[Wedding Planning 101] | Wedding Costs Increases for 2024

daytoremember.net | Lake Como Italy | A Day To Remember Wedding Planner and Designer

What does the future look like for couples planning their 2024 and beyond weddings? Read on for more insight:

1. INFLATION IN OUR ECONOMY

We have all experienced the rise in costs in everyday living such as housing and our monthly expenses. The wedding industry is seeing the same rise in costs, especially with the hard costs [ie: food and beverage, floral and labor]. As costs increase, so will weddings. You should expect to see a rise in costs from all your wedding vendors through end of 2023 and 2024, allowing businesses to stay afloat — most importantly, keeping families fed.

2. EXPERIENCE = VALUE

It’s no secret the Covid pandemic did a nasty number to all of us. Many industries were impacted bringing business to a grinding halt, including the wedding industry. The upside to the pandemic was allowing us to grow more, learn and experience unprecedented events, giving us more knowledge in what we do. What does that mean for you as the consumer? Our experience equals to a higher value. Businesses that survived the pandemic and have thrived since then are charging, not just based on product and service, but on experience.

3. VENDORS ARE BECOMING MORE SELECTIVE WITH THEIR BOOKING

Yes, you read this correctly. Post-Covid, couples are more intentional and more experiential, with their wedding celebrations. Many couples are now choosing smaller guest counts, more destination and 2–3-day wedding celebrations. Many vendors who would normally book more than one event per weekend, are now holding back for the multiple day wedding celebrations. Expect to see more exclusivity with vendors and at a higher rate.

4. INDUSTRY STANDARDS

We’ve all read wedding websites about the average cost of weddings running at $30K, right? I’m hear to tell you this is NOT 100% accurate. Aside from factoring in location/region, guest count and style of weddings, $30K will not get you that Instagram or Pinterest wedding you’ve been dreaming. We are not saying you can’t have a wedding for $30K, as anything is possible, but will it be the wedding of your dreams, or the wedding you settled to stay within a budget? The best way to navigate the wedding planning process is by hiring a wedding planner and allow them to guide you to a realistic budget.

5. DON’T WAIT TO BOOK YOUR PREFERRED VENDORS

If you have your heart set on one or a few of your favorite vendors, you know, those who you’ve been following on Insta or Tik Tok, now is the time to book. Your favorite vendor may be booked if you wait too long!

Have any tips you can share? Comment below!