Soaring gas prices, higher grocery bills, a shortage in paper products – we see it every day and it’s just starting to feel like the new norm. While we are still feeling the financial effects of the pandemic in our everyday lives we are also seeing expenses rise in the wedding world. So how is inflation going to play a part in your wedding?
What to know –
Unfortunately, we are noticing price increases with almost all wedding vendors and expenses. Just like you see in your everyday life, the increase of living costs are hitting all wedding vendors the same way and many are using a bump in their rates to balance things out. Travel expenses, shortage of a quality workforce, and rising business costs are hitting everyone hard.
What to expect –
Upstate New York and the Northeast see hefty price tags for weddings in general, but as inflation hits this region the average budget for a wedding is only going up. The hardest hit vendor categories involve inventory and transportation, so prices are rising for these the most –
- Caterers who utilize local and international farms, wineries, and cideries to source and ship their ingredients, along with more trucks to get their staff and equipment to the wedding location
- Shuttle and limo companies who are feeling the brunt of ever rising gas prices, as well as a shortage of drivers and mechanical technicians to service their fleet of vehicles
- Florists who historically have sourced florals from around the globe but now face the steep costs of farm labor and international shipping, as well as gaps in processes and inventory, when the products they ordered are simply not available in time when they need them
- Rental companies who haul massive truckloads of inventory to wedding sites and have the double whammy of gas prices and a weak labor force to staff each of their jobs
What to adjust –
Building an appropriate wedding budget on day one has always been our first step, but in today’s financial climate knowing exactly how much money to allocate to all of the different areas is more important than ever. Now is the time to lean on your wedding planner to utilize their network of industry professionals and years of experience to set your budget correctly and provide you with vendor options that will give you the most value. Your wedding planner will know who is offering the best packages and who will be the best fit for your day. Understanding your priorities, personality and budget will ensure you are connected with the top vendors in each category that will be a stellar fit for you and be a budget-friendly buying decision. And will ensure you are getting the most out of every dollar you spend.
The WPP Team