Unless you or your fiancé come from lots of money, your wedding budget will be a constraint. How has the recession changed the wedding industry and how can you benefit? According to the Wedding Report, the cost of a wedding has decreased 24% from 2007 to 2008. Close to 1/3 of couples surveyed are cutting their budget by 10-30% due to the economy. Refer to David’s post below about the national average.
What does this information mean for you? Well, the market demand is changing so that means you have room to negotiate vendor products and services. The wedding industry is still very strong but it’s time to negotiate the ridiculous prices. I’m a bargain hunter and thought I’d share what has worked for me. It’s a very nice time right now to negotiate for products and services, things you might not have been able to afford 3-4 years ago.
Don’t bring a knife to a gun fight: I would not suggest negotiating if you’ve never talked someone down in price before. Bring a friend or parent who has the negotiating experience.
Price is not king: If the vendor will not go down in price, negotiate to throw in additional products or services to make it worth while.
Money is not king: You may be able to offer them more than money. Do you have a friend who is also getting married? Try cutting a deal with a florist or limo for a discounted price.
Try a mom & pop shop or an emerging star: In general, the more established places will have less power to negotiate. For instance, the wedding coordinator at Marriot will have less power to negotiate on catering prices than Julia, who owns her own catering service company.
Make it a pleasant experience for them, too: Be cordial and try not to let loose the Bridezilla in you! Vendors are more willing to work with you if you’re pleasant and if they sense that you respect them. Negotiating works only if both sides get what they want.
Compare vendors: Shop around for price from 2 or 3 similar vendors and use those as comparison points. If you’re not being reasonable with your asking price, the vendor will call you out on it.
Negotiate in person: There’s a lot you can read in body language, which can help you. If negotiating in person is not possible, the next best thing is over the phone. Email is last resort. Do not text!
Be clear and direct with your reasons: It’s okay to say that you like the vendor but they are a little out of your price range.
Be willing to walk away: Sometimes if the vendor senses that they will lose business, they will bring down their price to get a sure deal. If you can’t get in the price range, there is no point in fussing. Walk away and start looking into the next option.
If possible, get it in writing: If you want this to be a sure deal, make it legal. An agreement over email works, too. If this move is offensive in some cultures, make the agreement with witnesses. Sometimes saving reputation is a good motivation.
These are just a few things I listed. I hope you find them useful. :O)