Wild swings in the stock market and changes of month-to-month averages in the economy signal an ongoing instability in the lives of average people that are kept off balanced and from making long term commitments. Early signs of recovery in the housing market that were bolstered by government stimulus packages and programs to help average workers get back on their feet have since fallen back to struggles that began before the attempts, over a year ago.
Ongoing discussions with businesses, consumers and couples making wedding plans all say the economic challenges are great but without any foreseeable improvement, many are taking the plunge and planning their weddings, simply to not to waste any more time. But the events are reflective of the times, leading most to abandon protocol, tradition and expense, according to a broad cross-section of planners and vendor sources.
A look at supporting data shows businesses reporting some improvement in the near future but few dare to say it will be of any great significance. According to data supplied by various sources including The Wedding Report, the last few quarters show a slow down of the spiraling decline from a year ago. When asked, most business owners say they do not intend to make any major investments or commitments until sustainable growth is experienced. Very few say they will take on added debt or fund long range plans of expansion until they are fully convinced a recovery has occurred.
A business owner in the Lexington, KY, region told eWN, “This is my 5th year in business and 3rd season in Lexington. Bookings are much improved from this time last year, but still well below a place where I can say I'm comfortable about my business. While I am seeing more brides who have larger guest lists again, I can't say that photography budgets have recovered from where they were during my first season here in the Bluegrass. Let's say I'm cautiously optimistic at this point.”
Businesses in the north east remain the most challenged, according to ongoing research. In Michigan, areas that relied heavily on the automotive industry are still reporting a higher level of difficulty than in other parts of the country.
In Florida, housing prices that fell because of the bottom dropping out of the market also remains impeded from a recovery. Property values find themselves under water, valued at less than the amount of loans. Similarly, in Las Vegas, Arizona and parts of California, real estate prices that once soared and have come crashing down. The reality is felt to be at the core of what keeps spending curtailed when it comes to most major expenses, including wedding planning.
The news is being offset by Bridal Show coordinators that say attendance is up, along with vendor participation and confidence. Richard Markel of Bridal Expo in northern California told eWN he is working with his vendors to create new ways of promoting his shows and provides better value for everyone associated with participation. “If you keep harping on everything that’s negative, that’s all you end up with, in the end. But if you get past the problems and look for solutions, it becomes contagious and that’s what is going to bring about a turnaround for the country and our industry,” feels Markel.
Other vendors and sources we’ve spoken with say the same, mentioning the desire to take a more positive, proactive approach. “We all know what the problems are, let’s all work together to find solutions,” said Melinda Massie of Melinda Massie Events in Fort Worth, TX. Melinda is a 15 year-veteran and was very supportive in getting the information out to the trade. She agrees that now, more than ever, the standards need to be raised and provide greater value to consumers.
eWedNews
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2010
Posted on 02/12/2010
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