This is the first in our new series of articles covering reception trends; where we will analyze aggregate data from ReceptionHalls.com and provide insights into the wedding reception market. We hope this information is useful for both wedding industry professionals and brides.
This month we’ll focus on price trends on ReceptionHalls.com. The chart below is based on 72,000 searches performed on our website from June 2010 – March 2011. It summarizes the price per person used by people searching for event venues. Note: Since the majority of our visitors search by location only (without filtering by price), it is a actually a small subset of the total searches within that period.
As true in most industries, there is a direct correlation between price and volume — nothing too surprising here. However, the peaks within the various price ranges are very interesting. The $50/person peak is especially interesting as it appears to be a threshold on the lower end. Perhaps, the negative economic environment is putting pressure on the mid-tier price ranges ($50-$70 / person). When we looked at similar data from a few years ago, there was a more balanced distribution of price searches.
There is also a steep drop-off in the $80/person range that we will explore further. It would be interesting to find out why so many more people search in the $90-100/person range as opposed to the $80-90/person range. Again, it could be due to economic factors squeezing out the $80-90/person range while brides with larger budgets search for $90 and above.
I wonder if this trend is noticeable in other parts of the wedding industry.
It might be worthwhile for venues priced slightly above $50/person to consider testing some promotional offers bringing them within the $50/person tier. Since this data doesn’t consider seasonal pricing, it might be worth exploring these promotions at various times of the year and measuring whether there is enough volume to make up for the lower price.
If you have any suggestions for future reception trends articles or improvements we can make, please let us know.