How does Covid-19 affect your 2021 event date?
We hope you all are well given the current situation in the country.
We wanted to write a quick message to highlight the supply and demand issue we are having for 2021 events.
Many brides tick the venue off the list and sit back whilst they plan their dream wedding knowing they have 1 year+ to sort all of their suppliers out.
Weddings for the next 3 months at least have been rebooked, many brides have chosen a spring/ summer wedding and want that to remain, understandably. With the future of a summer wedding in 2020 looking bleak we are seeing 82% of our customers rescheduling for spring/ summer 2021.
Our main priority, of course, is to reschedule these bookings for 2021 as per our customer’s requirements.
But how does this affect your 2021 booking?
We first must point out that we are not the only supplier experiencing this surge in demand for 2021. Within our own business, we have rescheduled over 120 weddings. This sees 2021 set to be our busiest ever servicing over 420 weddings and counting.
Brides for 2021 would normally start to book their decor/ accessories/ florist etc towards the end of 2020/ beginning of 2021.
As our business next year is already 25% up on the previous year it does mean there may become stock shortages as the lockdown is prolonged. If the lockdown stands for the whole of the summer we would see our business for 2021double. This goes for all suppliers not just ourselves.
Understandably we are seeing 2021 brides and grooms begin to book our services as they realize that their preferred suppliers may not be available given that 2021 is going to be so busy with demand outstripping supply.
I hope this email does not scare you off as we still have ample availability for 2021, you may not be as lucky with smaller suppliers/ businesses.
So what should you do given the current climate?
This is a tricky question to answer. ??
There are a couple of different business models that I will highlight below.
1. Companies operate on £50 deposit the rest 30 days or 7 days before the event – these businesses are going to struggle. With such small capital upfront they will see alot of brides canceling the bookings altogether or deferring their booking to next year which means a year of no money from anyone.
Alot of companies operate this policy, one of the largest event suppliers in the UK operate no money to be paid until 7 days before the event – they are screwed (apart from the fact they are so big they have big cash reserves.
2. Companies tha operate stronger poilcies with 30 – 50% deposits upfront.