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.