On today’s Business Beat, Jeff discusses how the wedding industry is set to thrive again as the pandemic is beginning to slow down. In fact, the Wall Street Journal reports that wedding caterers and venues are fully booked for 2021 and wedding registry signups are skyrocketing.
Tune in to the Business Beat, below, to learn more about the booming wedding industry:
“So, what’s the bottom line? Well, here’s the deal. As we begin to see the pandemic move further and further into the proverbial rearview mirror, we are seeing industry sectors re-emerge with real vengeance in gusto, like the wedding industry. And it’s in these sectors that entrepreneurs should be paying close attention as it relates to fettering out opportunity.”
– Jeff Sloan
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Good morning, Paul!
Now that COVID restrictions are loosening their grip, some aspects of life as we knew it are roaring back: one such example, well, the wedding business. Given the social nature of weddings, it’s no surprise that the industry was decimated by the 2020 pandemic, but all of that pent-up demand is now turbocharging this business sector in 2021.
The Wall Street Journal reports wedding caterers and venues are fully booked up for 2021, and the number of wedding registry signups has skyrocketed. Bridal wear designers have gone from seeing several clients a week to several per day, and Walmart is seeing sales spike for bridal jewelry, artificial flowers, wedding decor and wedding arts and crafts.
And David’s Bridal said July and August wedding dates have increased by 35%. In 2022, dates are already up 22%. You’re seeing this momentum come back, David’s Bridal CEO James Marcum told The Wall Street Journal in its welcome news for the wedding industry, which saw revenue fall more than 20% in 2020 during the heart of the pandemic, according to The Wall Street Journal.
So, what’s the bottom line? Well, here’s the deal. As we begin to see the pandemic move further and further into the proverbial rearview mirror, we are seeing industry sectors re-emerge with real vengeance in gusto, like the wedding industry. And it’s in these sectors that entrepreneurs should be paying close attention as it relates to fettering out opportunity.
Now, remember involvement in booming sectors can be direct or indirect, so an example of direct involvement in the wedding business might be become a planner and fill the pent-up demand that has everyone else booked up. An example of indirect involvement? Well, if you’re a graphic designer, target the wedding sector as a place to sell your services.
In any case, take advantage of areas where the emergence from the pandemic has created real opportunity for entrepreneurs. I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
