It’s no secret that the increase in prices has been drastic.
After all, why do you think bubble tea drinks can go into the two-digit zone now?
They used to be less than five dollars!
While some small purchases are still ignorable, here’s one thing you’d want to take note of:
A Wad to Wed
Wedding prices are expected to increase by up to 10% in 2023 because of steep inflation and rising costs of labour and raw materials.
According to some hospitality venues (e.g. hotels and clubs), the demand for wedding banquets remains strong despite the price hike.
As with everything, COVID is the reason. People have been cooped up for too long and are now seeking to have their weddings in ballrooms for a grand celebration.
One Farrer Hotel said it was almost 70% booked during weekends for weddings for 2023. Also, some venues are already reserving spots for banquets in 2024.
“Now that the rules have been relaxed, everyone’s starting to want to book a venue immediately,” said Parkroyal on Beach Road’s marketing communication manager Linda Huh.
Would you pay a 10% markup?
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Too Little Workers
Because the hospitality industry faces a manpower shortage, attracting talent to meet skyrocketing demands is challenging.
As such, more attractive pays have to be offered, and ultimately the guests have to bear the costs.
Acting director of catering sales at ONE15 Marina Club, Ms Charlene Hendricks, shared that manpower has long been an issue for the industry.
“We’ve had about 10 to 20 per cent of our staff leave the industry, and they have not come back. So with the increase in the number of weddings and events in general, we do, and we are continuously finding people to fill up our slots.”
Now, many teenagers are working at banquets as servers, especially since it’s the school holidays.
To adapt to their lack of experience, these venues have provided training to boost their efficiency and professionalism.
Mr Luke Li, the sales and marketing director at Pan Pacific Singapore, said: “Those who are from other industries and have no hotel experience but are interested in joining our hotel, we do take them into the team with adequate training and ensure that they are performing in their roles.
“We are always giving training in order to boost up the efficiency.”
So, if you’re invited to a wedding next year, please pack a bit more in your ang pao.
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