Weddings Weather the Financial Storm from the Sydney Morning Herald

Weddings weather financial stormCHRIS ZAPPONE
August 25, 2009
The global financial crisis is so far proving no match for the wedding plans of Australians, causing only a modest nod to thrift.
The average wedding cost $31,948 this year, down 4.2 per cent from $33,349 in 2008, with spending set to recover much of the drop within a year, according the research from IBISWorld.
''IBISWorld is forecasting the average wedding spend will rise next year to $33,010,'' said Mr Robert Bryant, general manager IBISWorld Australia.
''The industry overall was worth $3.9 billion in 2008, which will fall to $3.7 billion this year before largely recovering in 2010 to produce revenue of $3.8 billion. Basically, weddings are still big business,'' he said.
Couples are prepared to pay for the custom-made wedding dress, with skimping - if any - limited to spending on receptions and fancy extras, Mr Bryant said.
''This might mean trading the horse and carriage and flock of live doves for a Commodore and confetti,'' he said
Portfolios squeezed
Mr Bryant said the slumping share portfolios, particularly among the parents of the brides and grooms, is the key factor that pulled down the wedding expenditures this year.
''Booking for next year should be coming around now but they're not coming as fast as expected,'' said Alan Woo of Akwoo Photography in Melbourne.
Mr Woo said this current year's bookings happened ''very fast.'' Nonetheless, there are still similar numbers of people visiting the company's website.
Meanwhile, shifting social patterns are also giving couples more flexibility when timing their nuptials.
''Around 76.8 per cent of Australian couples live together before tying the knot, taking the pressure off hurrying into marriage,'' IBIS's Mr Bryant said.
''This means more and more couples are delaying their big day until the financial time is right, so while the current crisis may see some couples think twice before setting the date, those who already have plans in motion will persevere.''
Although the economy is not growing at the pace seen before the emergence of the financial crisis, companies that sell wedding services may ''be more inclined to offer better deals on everything from dresses to cakes.''
Mr Woo said he has noticed more people are buying DVD packages of their weddings, rather than the printed photos as well.

czappone@fairfax.com.au