182x Filetype PPTX File size 1.36 MB Source: www.mediagrouponlineinc.com
Disruption of an Important Life Event According to The Wedding Report’s March and June 2020 surveys of couples planning weddings, 21% are or have postponed their weddings until late 2020, 41.5% have rescheduled their weddings to 2021 and 7% have cancelled their weddings. All this disruption and major changes resulted in The Wedding Report forecasting a 47.9% decrease of the total number of 2020 weddings, or 1.11 million, compared to 2.13 million during 2019; however, the projected total for 2021 is 2.77 million weddings. Although The Wedding Report surveys found 30.5% of couples were trying to maintain their 2020 wedding date, the persistence of the pandemic may be a challenge, especially as some media reports of even small weddings have led to the spread of COVID-19 and infections. Adjusting and Adapting Because 46% of couples responding to the two The Wedding Report surveys said they planned to reduce their wedding budgets by an average of 31%, wedding vendors will suffer – and 58% told The Wedding Report they expected to lose more 2020 weddings. Even the 30.5% of couples trying to maintain their 2020 wedding date may find it necessary to opt for a mini- wedding (limit of 50 guests, which is still problematic), a micro-wedding (20 or fewer guests) or a “minimony” (an elopement, limited guests, ceremony only). Many couples have had to reschedule their 2020 weddings to another 2020 date, but many of the traditional days (Saturday) will be booked. Another option many couples are choosing is a weekday wedding, especially during the evening, so guest will be able to attend. Pivoting to a Digital/Virtual Event Although most wedding couples are young and, therefore, very digitally savvy, it’s difficult to move the entire process online. For example, anecdotal reports from bridal dress shops indicate brides are hesitant to buy a dress online, but they can certainly shop. David’s Bridal reported during mid-summer 2020 a 25% YOY increase in Website traffic and the rapid addition of various online resources, such as a vision board, an interactive wedding checklist and a customizable Website. With traveling and staying at hotels/resorts problematic, many couples have and will have to schedule a virtual engagement party and/or an outdoor bridal shower and wedding ceremony/reception. Wedding Businesses Refocus on Service Wedding vendors/services reported in the May 2020 WeddingPro survey 15% of their weddings had been cancelled, 59% had been rescheduled and 25% were unchanged. These vendors/services are proving they understand the challenges couples are facing, which is why the survey also found 68% of the businesses were holding paid deposits until the date of rescheduled weddings, although 10% required an additional fee or deposit. Unsurprisingly, vendors/services are maintaining contact with prospects, and 85% said they had during the past month (April 2020). Wedding planners were first (46%) among the vendor categories to have had a video chat with a prospect, with officiants second at 36%. Limiting Bachelor/Bachelorette Parties Much like a wedding ceremony/reception, bachelor/bachelorette parties must also adjust; however, 73% of couples with weddings scheduled during May– September 2020 and responding to a WeddingWire survey said they still expect some kind of prenuptial parties. Of the survey participants, 27% were canceling their bachelor/bachelorette parties, 24% were maintaining the schedule and 2% planning a virtual event. To ensure guests’ safety, 44% were adjusting party activities, 33% the number of guests and 32% location. Most couples weren’t changing all of their 2020 bachelor/bachelorette party plans compared to 2019, as 93% still planned to celebrate in the US (92% 2019), a 1– 3 day party (86%, same as 2019) and airplane travel (26% vs. 20% 2019).
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