In June 2021 the hospitality industry opened it doors back up after being closed for nearly
15 months.
Due to all the postponed weddings on top of new bookings the second half of 2021 for many was underrepresented seeing an extremely high volume of bookings, for many this also carried on into 2022.
Many suppliers are now feeling that 2023 is quieter than previous Covid years and this is resulting in suppliers feeling disheartened, demotivated and even on the verge of throwing in the towel.
There are many factors that may have contributed towards a decline in your bookings for 2023.
For businesses that were established pre Covid, due to the huge increase in bookings in 2021/2022, business owners spent an significantly more time working in their businesses rather than on their businesses. This resulted in business owners reducing their marketing during this period, which has then resulted in a knock on effect, meaning they were less visible to potential customers, and therefore giving competitors the opportunity to convert more bookings. Couples that were looking to book at the back end of 2021 & 2022 majority would be 2023 couples.
During Covid a lot of people were made redundant or furloughed from their current jobs, which gave people more disposable time than they had ever had before, this gave people the opportunity to try new ventures and many started new businesses in the Wedding industry. Many new businesses did extremely well from the onset, and this was due to #1 older businesses were fully booked or didn't have any availability on couples chosen dates and therefore having to turn couples away, and due to their lack of marketing this meant that new businesses were more visible to potential customers and also had availability for couples.
Majority of couples tend to book between 12months -2years in advance this means that couples due to get married in 2023 majority would of booked in 2021/22, during some of this period venues were still shut, many didn't have staff and no wedding fairs or venue show rounds had taken place. There was also the added uncertainty for couples that we were still not fully over Covid, so this made couples very wary of booking and many delayed their plans or put them on complete hold. The Knock on effect with new staff settling in their roles (Its very hard to sell a venue when you don`t know that much about it) resulted in a decrease in bookings in venues, and this then effects the supply chain.
People buying habits have changed significantly since Covid, this is due to a number of reasons, #1, being the economic climate at present couples having lack of disposable income. This has meant that the rise in DIY couples has accelerated. Couples are being more courteous when it comes to their budgets when planning their weddings, and therefore cutting costs where possible. #2, people have so many more options available to them in regards to suppliers and this means that they are able to shop around more to find the perfect match for their needs. #3, couples are still nervous after Covid and paying for suppliers in advance makes them wary in-case something happens where either the couple have to cancel or the supplier shuts shop. This is why some suppliers have seen an increase in last minute bookings. Couples are also looking at their budgets and after the main necessities have been purchased if their budget allows then this is when they will source optional extras for their special day.
Weddings are on a decline, in 2021 the ONS confirmed "that many couples are now choosing to live together as an alternative to getting married. Data showed that in the UK in 2021, 3.6 million people were cohabiting compared to 2.9million in 2011, this was an increase of 22.9 per cent." https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/marriagecohabitationandcivilpartnerships/bulletins/marriagesinenglandandwalesprovisional/2019
Cost of products/stock has increased significantly in some areas, and therefore profit margins have been squeezed. As a result companies have had to increase their prices, this may mean that suppliers have to reevaluate their ideal client, to ensure you are attracting couples that can afford your higher ticket products/services.
Evolving Trends. Trends are changing all the time within the wedding industry. It can be very hard to keep up to date with all the new products and services that are currently on the market. This can mean that your stock can become dated quite quickly, therefore couples will choose an alternative supplier that has invested in the latest trends. This also is subject to your marketing strategy, if your very old school and not evolving with utalising new marketing platforms etc, your competitors will have the edge, as they maybe promoting their services and products through new channels.
Another trend that has been noticed by venue managers is that couples are opting for smaller more intimate weddings or getting married as late in the day as possible, and seeing a rise in many couples opting to cut out the sit down wedding breakfast after the ceremony, opting to go straight into evening reception instead. This is to cut costs, which results in them requiring a lot less suppliers for their big day.
Unfortunately we have lost venues during and after Covid, this is due a couple of reasons being venues used for safe housing for refugees, and venues that unfortunately couldn`t survive the aftermath of Covid and therefore have gone into liquidation. This has had a major impact on some suppliers who worked alongside those venues.
People will always get married. It's about looking at what you offer and what problems you are solving for couples. Things will settle down as staff in venues settle into their new roles and couples will become more confident to book again again.
Meantime look at your brand. Think outside the box, what is your brands USP? (Unique selling point) Are you marketing your products and services to the right audience? Are you being consistent in your marketing and making sure you're visible in the right places, where your ideal clients hang out?
Making a few changes in your marketing strategy can make a huge difference.
Follow my group for lots of advice and top tips on how to market your brand.
If you`re looking for more help and support to grow your wedding business take a look at my membership https://www.gemmanaylorbusinesscoach.com/about-6
Comentários