Start saving for the future.<\/strong><\/h3>\n\n\n\n

If you find yourselves compromising on every single detail you envisioned for your dream wedding, don\u2019t rush it. Since you\u2019ve already done the research on what it will cost to have the perfect big day, sit down with your partner and make an actionable savings plan. Set a monthly goal and calculate how long it will take for you to get to that magic number. Once you have an idea of when you will have the money, then set a date \u2014 even if it’s far in the future! If the idea of securing vendors is still on your mind, approach them and ask if you can book a date way in advance on a payment plan that\u2019s manageable for your savings strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s no secret that inflation is affecting everyone\u2019s lives, from gas prices to your grocery bill. The wedding industry is no exception. 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