Wedding conversations often spark comments about rising costs – it’s a widely accepted belief that weddings are getting more expensive year by year.
And that’s not untrue. The average cost of a wedding does tend to increase year by year as most suppliers increase their rates over time. But even given the normal increases, are weddings going to become even more expensive in 2023? And is it possible to avoid wedding budget blowouts if they do?
Weddings could become more expensive in 2023
If you’ve been planning a wedding over the last 12 months or so, you may have already noticed costs increasing for wedding related expenses and there are several reasons for this:
- labour shortages
- higher manufacturing costs
- increased shipping costs.
But the biggest impact on the wedding industry has of course been Covid-19.
Thousands of couples cancelled their weddings amid the pandemic, and whilst some rescheduled their big day, others opted to downsize their wedding by eloping, or they simply decided not to get married at all.
In the 2022 Wedding Industry Report Easy Weddings reported that:
- 48% of couples postponed their wedding or delayed setting a date during 2021
- 18% had a small ceremony and postponed their reception.
Right now vendors are working hard to bounce back. But with the added pressure of extra costs and difficulty finding the right staff, this will mean that many vendors are forced to increase their fees, which they then pass onto couples.
And when considering the cause for the rising cost of weddings it’s important to note that of the businesses who reported revenue being negatively impacted by COVID, the average response was a loss of 69%. Not surprisingly, Victoria and New South Wales were the states who contributed most to this result, reporting average losses of 75% and 82% respectively.
That’s a lot of ground for wedding vendors to make up.
Does that mean your wedding will be more expensive?
As a couple planning a wedding right now, possibly because you had to previously postpone, the news that weddings are becoming even more expensive may have you worried.
And that’s what I’m here to help you with.
It is possible to have the wedding you want on the budget you have. You just need to know what that budget is and how you want to spend it before you start paying deposits.
Identify your wedding budget before spending it
One of the most expensive mistakes I see couples make is booking vendors and putting down deposits before they’ve identified what they are able to spend on their wedding. The risk of doing this is that you run out of money before you’ve booked and purchased all of the elements you need. A very common example of this is booking a venue that is outside of the budget, leaving a shortfall when it comes to everything else that’s needed.
When you work with a professional Wedding Planner like myself they will help you understand how much the wedding you have in mind will actually cost. To ensure your wedding doesn’t cost more than you can afford or are prepared to spend on it, take the time to understand how much money you can allocate to your wedding. This includes any contributions you may receive from others.
I also recommend that you factor in a contingency of approximately 10-20% to cover any unexpected expenses (how much will depend on your spending habits and the size of your wedding).
Give yourself time and identify your priorities
Think about any purchase you’ve made when feeling rushed or without researching costs. What about those impulse buys? Do you tend to spend more and spend less wisely when you make a rushed or rash decision?
This approach when planning your wedding could become costly, which is why I recommend giving yourself plenty of time when it comes to the planning of your big day. Whilst 12-14 months is ideal, you can plan your wedding in less time as long as you’re clear with each other about your priorities for your budget. And of course, you’ll need to devote more time each week to tick off important wedding planning tasks.
This is another way a wedding planner can be a very valuable, potentially cost-saving investment for your wedding. A wedding planner will keep you and your spending focused on what’s important to you, whilst managing your budget so you can make wise purchasing decisions rather than rushed ones.
Even though weddings may become more expensive over the next few years, there are ways to avoid blowing your budget on the experience. If you’d like my help managing your budget and identifying your priorities so you can have the wedding you’ve been dreaming about on the budget you have, let’s talk!