Here comes the bride ... and she rented her gown
According to industry research from IBISWorld, spending on rented bridal gowns is expected to grow 7.5 percent to $43 million, up from $40 million in 2008.
At the same time, wedding gown sales are expected to decrease 2.8 percent this year, reaching just $973 million. The decline is considerable, but not as steep as the 4.2 percent drop experienced in 2008. Interestingly, the industry has seen declines since 2001.
According to research, other wedding statistics are slipping, too. Compared to 2008, the amount spent on wedding planners is expected to drop 4.2 percent to $785 million this year. And the average cost of a wedding is expected to drop 8 percent in 2009 to just $20,000; in 2007, the average was $30,000.
“The recession is expected to exacerbate the already decliing marriage rate, as couples put off the big day until the time is right financially,” said Toon van Beeck, senior analyst with IBISWorld. “Spending will undoubtedly be impacted by such postponements, and these cost-cutting measures will start from the purchase of an engagement ring all the way to the end of the honeymoon.”
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