Why Your Wedding Budget Is Impacted By Inflation And The Supply Chain.
Your wedding budget is getting crushed by inflation and stretched by the supply chain. But why?
Firstly, let’s understand some commonly used terms:
What is inflation?
Inflation is the rate of increase in prices over a given period of time for certain goods, such as food, or for services. For example, your wedding budget has bread in it. Today it’s a dollar today, and tomorrow it’s a dollar and fifty cents. That’s inflation.
What is a recession?
Traditionally, we call a recession if the Gross Domestic Product (GDP) declines for two consecutive quarters. GDP is the market value of all the finished goods and services produced within a country’s borders in a specific time period.
What is the supply chain?
Simply, a supply chain is a network of individuals and companies who are involved in creating a product from raw materials to finished product, and delivering it to the consumer.
The Costs Couples Don’t See
Your wedding has a budget. So do most businesses. There are a lot of things that go on behind the scenes that help create a couples wedding day. These things make it possible for wedding vendors to stay in business and provide a much-needed service. Furthermore, these things all need to be financed:
- Business licenses and insurance.
- Rent.
- Office phone, cell phone, and internet bills.
- Website, domain, and software fees.
- Taxes.
- Marketing and advertising.
- Transportation.
- Staffing.
- Electricity.
- Catering.
These are just some of the business costs that are being raised (inflated) and that cost is passed onto the consumer (the couple) which ultimately affects the wedding budget.
What causes supply chain issues?
We experience supply chain issues when it’s harder to get what we need due to slowdowns, supply issues, or just a breakdown in one of the links from raw material to consumer.
However, the issues we are experiencing now are largely due to the COVID pandemic. Furthermore, some supply chain issues stem from labor shortages, especially at the ports and in the trucking industry. So, even if the product is ready for the consumer, it is taking longer to physically get to them.
Also, with more weddings expected to happen in 2023 and 2024 than in the past 30+ years, many wedding business owners are struggling to ramp back up after the COVID pandemic shutdown.
What you need to know and what you need to do
Obviously, there will be very limited availability for all wedding professionals and higher rates for popular wedding dates.
Firstly, there will be difficulty finding wedding venues. Even harder to find venues with outdoor spaces, so that you can have a ceremony on-site, cocktail hour, and dinner all in one location.
Secondly, specific types of flowers may be in short supply. Depending on the season you choose transportation issues may limit supply.
Thirdly, staffing shortages will certainly affect your venue. The availability of wait staff and service people has dropped dramatically with no fix in sight.
Finally, if you are planning to get married in the next couple of years do the following:
Pick a date and pick a backup date.
Start the venue search 16-24 months from their desired wedding date.
Be flexible with your wedding budget.
Create designs that are flexible with floral types and color palettes.
Have a Plan B and C regardless of how slim a chance it’ll be needed.
RELATED POSTS:
The Stress-free Wedding Planning Podcast #6: How Inflation and the Supply Chain is Affecting Your Wedding Budget
Blowing Your Wedding Budget? Here’s 7 Unexpected Costs You Didn’t Plan On
Atmosphere Productions LLC is a CT Wedding DJ with over 30 years of experience in weddings, radio, and nightclubs. Above all, we are providing professional mobile entertainment services and specialize in wedding disc jockey entertainment. In other words Music, Reception Entertainment Directors, MC, and DJs. Plus live music, ceremony musicians, strolling violinist, guitarist, cocktail, jazz duos, and chamber musicians.
In summary, we are centrally located for weddings in the Greater Hartford area.
Additionally, providing entertainment for corporate and business events, plus photo booth rentals. Furthermore, custom lighting & wedding uplighting is available, in addition to custom song editing and voice-over services.
Finally, Atmosphere Productions LLC is available anywhere in Connecticut, Massachusetts, New York, Rhode Island, and New England.
For Further Information
Visit our website www.atmosphere-productions.com and Contact us TODAY for FREE information. To get free tips and suggestions, visit our FACEBOOK page.
DJ Sam
Sylvester Samuels
Reception Entertainment Director
As featured in Eric and Amanda’s winning wedding on the season finale of TLC’s TV
“FOUR WEDDINGS”
Couples’ Choice Awards™ 2014-2020, Bride’s Choice Awards™ 2011-2013, and Gold Rated Awards™ 2011-2013
Atmosphere Productions LLC
Professional Disc Jockey Entertainment
PO Box 330303
West Hartford, CT 06133-0303
Phone: 860.231.7141
Skype: atmosphereproductions
Celebrating over 30 Years in the Wedding/DJ/Entertainment Music Business
DJ Times ~ Mobile DJ Of The Month
Former WKND Radio Air-Personality
Copyright © 2022 Atmosphere Productions™ LLC All Rights Reserved.
Parts of the Atmosphere Productions LLC blog and the Stress-free Wedding Planning Podcast are monetized. Therefore, content and affiliate links come from various platforms and may change. However, it doesn’t cost the user anything when links are clicked. Moreover, this allows Atmosphere Productions LLC and the Stress-free Wedding Planning Podcast to fund the site and provide a service to the wedding community.