Article from Australian Associated Press
Weddings 'largely recession proof'
August 25, 2009
The global economic crisis has barely dented the wedding expectations of love struck couples, with a study showing couples are still forking out almost $32,000 on their big day.
Romance has proven to be recession-proof with just a one per cent drop in the number of couples getting married this year, a survey of Australian couples has found.
Despite frugality being the trend in the current economic climate, couples are blowing an average $31,948 on their special day, business information company IBISWorld says.
The wedding splurge is only down slightly down on the $33,349 spent in 2008 and will recover in 2010, it says.
"IBIS World is forecasting the average wedding spend will rise next year to $33,010,'' IBISWorld general manager Robert Bryant said.
"The industry overall was worth $3.9bn in 2008, which will fall to $3.7bn this year before largely recovering in 2010 to produce revenue of $3.8bn.
"Basically, weddings are still big business.''
Although couples are willing to spend big on their wedding day, more extravagant extras may fall by the wayside.
Couples may downgrade their reception to a cocktail and canapes affair, or curb spending on flowers, cars, invitations and photographers, Mr Bryant said.
"This might mean trading the horse and carriage and flock of live doves for a Commodore and confetti,'' he said
One thing that won't be compromised is a bride's dream wedding gown, although they may buy dresses off-the-rack rather than having them made-to-measure, Mr Bryant said.
With most weddings locked-in well in advance, IBISWorld predicts the number of ceremonies will fall two to three per cent next year.
"More and more couples are delaying their big day until the financial time is right,'' Mr Bryant said.
"So while the current crisis may see some couples think twice before setting the date, those who already have plans in motion will persevere.''
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