The wedding industry traffics in fairy tale fantasies. But the worst recession in decades has brought rude financial awakenings. Some industry insiders are confident; they say thick crinoline and lace will cushion the impact of a plunging economy. They say, for richer or poorer, that fantasy will trump economic reality. Is the wedding industry recession proof?
Sheena Scott was well into planning her summer wedding when the unplanned happened. Most of the wedding purchases had been made when she was laid off from her human resources position at HSBC in Toronto.
“My position was eliminated,” Sheena says. “They don’t tell you it’s because of the recession, but it is. Some of my colleagues were laid off too.” With only four months until the wedding, “there was no chance to turn back,” the bride says. Then she pauses before adding,
“But I don’t think we would have anyway.”
Marriage unites two lives. And weddings unite dozens of vendors and service providers. But the price of precious metals, food staples and crude oil are rising worldwide, driving up consumer costs for potential brides and grooms—things like wedding rings, catering and honeymoon travel expenses. Some have the romantic notion that weddings will prevail in times of economic crisis. Stats Canada suggests that most Canadians do marry. And there is an entourage of industry and media devoted to wedding promotion. The wedding industry isn’t exactly recession proof.
It’s a matter of who's getting married.
Sheena and her fiancé Eric Scott attribute their resilience after Sheena’s layoff to what Eric calls the “ridiculous spreadsheets” keeping track of their wedding budget. The couple has adopted a middle-of-the-road attitude toward wedding planning in general. But that doesn’t mean the couple hasn’t felt the impact in other ways. They’ve come up with some clever, non-traditional, financial maneuvering. To save money on rent, the groom is living with the bride’s parents and the bride will join them soon. Sheena and Eric had previously decided not to live together before marriage. But they’ve made a slight exception to their rule. The recession means changing priorities for some Canadian couples. Industry insiders and vendors suggest many are downsizing their dream weddings and cutting costs by inviting fewer guests and enlisting their smaller bridal entourage to craft handmade centre pieces, provide amateur photographs or bake homemade cakes. Cindy Johnson of Platinum Events Group says some of her clients aren’t even having cake—that, or they're not eating it. Some guests just don’t eat dessert, so many couples are substituting Styrofoam layers on lower cake tiers to save money, says pastry chef and owner of Rain Barrel Cakes, Michelle Anderson. Dianne Hanko, owner of Play it Again Val, a consignment shop that sells used bridal gowns, has seen an increased demand for pre-owned bridal accessories. "People are being a lot more careful with their money," she says. |
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