Marvelous Girl Has Moved!

Brides on a budget

Posted on: March 9, 2009

Photo by satinez

Photo by satinez

Lower discretionary spending and consumer sentiment is expected to hit the bridal industry hard this year, according to industry research firm IBISWorld.  Expenditure on engagement rings, bridal gowns and wedding planners is expected to take another hit in 2009 – following a decline in expenditure in 2008 – as couples are expected to put off the “big day” and ride out the tough economic times.

“Fewer couples are expected to walk down the aisle this wedding season, as the recession is expected to exacerbate the already declining marriage rate,” explained Toon van Beeck, senior industry analyst with IBISWorld.

Couples who do wed during the year are expected to do so in a less-grandiose style, and are more likely to plan the event themselves. Wedding planners make up around 3 percent of revenue of the Personal Trainers, Wedding Planners & Other Services industry and are expected to generate 4.2 percent less revenue in 2009, down to $785 million.

Wedding dress purchases account for an estimated 10 percent of Lingerie, Swimwear, Uniform & Bridal Stores sales, but are expected to decline by 2.8 percent during 2009 – following a fall of 4.2 percent in 2008.  Spending on bridal gowns will dip to $973 million, as creative brides increasingly purchase non-traditional gowns for their big day.  Instead of frequenting bridal stores, they will be more likely to find their garment in a high-end Department Store or websites like Preowned Wedding Dress.

The average cost of a wedding dropped by more than 20 percent in 2008, and is expected to decline further by 8 percent this year.  While some of this will be due to consumers cutting costs where possible, prices are expected to average lower than previous years.
“While some couples are putting off their ceremony until the financial time is right, those who can afford it should consider getting married in 2009,” said van Beeck.  “They may get more bang for their wedding buck.”


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