What does Brexit mean for wedding businesses?
The deadline for Brexit is fast approaching, which means that it’s time to review how your wedding business will cope with the changing economic environment. 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 happen, then you really won’t have anything to worry about.
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. This is partly due to the weaker pound against the Euro, but also due to the increased cost of paperwork involved in importing goods.
Some sectors noticed this price adjustment months ago, with suppliers increasing prices in anticipation of the changes. Flowers imported from Europe as well as food, wine and Champagne will be particularly affected. Sectors of the wedding industry relying on a workforce from other European countries have been reporting concerns over recruitment. Remember that your couples will be prepared to pay more because they know that import prices are rising.
The impact of a “no-deal” Brexit
Leaving the EU without a deal will have a more significant impact on weddings, particularly in the short term. Supply of perishable goods from the EU will almost certainly be interrupted and guests travelling in and out of the UK may have delays and complications at borders.
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 businesses that will thrive under Brexit; these are the businesses that 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.