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Feature Stories, Bridal & Engagement Trends

Articles from RINGS - ENGAGEMENT (217 Articles)

When choosing items for the big day, couples should opt for something personal, memorable, and reflective of their relationship together.
When choosing items for the big day, couples should opt for something personal, memorable, and reflective of their relationship together.

Leading the wedding march

After a couple of rocky years, the wedding industry is once again in full swing, and that’s good news for retailers of wedding jewellery.
Thanks, in part, to slightly less horrifying economic conditions and to the inspiration of Kate and Will’s ‘fairytale’ wedding, couples are once again prepared to spend some cash on getting hitched.

Although the growth in disposable income has been growing steadily since 2009, the global economic crisis led many to believe their livelihood was at risk. Between 2008 and 2009, there was a sharp dip in the number of Australians exchanging wedding vows and rings, with couples deciding to wait for another (big) day.

But, in the last year, the strong Australian dollar has helped consumers perceived wealth creep back up. Last year, the number of weddings was once again on the rise, with around 118,100 newlyweds tying their respective knots.

And, while more people decided to get hitched, they also insisted on doing so in higher style. The average cost of getting married has skyrocketed, with a local magazine, Bride to Be, finding the average wedding cost around $49,000 – a figure 25 percent higher than only three years earlier. That price, incredibly, is roughly equal to a person’s yearly salary.

Likewise, the cost of an engagement ring has doubled in the past nine years, with more than a third of couples indicating they’re likely to spend over $6,000 on their engagement ring.

Some pundits believe the hike in the price that people are prepared to spend on their wedding is linked to the increasing age of the average couple. Over the last 20 years, the Australian Bureau of Statistics registered a 3.5 year increase in the when couples are prepared to get married; which gives them three and a half years more in the workforce before shelling out for their wedding.

While venue hire operators, wedding dress suppliers, food services and photographers stand to benefit most, such trends bode well for the wedding industry, which is tipped by IBISWorld to grow beyond the $5bn mark.

“Despite gloomy reports regarding consumer spending in 2011, weddings are still viewed as a high priority expense – which many couples save for over a period of time. So while couples may tighten their budgets in order to save, sensible splurging seems to be the theme for the big day,” said Karen Dobie, IBISWorld general manager.

But, while the wedding industry continues to break new ground in terms of cost, some age-old conventions have proved intractable. Some entrenched notions – that a groom should spend two months’ salary on an engagement ring, for example – remain firmly entrenched.

Image Credit: Milque Photography

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Thursday, 04 June, 2020 02:23am
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