Boss Lady

Where is the wedding industry heading?

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2020 has been a big blow for the wedding industry in Australia, and it has meant that over 100,000 people have had to rethink their celebrations. The Covid-19 pandemic has put the billion dollar wedding industry, which is dominated by women, into jeopardy – the knock-on effect being job losses and businesses struggling to stay afloat with a lack of customers. There is hope though, because the majority of couples have simply postponed their big day, not cancelled it completely. It means that as lockdowns are relaxed and the country starts moving again, weddings will still go ahead. It is likely, though, that we will see some changes to celebrations for the short term.

The rest of 2020

Historically, the wedding industry has always been fairly resistant to recession, for the sole reason that there will always be people who want to get married. In fact, 2020 has seen a rise in marriage proposals, with many people finding romantic and creative ways to pop the question under unusual circumstances. It is clear that we can never predict what will happen in the future, and as a result, more couples are choosing to commit – it goes to show that even during a pandemic, love will conquer all. It is likely, for at least the rest of 2020, that wedding celebrations will be a lot smaller, limited only to close family and friends. It doesn’t mean, however, that the ceremonies will be any less important to the couples involved, so if you are working in the wedding industry, think “luxury and boutique” rather than “cheap and small.”

2021 and 2022

It has been bad news for 2020, where 50% of business has been lost. However, industry experts have predicted that there will only be a loss of only 10% in 2021. In 2022, however, experts are predicting an increase of 20% from your average year; this equates to 150,000 weddings in Australia. There is every reason to be optimistic, so although you may have cut staffing costs this year for the short term, the easing of lockdown restrictions means that business will soon be back to normal.

What can I do for my wedding business?

Just because there are fewer weddings this year, it doesn’t mean that you can rest on your laurels. This is the ideal time to boost your marketing strategy and make sure that your brand has a good presence online. Focus on the positives, and help your customers to plan for the future. Even though the boom in wedding events might not be for another year or two, couples will already be on the lookout for suppliers for their celebrations. If you have bookings already, stay connected with your customers, reassuring them that you can provide everything that they need. Spend this time evaluating your website and branding, making sure that you provide testimonials about your service. These are extremely valuable, and prove your track record in the wedding industry.

The wedding industry is extremely resilient and won’t be going anywhere soon. Large celebrations may be postponed, but they won’t be cancelled forever.

About Cholena Orr

Cholena Orr, Director of pac executive Human Capital, is a business builder who is passionate about mindfulness and lifting people up. She heads pac executive Human Capital - a training, coaching and consulting business offering a range of models designed to support Human Capital needs throughout the business lifecycle; from clarifying strategy and goals through to working with individuals to help them become more resilient.

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