Another Industry that Is Not Recession-Proof

In recent months, we've seen one report after another indicating that few sectors are being spared in the current downturn (which many economists still refuse to characterize as a recession despite overwhelming evidence to the contrary). That includes a laundry list of industries once labeled as "recession-proof." In "Downturn Takes Loss Off Weddings," the Associated Press details the latest example of mistaken identity.

Tough economy causes couples to cut corners

The fairy-tale weddings that many couples have yearned for are starting to come back down to earth -- leveled by everyday problems like house payments and rising gas and food bills.

The wedding industry has long been considered one of most recession-proof. Most brides, grooms and their parents see the "big day" as a once-in-a-lifetime event not to be skimped on. But unlike Cinderella and Prince Charming, who didn't have to worry about a mortgage on the castle, more couples are finding it hard to swallow the average price tag of items like wedding cakes (about $500), bridal gowns (around $1,300) and flowers (near $2,000).

"Every girl dreams about their wedding day," said Rebecca Stamilio, who braved the February chill and the crowds at Filene's Basement's bridal sale in Manhattan to find a gown. "But at the same time, you're like, oh my gosh -- I could pay off this much of my mortgage."

Stamilio, a 30-year-old physics instructor at Edgecombe Community College in Tarboro, N.C., found a long, simple, white gown for $249 that was originally $1,600. "I just don't want to be in debt," she said.

Many other couples apparently share that sentiment and are cutting some corners as they put their weddings together. Wedding trend tracker The Wedding Report Inc. estimates that the average cost of a wedding will dip slightly this year to $28,704, compared with $28,732 in 2007.

That runs counter to the trend of the past 15 years, when wedding spending has nearly doubled, according to Conde Nast data. Tammy Elliot, president of the Perfect Wedding Guide wedding planning Web site, noted that the market is growing quickly due to the children of baby boomers.

Spending on the actual ceremony and the rehearsal dinner appear to be up this year, according to The Wedding Report data, while outlays for the reception and rings are declining.

It's important to note that the data include inflation, so with food, energy and metals prices on the rise, many couples are really getting less for their dollar. The wholesale price of gold is up more than 30 percent from a year ago, while platinum is up more than 50 percent, and retailers are having to pass these increases on to consumers.

With costs surging, some new wedding trends are sprouting. Liene Stevens, a consultant at the wedding and event planner Blue Orchid Designs, said she's noticing couples opting for more do-it-yourself wedding items, such as table centerpieces. They also are planning more brunch and afternoon weddings so they can shell out less for food and alcohol, she said.

Stamilio is accustomed to being frugal; she is not the only one keeping track of her receipts (she's aiming for under $10,000 in total) -- bigger spenders are seeking out ways to save money, too.

Erin Robertson and her family are willing to budget as much as $30,000 for her upcoming wedding, but Robertson went bargain shopping with Stamilio at Filene's Basement. She got a $730 ivory silk dress, tax included, that was originally $3,500.

Comments

[Momma @ Tales From The Road Less Traveled]

Personally, I don't think there really are any recession proof businesses. "This will impact everybody but me" is a very bad bubble to live in.

[Jes]

It's about damn timethis stupid industry collapsed. Modern weddings have been totally handed over to profiteers who will make a couple, or more exactly, a woman getting married a "princess for a day". At huge and absurd cost. These weddings aren't fun and they're horribly stressful on the families before, with all the expensive details, and after, with the bills that take years to pay off. I'd love to see us move back to traditional, pre-1900 weddings that were happy family occasions where people dressed up, but only in their Sunday best, and everyone had fun.
It may've been Princess Diana and Prince Charles's opulent shindig that really kicked off this recent era of wedding ostentation. Which goes to show that no matter how many pretty ponies pull the bridal coach, there is no relationship between dollars spent on a wedding and happiness of subsequent matrimonial life.

[Bruno]

I agree. Expensive weddings are a symtom of our sick society, where even those of relatively modest means feel the need to try and impress others with expensive wealth displays. A wedding is the ultimate wealth display, as nothing says "I have money to burn" like spending $50K for a party.

Anyone who is truly impressed by these silly things has a values problem.

[ffxi gil]

We all need to be practical these days. In US where divorce usually occurs, having an expensive wedding ceremony doesn't guarantee a lifetime relationship.