Ok, so can I just start off by saying, woah. Some huge news went down last week about the UK voting to leave the EU. This is big and affects everyone in the world. This is going to affect economies, currency, travel and yes, your destination wedding. So, what does Brexit mean for your destination wedding?
While it’s all still fresh and new, it’s a bit hard to say exactly how Brexit will affect your upcoming destination wedding. It’s something we’ll need to keep watch on. But, based on what experts are predicting, here’s what I think Brexit means for your destination wedding.
How Brexit Could Affect Your Destination Wedding
(Photo credit: Matt Parry Photography)
The pound’s strength is probably going to drop. It’s already dropped significantly, but it may continue to stay low. What this means for non-UK citizens is that if you’re thinking about having your destination wedding in the UK, this could work to your advantage. Usually, the exchange rate is about 2 to 1 and right now it’s about 1.3. It’s the lowest I’ve ever seen it. Now, we don’t know yet what will happen 6 months from now or a year out but there is a decent chance it will stay low. If you are a UK-citizen, this doesn’t bode as well for you having a destination wedding. The pound is still strong, just not as strong, so your money won’t go as far wherever you go.
The euro’s strength is also probably going to drop. The euro has dropped since the Brexit vote and it’s predicted that it will continue to remain low. So, if you’re a non-EU citizen having a destination wedding in Europe (in an EU country) this also works in your favor. And if you are an EU citizen, this doesn’t help you. I think what we’re going to see in both of these instances are fluctuations in the exchange rates due to the uncertainty.
We’ll see more travel deals. I think we’re going to see more travel deals to get people to travel to these areas and spend money. So, flights, hotels, and vacation package deals from the US are going to come out. This will help your guests and their travel costs. In addition, if there are fewer travelers coming from the UK and the EU to the US, then there may be US travel deals too.
Wedding costs may go down. This one seems the most unsure, but wedding costs in the UK and the EU may drop a little. With the unsure nature of the situation, local couples may opt to spend less. As a result, wedding vendors may have to adjust their pricing or be willing to negotiate more. This also may not occur, but it’s a possibility. I don’t believe this will affect US wedding costs, but it’s really hard to say.
The situation is new and uncertain, so, it’s hard to predict exactly what will happen. But, if you’re an American, Brexit could really benefit your European destination wedding. We’ll keep you apprised of the situation and will share more as things progress. For now, though, I would suggest you keep planning and take advantage of the current exchange rates. Put in your deposits and book your travel if you’re ready. Everything is pretty low right now, so it’s a good time to capitalize.
(Photo credit: David Pullum Photography)
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