Originally Posted by loriemoms
A little off subject, but I noticed a lot more show specials at our show this year...... I think in a whole, the wedding industry to starting to suffer.
I wouldn't jump on that bandwagon too soon. "Yeah, I heard there was a recession, but I refuse to participate."
the inquiries I'm getting are for MUCH larger weddings ... 200-350 guests. Of the 13 inquiries I've rec'd this past week, 9 of them were over 200 guests. One indicated she planned to spend over $100 per person for her 200-300 guests.
My average in 2008 was 112 guests. I implemented a price increase a few weeks ago and no one batted an eye. My average invoice for a catering in 2008 was $1800 ..... so far, on 2009 bookings, it's $2850. That's an average of ALL bookings ... ranging from the $275 wedding cake to the $10,000+ catering.
I have a book (not with me so pardon me if I get the title a little wrong) about "Don't lead the charge to the bargain basement" and it talks about not reducing pricing as a first defense. A marketing guy I know who charges $15,000 for his services, advises NEVER to discount. It's ok to add value but NEVER discount. I've spoken to other marketing experts, who say the same thing.
I read that Tiffany never discounts and never has a sale and the value of their product/service is not hurt by that policy. As I said in another thread, who wants to join me in becoming the Tiffany's of Cakes?
Having actually lived thru the recession of the 70's (ancient history to most of you), what I saw was people will scrimp and cut back on daily living expenses, but a wedding/birthday is a special event and they tend to throw caution to the wind and "do it right". They view it as a once in a lifetime event and should be celebrated as such.
That's not to say they aren't going to be savvy about how they spend their dollar. They are looking for the best value for their buck.
You know ..... They're looking for the "Tiffany's of Cakes"!