Are U.S. consumers in the mood to party again? After a long period of pulling back on everything from weddings to bar mitzvahs, it seems that consumers are feeling better about their financial situation. Analysts believe more consumers are ready to spend and this trend is good news for event and party planners who should be promoting their services.
Weddings are one sector where consumers are no longer cutting costs. The price tag for an average wedding event has risen to $28,427. Wedding planners, who often charge as a percentage of the event price tag, are benefiting from this trend. The enthusiasm for the event is spreading to the wedding gown, which costs an average of $1,211, and diamond ring market as well. Some analysts have linked the excitement in the wedding market to a revival of interest in the Roaring Twenties – an era known for opulence and over-the-top spending.
Analysts note that other special event spending is on the rise. In particular, the bar mitzvah and bat mitzvah market is back with clients spending heavily on themed celebrations or events in exotic locations.
The new interest in upscale events will likely spread to housewarming parties, birthday celebrations, and other milestones like family reunions and graduations. Savvy event and party planners should be promoting their expertise and distinguishing themselves from the competition by promising signature entertainment, catering, and party favors.
Reps, have you been talking with event planners in your market about unique promotions now that consumers are spending again?
[Source: Klimasinska, Kasia. Gatsby-Style U.S. Weddings. bloomberg.com. 17 Jun. 2013. Web. 1 Jul. 2013]