Is the current state of our economy affecting your wedding plans?
With the rough economy, we find more and more people wary of their spending and more conscientious of their finances. Wedding being a big money-magnet, it’s just logical to think that the wedding industry will be affected as much as the other industries. Based on this article at Edmonton Journal, this doesn’t seem to be the case.
Photo from London Wedding Car
If there’s one thing that just might be recession-proof, it’s the wedding dreams of young brides-to-be.
Despite a slumping Canadian economy and rising unemployment in Alberta, there was little talk of cutting back at the Edmonton Bridal Fair on Sunday.
“I don’t think the economy affects the wedding business as much as other retail businesses, because you’re shopping for a once-in-a-lifetime thing,” said Denilore Bridal owner Pat Montour.
“If you’ve had a dream since you were a little girl, you’re probably not going to change it much.”
The wedding industry may be almost recession-proof, but brides still have to be more cautious. Here are some tips to plan your wedding at this economy.
Don’t go deeply into debt. We don’t know what the future holds, so I suggest looking into that budget again and see if you can pay for most of it now without oweing any money.
Choose well-established and financially secure vendors. You wouldn’t want your vendor bailing out before your wedding day.
Do not expect less people to come to your wedding. Even though it is likely that you will have less guests than you expected in the beginning because of the economy, do not factor that in your budget. If you’re trying to cut down on your budget, do not lessen your RSVP expectations, but instead invite less people.
Do not expect monetary gifts. Guests are affected by the sagging economy as well. When it really comes down to it, gifts are not even required at weddings.
When determining your budget, do not factor in future revenues. With struggling economy comes uncertainty. More people are unsure whether they’ll still have a job this year or next. So use money that you already have and can spare, for your wedding.
Great advise!