Path to Business Podcast: Episode #41 – The Engagement Gap by Bethany and Luc Barrette from Grey Loft Studio, a wedding photographer & videographer husband and wife duo.
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The engagement gap, let’s dive into a topic that’s been silently affecting the wedding industry— the engagement gap. As professionals in the photography and videography business, we’ve taken a closer look at the evolving landscape over the past three years and want to share our perspective on the challenges we’ve encountered.
Growing Pains: While our business has flourished with numerous wonderful couples and clients, growth has brought unforeseen challenges. It appears that our experiences resonate with others in the wedding industry and possibly extend to various businesses.
The Impact of Postponed Weddings: The crux of the matter lies in the weddings that were scheduled for 2020. Due to the events world collapsing, couples chose to postpone their big day, resulting in a significant shift in income distribution. What was meant to be a single season of revenue in 2020 got divided into three seasons, affecting both our cash flow and ability to book new business.
Financial Struggles and Unanticipated Costs: Though we consider ourselves fortunate that many 2020 couples still honored their financial commitments, it created a unique set of challenges. The money received in 2020 was spent, but the services were rendered in 2021 or even 2022. This predicament led to difficulties in booking new clients and occasionally meant that Luc and I would have to capture separate weddings due to bookings that had already happened for these seasons.
Rising Costs in the Wedding Industry: Another factor that often goes unnoticed is the escalating costs within the industry, particularly in equipment expenses. The prices of essential tools such as camera bodies and lenses have surged, reshaping the financial landscape for businesses like ours. What used to be a standard expense has now become a significant investment, impacting overall budgeting and pricing strategies.
Changing Pricing Dynamics: Furthermore, the minimum pricing standards in our area have doubled, increasing from $25 to $50 per hour for second shooters. This shift has forced us to reevaluate our budgeting strategies, especially when clients booked weddings in advance at lower rates. The need for second shooters has also risen, leading to additional expenses.
The Engagement Gap and Dating Trends: Beyond the financial aspect, the engagement gap intertwines with changes in dating trends. The lockdowns of 2020 disrupted the typical dating timeline, impacting the number of couples entering the engagement phase. Research suggests that people usually date for around three years before getting engaged, and the events of 2020 have disrupted this natural progression.
Overall, the engagement gap has presented unique challenges for wedding industry professionals. Navigating through postponed weddings, financial struggles, rising costs, and evolving dating trends requires adaptability and strategic planning. By shedding light on these issues, we hope to initiate a broader conversation within the industry and encourage businesses to explore innovative solutions for the future.
If you’re looking for a wedding photographer & videographer? Check us out!
