"Wedding flowers present opportunity for retailers"
More than 2 billion people got married in 2014, according to the CDC. In the past five years, wedding costs increased by more than $5,500 with the average couple spending $32,641, according to The Knot. The average spent on wedding flowers in 2015 was $2,300. Wedding flowers typically comprise about 7 to 10 percent of the couple’s budget, and most couples spend between $500 and $1,000.
Weddings contribute 4 percent to overall supermarket floral sales (full service operations increases to 5 percent), according to a recent survey conducted by PMA and FMI. And, 44 percent of retailers are planning to emphasize wedding sales over the next year. Outlined below are market prices provided by ValuePenguin for wedding items and flowers to help retailers better gauge their pricing strategies. It is important to be upfront with customers on what flowers costs and what can be provided with their budget.
As we know, the costs of wedding flowers are largely determined by the cost of the flowers and the cost of the labor needed to order, receive, preserve and arrange them. Certain flowers cost less, and others are more expensive when they are difficult to grow and thus produced in smaller quantities. Extensive or elaborate arrangements also increase the labor component of flowers.
It is often helpful to suggest out-of-the-box flower ideas that your customers can afford. Have your customers bring their unique personalities to their wedding by using contemporary twists on traditional flowers. ValuePenguin assessed several internet-based wholesalers for popular wedding flowers. Quite a spread was found between high- and low-priced flowers, and between high and low prices for the same flower, so it is best to shop wholesalers for specific flowers.
Source: PMA