The Wedding Venue Industry: A Supply and Demand Trend Reality Check
With Venue Owner + Venue Coach, Kristin Binford
The wedding venue landscape has transformed dramatically over the past decade. As someone who accidentally stumbled into this industry in 2014 (we actually planned to open a winery until couples kept asking to get married there), I've watched the market evolve from simple barn conversions to multi-million dollar purpose-built facilities. Now, hosting over 100 weddings annually and coaching venues across North America, I'm seeing concerning trends that venue owners need to understand.
The Evolution: From Church Basements to Luxury Venues
In 2014, the industry was just beginning its transformation. Couples were moving away from traditional church weddings, seeking all-in-one venues that could host both ceremony and reception. Pinterest fueled the barn wedding trend, making it relatively easy for rural property owners to enter the market. Back then, our venue was basically a roof with bathrooms, a concrete floor, and a bar – and couples were thrilled.
By 2018, everything had changed. The industry was viewed as an "easy money" opportunity, with new venues investing millions in state-of-the-art facilities. Social media marketing was still organic and effective, making it easier for new venues to build their brands. The market had strong demand with manageable supply, creating what seemed like a perfect business opportunity.
The 2020 Disruption and Its Hidden Impact
When 2020 hit, the industry experienced massive cancellations, but something unexpected happened: very few venues closed. Instead, revenue shifted from 2020 to 2021, creating a "wedding bubble" that's still affecting the market today. This mass postponement of weddings has created a false sense of security in the industry.
The Current Reality Check
Today's fully-booked calendars don't tell the whole story. While 2021 and 2022 saw unprecedented booking levels due to postponed weddings, this bubble is temporary. Couples won't wait years for their preferred dates – they'll simply choose different venues or options.
Meanwhile, new venues continue to open at an alarming rate. In my market alone, one multi-million dollar facility just opened last weekend, with two more announced in the past three months. The industry looks attractive because venues appear so busy, but this perception is based on temporary market conditions.
The Warning Signs Nobody's Talking About
We're already seeing concerning trends in saturated markets like Texas Hill Country, Southwest Missouri, and parts of Ohio. Couples are posting their budgets and preferred dates online, with hundreds of venues competing for their business. This shift to a buyer's market is leading to price wars and desperate measures, like venues squeezing preferred vendors for additional revenue.
What Smart Venue Owners Should Do Now
The time for strategic action is now, while revenues are still strong. Simply having a pretty website, posting occasionally on social media, and hoping the phone will ring isn't enough anymore. Venue owners need to:
Develop a unique market position that goes beyond being another beautiful space
Create intelligent marketing strategies that don't rely solely on organic social media
Focus on business development instead of just daily operations
Build systems that will weather increased competition
The Future of the Industry
While some venues will continue to thrive, others will struggle as the market becomes more competitive. The winners won't necessarily be the most beautiful or expensive venues – they'll be the ones who understand these market dynamics and prepare accordingly.