NEW START // ISSUE 6 // 33
IN WEDDINGS THERE
MUST BE MONEY...
WHILE MANY COMPANIES ARE STRUGGLING TO SURVIVE IN THE ECONOMIC DOWNTURN, RECENT STATISTICS SHOW THAT THE WEDDING INDUSTRY IS ONE SECTOR TO BE BUCKING THE TREND.
In an industry worth £4.5 billion per year, 61% of businesses offering wedding goods and services believe that the sector has been unaffected by the credit crunch with many seeing an increase in bridal spending.
Over 275,000 couples get married in the UK every year, spending thousands on their dream day. Five years ago the cost of the average wedding was £14,643 rising to £20,273 in 2008. Weddings held in 2009 are expected to cost an average of £21,089 - suggesting that brides and grooms are determined not to let the recession spoil their fun.
And although marriage rates have declined - Scotland has seen a year on year three percent decrease on average - the legalisation of civil partnerships has provided the industry with a major boost.
This year, civil partnerships are set to outnumber the number of legally married couples in the UK. Combine that with the increased popularity of weddings abroad - in the last five years, the number of British couples getting married abroad has increased by 43 per cent to an estimated 51,300 last year - and the industry sees whole new markets opening up.
Jean Morgan of dress shop Sarah Morgan Bridal, is like many in the industry who has benefitted from an increase in sales and enquires. She believes that couples will do whatever is necessary to have the best wedding possible.
She said: ‘We find that weddings are getting bigger and bigger and when it comes to a woman’s wedding, there’s very little room for compromise. The bride wants, and usually gets, the very best she can afford - even if it means saving for years prior to the wedding.’
And Jean is confident that Sarah Morgan Bridal will continue to thrive despite the recession - although she has had to make some changes to the way her business is run.
‘When we started our business six years ago, the economy was booming and the British pound was very strong. This meant that imports, particularly from the US and China, were offered at very appealing prices. The massive drop in the value of the pound has meant that we now look to the indigenous market for some of our goods.’
The company has been so successful that they are now considering entering the wholesale market.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68