Since the freefall in the economy that began in the summer of 2008 through the second quarter of 2009, the slowdown of couples planning nuptials brought the wedding industry to a screeching halt. Delayed plans and a host of economic factors, especially the fear of unstable employment have kept would-be groom from popping the question. But new information indicates a turnaround, as some much needed positive news finally begins to balance a negative situation.
A major indicator involves good news surround the sale of diamonds, suggesting a rebound for traditional weddings. Tiffany & Co (US Tiff) stock prices plummeted from nearly 50 dollars a share in May, 2008, to fewer than 20 a share in October. Similarly, other stock prices involving the sale of diamonds remained low but began to rise again in July of 2009. Currently, Tiffany stock is trading again at around 40 a share and is rebounding.
Ongoing discussions with wedding planners, vendors and bridal show producers agree with the correlation, saying attendance and participation is up and is showing signs of sustainable improvement. Additional data supporting the turnaround is being assembled. Early analysis shows the number of events may be improving but the amount of dollars each event represents remains low.
eWN continues to monitor this story and welcomes your findings and views.
eWedNews
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2010
Posted on 01/29/2010
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