Photo (above): Photographer: Whoismiette?
Do you still have a few open slots in your calendar this year? That’s possible; unlike the past few years (ed. note: we’re referring to pre- and post-COVID) the consumer booking pace is slowing down slightly here and there—at least, that’s what we’re also hearing from the Event Confederation. We’re seeing many “last-minute” bookings, which makes us suspect that consumers are keeping a closer eye on their spending this year—and that quite a few companies will only plan their corporate events more concretely once they feel the economy picking up again.
What could be the causes? We read and paraphrase the Federal Planning Bureau:
Belgian economic growth is slowing this year (from 3.1% in 2022 to 1.0% in 2023);
Persistently high inflation is pushing up prices across the board—from energy to food, from staff costs to rents—which in Belgium is further amplified by automatic wage indexation (see below for the positive side of this);
Ed. note: also the (first-time!) split between the Flemish and Brussels/Walloon school holidays is causing a (more than) doubling this year of the number of weeks in which a company cannot organise a corporate event—because employees are taking holidays in rotation and for longer periods_._
The good news?
a. For weddings:
Energy prices have since fallen considerably, alternatives to Russian gas have been found, and household spending is being supported by favourable employment trends and government measures to ease energy bills. In the last three quarters of 2023, consumption would pick up thanks to cooling inflation and the increase in real disposable income. After all, income is supported by strong employment growth in 2022, government measures to reduce household energy bills, and above all the automatic indexation mechanism for wages and social benefits.
b. For corporate events:
Business investment in 2022 and 2023 is supported on the one hand by various recovery plans, but on the other hand held back by the climate of uncertainty and a sharp rise in long-term interest rates. It was scaled back in the last three quarters of 2022, resulting in an average annual volume decline of 1.9%. Helped by a slightly more favourable economic climate, the volume growth of investments would gradually pick up over the course of 2023.
In any case:
House of Weddings is investing in faster growth for you by:
Leaning into SEO & SEA campaigns more than ever—bringing in more online visitors;
Bringing Customer Happiness Manager Evelien on board—giving you more visibility in our articles, on our social media accounts, in our newsletter, ... ;
Giving the House of Events proposition a place on our strongest website, namely www.houseofweddings.com (more on this later!)—so you can also land bookings “for those other 5 days of the week”.
We’re here for you and will remain your go-to growth partner—especially in times when we can do even more for you.
Shout if you have any questions, and please send us as many of your most beautiful photos as possible.
The House of Weddings & Events team is here for you!
*In other sectors too, consumers are spending more cautiously this year—e.g. in the travel sector.
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