Brexit has sparked fear and uncertainty into the minds of many SMEs (micro, small and medium sized enterprises). However, whether you pioneered the remain or leave campaign – Brexit is happening. It may not be easy to accept at first, but SMEs now have some important, imminent decisions to make; how you act in the next few months will ultimately determine your longterm success. We’ve put together a brief overview of what Brexit means for the wedding industry, some of the changes we expect to see and what you can do as a business to take Brexit and its implications in your stride.
What does “the pound” now mean for UK weddings?
Although the pound has currently dropped, this makes Britain more attractive to brides from other countries. Vice versa, more UK brides will choose to get married in Britain as they become less likely to afford a European wedding (due to the weaker pound and increased flight prices). Longer term, the pound may become stronger than it was before Brexit – who knows? If that does happens, then you really won’t have anything to worry about.
The rise of the quintessentially English wedding
On a separate point, as Britain becomes more independent – our culture, heritage and tradition will become more valuable and sought after. Brexit will see a rise in the quintessentially English wedding. As a wedding business, how can you make the most of this? Thrive in being a British business and indulge in all things traditional. We may see a decrease in European influence and will set more of our own trends, unique to Britain. For example – floral trends may become more focused on British blooms and we could see an increase in flower imports from South Africa rather than Holland.
What does Brexit mean for business costs?
If your business currently relies on EU imports, then naturally you can expect the costs to go up. Cost of imports such as flowers and wedding dresses will increase, but brides will be willing to pay more because they know that import prices are rising.
Be savvy and use Brexit as your chance to grow
In any economic instability, some people do well and some people don’t. You need to be savvy and use the opportunity to grow and advertise in the right places. For example, venues that attract an overseas market should be focusing on advertising abroad to attract European brides currently seeking a good deal.
There are some SMEs who will thrive under Brexit; these are the businesses who are already looking for new opportunities and will work with the big businesses in the industry to make Brexit work for them. In a nutshell, the businesses who come to terms with our exit from the EU the quickest, are most likely to thrive in the UK’s future wedding industry.
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