The arrival of the novel coronavirus early this year impacted just about every part of the economy. Some industries, like e-commerce, received a dramatic boost. Amazon’s value skyrocketed; smaller companies like Zoom became global phenomena overnight. On the other hand, this period has been a disaster for any business which relies on getting people together in a single place. Events, and in particular weddings, have been battered by cancellations and legal restrictions on large gatherings.
Some couples have simply postponed tying the knot until the whole thing has blown over. Others have had to use a little bit of creativity to ensure that everything goes without a hitch. But what about the industry as a whole? What’s the outlook in the long-term?
What’s the Damage?
In the UK, the wedding industry is in the midst of an existential crisis. The best part of £5 billion has been lost thanks to cancellations and postponements. Bookings have fallen by roughly a third, and the weddings which have gone ahead have been in severely cut-down form. Summer is peak season for weddings, with around 80% usually going ahead between April and September. As such, the damage has been considerable.
Are there any Positives?
The industry might draw solace from the lengths which people will resort to in order to get their marriage over the line. This suggests that there’s still an underlying demand for big, modern weddings, and that we won’t see a shift away from spending big on cakes, caterers, music and huge, expensive venues. Most cancelled weddings have been rescheduled for 2021, so the chances are we’ll see a considerable spike in bookings.
While the industry might (just about) be able to cope with the hit of coronavirus, if a more fundamental shift in attitudes occurs, then the damage may be longer-lasting. If this shift does occur, and the general public does decide that there are more important things in life than wedding ceremonies, then it might spell a major contraction for the entire industry.
If postponed, what do you need to do?
Given the likelihood of a surge in demand in 2021, it’s more important than ever that couples get themselves organised ahead of time. Book the venue now, and get the invitations sent out so that everyone knows what the plan is. Cardfactory provide quality invitations for those in a hurry. Keep an eye on the news, and the government’s advice, as the medical situation is unpredictable, and likely to change at a moment’s notice.
