How the emerging recession in 2023 will impact your wedding
Every wedding budget varies based on a number of different factors, such as the size of the wedding, the location, the time of year, the type of venue, and the services and amenities that will be included. And now, if you’re getting married in 2023, the recession is another factor that you’re forced to consider when it comes to your wedding.
According to Zola’s First Look Report, weddings in 2022 cost anywhere from $5k to $100k. Meanwhile, we saw typical budgets in Nebraska range from $10k to $25k last year.
In years past, many couples would stay engaged for several months before getting married, usually around 12-18 months. They were choosing a longer engagement period than desired in order to save money for their wedding.
In 2023, we’re still feeling the woes of the COVID-19 pandemic as it is having a significant impact on many aspects of life, including the cost of goods and services. Every industry has been impacted and increased costs due to factors such as inflation, supply chain disruptions, and changes in consumer demand.
The pandemic also had seriously affected the entire wedding industry, with many couples canceling, downsizing, rescheduling and facing other challenges as a result of restrictions on gatherings and travel. Many couples chose to extend their engagements out even longer to 18-24 months.
With such disruption in economic activity, including a decrease in resources and employment, it was inevitable that a recession would eventually hit. Although it is difficult to predict exactly when a recession will occur and how bad things will get, it is certain that we have not seen the worst of it yet.
So, what does that mean for those of you who are planning a wedding in 2023?
Yes, you should get married in 2023, and it is expected that total spend and engagement length will not change this year, but the prioritization of how couples spend within their budget will.
For example, some couples may prioritize the venue, the food and the entertainment, while others may place higher value on the attire, the flowers and the photographer. The priorities of each couple will depend on their individual preferences, values, and needs.
Now it is more important than even for couples to determine their priorities early in the planning process and to allocate their budget accordingly. By making thoughtful decisions about where to spend their money, couples must realize they might have to make more sacrifices than anyone who had gotten married before.
Just because costs are getting out of control lately does not mean you should cancel or postpone your wedding plans. Instead, you need to be more mindful with your budget and make decisions about where to allocate funds.
By being strategic about your spending and looking for ways to save money, you can still have a beautiful and memorable wedding.
In recent times, we are actually seeing young adults act more responsibly in regards to other events related to their wedding, such as paying less on their bachelor/ette party, bridal shower and/or rehearsal dinner.
Regardless of where you spend your dollars it is important to be strategic about it. You and your fiancée should be open and honest with your vendors about your budget restrictions and see what they can do to work with you to make it extra special.