First comes love, then comes marriage, and then comes a huge impending debt that’ll probably take years to pay back thanks to wedding costs. As harsh as it sounds, this is the reality of today’s America – and believe it or not, it’s all because of the novel virus. Over the past 2 years, you’ve probably seen many industries take a hit to the face and some didn’t even survive the pandemic’s effects.
The housing industry went into a frenzy as prices skyrocketed for houses that weren’t even worth it. Similarly, the car industry is facing the same issue, with secondhand cars being sold at almost the original price. Yes, it sure is crazy but, what’s crazier is that the wedding industry is witnessing a similar fate.
Exploring the Wedding Industry
You may be thinking to yourself, what in the world is the wedding industry? You’ve heard about the housing industry, the vehicle industry but, the wedding industry might not sound that familiar.
This industry is usually defined as the providers of goods and services related to weddings. Think wedding dresses, wedding flowers, wedding cakes and catering, venues, and event planners.
These are all a part of the wedding industry and it is estimated that was worth $53.4 billion in 2013. But, with the way things are turning out, it is likely that figure drastically increased over the last 8 years.
Why Have Wedding Costs Gone Up Exponentially?
You can understand that due to lack of manpower and travel restrictions, the production of cars and houses slowed down which resulted in hiked prices but, what’s the case with wedding costs?
Well, once the pandemic hit and states began placing restrictions on gatherings, it was a reasonable idea to postpone the weddings that were scheduled in 2020. Now that the vaccines have been rolling out and restrictions are eased, many couples are resuming their wedding plans, which has created a sudden workload on the wedding industry.
All Is Fair in Love and Wedding Planning
They say when life gives you lemons, you take them and do not worry about prices. The chaotic surge in the number of people getting their dream wedding in the works has definitely taken a toll on the service providers.
One such service provider is Liz Sellassie, the owner of a bridal store Designer Loft in New York City. She states that at the beginning of the year, she had so much time on her hands that she dedicated it to renovating the store but now it’s completely different.
If you ask us, maybe now would be a good time to consider a low-budget wedding and save the extra cha-ching for the honeymoon.