Wedding Venues: The rise of dedicated settings

The market is becoming increasingly competitive, with more wedding venues available (particularly in the Cotswolds) – all while the industry is reporting that the number of weddings, along with bookings, has fallen. Between 2022-2023, the number of weddings decreased slightly year-on-year. As a result of fewer couples meeting during Covid, it’s expected that there’ll also be further reductions this year and next. However, Bridebook reveals that couples are spending more than ever on their big day – with the average total cost of a wedding rising by over £1,500 year-on-year to £20,775 and surpassing the £20,000 threshold for the first time, despite the ongoing cost of living crisis. Now, over 50% of couples take out loans to cover the cost of their wedding.

There are a number of trends driving the increase in the number of wedding venues. For example, old manor houses and buildings of historic interest are now highly sought after as dedicated wedding venues. According to Bridebook, 21% of engaged couples have booked barns for their 2024 weddings, 19% have booked hotels and 15% have booked country houses.

Wedding venues are now typically all encompassing, over three quarters (77%) of ceremonies took place at the wedding reception venue in 2023. This figure has steadily risen since 2018, as an increasing number of couples look for venues that can provide them with a complete package – a place to get married, host the wedding breakfast and even stay before and after the event. Accommodation on site has become more important, as an increasing number of couples are choosing to break with tradition and have weddings further from the bride’s home area. These are often referred to as ‘destination’ weddings. Bridebook estimates that one quarter of couples get married in a different county to where they live, with demand highest for venues in the south west.

As couples try to make savings due to the cost of living crisis, there has been a rise in weddings taking place during the week and in non-summer months. Venues traditionally develop their financial forecasts based on the number of weekend weddings they can sell each year, setting overhead budgets around these projections, but the opportunity to open the doors to the midweek market may offer more profitability. We have also noted an increase in the number of venues offering ‘elopement packages’ to fill in capacity.

This market seems to be reaching maturity, with more trading wedding venues coming to the market in the last couple of years as some of the original operators look to retire and others look to capitalise on the post- Covid bounce in bookings and trading. While there are relatively few group operators, those that do exist have the opportunity to expand their portfolios in the hope of achieving economies of scale and greater market share. One such opportunity is Dorfold Hall in Cheshire, shown below, which is, an exquisite Jacobean country house and estate with an award-winning purpose-built venue. The property is available at a guide price of £11.4 million.

For further details please contact Polly Graham