Stocks took a fall Thursday, sending the Dow Jones Industrial average under the 10,000 pt. mark for a breif time since November, 2009. The Dow fell nearly 270 points, or 2.6%, closing at 10,002.26. The five-figure mark of 10,000 points is felt to be an unofficial gauge of how the economy is performing and a measure of sustainable recovery, according to financial sources.
On the Wedding Industry side, sources discussing the news feel this is just another expected dip in the economy. “People are not going to plan events and spend any kind of real money until things improve and remain that way. We’ve been trying to work within people’s budgets but until they have a spending budget, how are we supposed to be able to help?” said Wedding Planners today. The growing number of sources contacting eWN agree the weaker-than-expected labor market reports on both Wednesday and Thursday played a role in the drop. “We've had people delay their plans for over a year now, working with them in any way we can. We do not wish to hand back deposits for delayed events; we would rather work with people, supply a service and collect the balance of what’s owed us,” said planners that did not wish to be identified.
To date, no one is willing to say when a sustainable rebound will occur. An ongoing eWN investigating and discussions with bridal show producers say attendance has been robust in many areas, signaling a turnaround. But wedding vendor sources claim dollars spent are much lower than at any point in time, making it difficult to hold events in desirable locations. “If they get the place they want, they can’t afford any of the extras; there is just so much we can do to help, at this point,” according to planners.
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2010
Posted on 02/04/2010
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