COVID’S EFFECT ON THE WEDDING INDUSTRY
The COVID-19 lockdown and restrictions were responsible for the loss of 20 billion dollars (or 80%) of revenue in the wedding and events industry in Canada in 2020. Sadly, 2021 looks just as bleak.
The Weddings and Events Industry continues to be among the hardest-hit sectors in Canada. In an average year, the industry of hope, love, and fun will generate over 25 billion dollars for Canada’s economy. These 6 billion dollars are generated by and support over 12,000 Canadian small to medium size businesses, most of which are owned by women, as well as our more than 250,000 employees, as well as our families, and the communities that we live in.
Every single month since the pandemic was declared in March of 2020, wedding and event companies have experienced an average of 80-95% decreases in revenue. Until we have achieved immunity, this industry will continue to experience these devastating financial losses due to gathering limits and fear of further lockdowns resulting in the cancelation and postponement of weddings and events. A recent online survey found that less than 10% of couples who had planned 2021 weddings were willing to go ahead with their weddings if they were affected by gathering limits. That survey also found that only 15% of couples in the early stages of planning their weddings were unwilling to commit to plans, including paying deposits, until Canada was closer to achieving immunity.
The average wedding and event professional in Canada continues to see their personal income reduced by over 90%, forcing them to rely on programs like CERB/CRB. As many of these small businesses are sole proprietorships, they did not qualify for CEWS and CEBA. Other programs like deferred mortgage and loan programs have limited windows that if used, have all expired.
The professionals in this industry are in it for the love. But to be clear, we generate 25 billion dollars for Canada’s economy. We support gathering limits and safety measures during these difficult times. We hope that when we can come together in large groups again, our businesses in the industry of hope and love will have survived.
This industry desperately needs meaningful, ongoing financial support from all levels of Government, not further debt, going into the coming months/year. We’ve engaged the services of a government lobby group to help ensure that all levels of government are aware of the continued challenges our industry faces. Help us to ensure that the industry of hope and love continues to sustain Canadians.