NEW YORK–(BUSINESS WIRE)–Carats & Cake, the financial operating system for the events industry, today announced findings from its first quantitative B2B survey of event venues and vendors. The results revealed that 2022 restored optimism for the events industry and the wedding market is not slowing down heading into 2023. The Carats & Cake B2B Study gathered intelligence from wedding and events industry venues and vendors to better understand the landscape and priorities coming out of the pandemic.
While the pandemic affected the wedding and events industry greatly, the survey results revealed that 87% of respondents are optimistic about the current state of the events industry. In fact, 67% of respondents are fully booked for 2022 and 78.6% are already booking up for 2023, further showing that this year’s wedding boom is not slowing down. 89.9% of respondents did note that they feel helping their customers manage their budgets is somewhat to very important, making flexible payment solutions of great value given rising inflation.
Coming out of the pandemic, consumers are more cautious as they plan for big events with 57.3% of survey respondents revealing that new contract terms around cancellations are becoming common. 79.1% of vendor and venue respondents have not canceled or rescheduled any 2022 weddings pointing to a renewed sense of stability and confidence in moving forward with large scale events.
The results also revealed that:
- 87.4% of respondents are primarily booking events with over 75 guests
- 67.3% of respondents are working on weddings with a combination of indoor and outdoor settings
- 59.9% of respondents feel the wedding market is “very hot” right now
- 41.2% of respondents added new service offerings in light of the pandemic
“It’s clear that large scale events are back and bigger than ever. In this market, however, consumers are being even more conscientious about how they spend their budgets and venues and vendors are stepping up to ensure they’re part of the solution,” said Jess Conroy, Founder and CEO, Carats & Cake. “Our venue partners and industry vendors are getting heavily booked and are busy years in advance. Our survey results show that couples, while more aware of potential risks and ways to mitigate them, are feeling confident with booking and making their events come to life.”
To access the full results of the Carats & Cake survey, please visit: https://caratsandcake.com/articles/2022-wedding-industry-survey
About Carats & Cake
Carats & Cake is the financial operating system for the events industry. Built by industry leaders, Carats & Cake has cultivated nearly a decade of trust with best-in-class businesses. Founded in 2013 and backed by 1Sharpe Ventures, Acrew Capital, Founders Fund, Moore Specialty Credit, Correlation Ventures, GMO VenturePartners, and others, Carats & Cake delivers purpose-built sales tools and financial solutions to transform the $100B events industry.
