Most people plan their wedding one year in an advance as that is when hotel normally come out with their banquet prices for the next year. Usually that happen after chinese new year. For example, most hotels now already have their 2017 wedding banquet prices. But if you want to really make money out of your wedding banquet, you should book your wedding banquet early and one year is not enough. Let us explain to you why …
We all know wedding banquet prices increase every year, just take a look at the wedding banquet prices for Grand Hyatt. Following are the wedding banquet prices for weekend. We see a steady price increase yearly except for 2017.
Grand Hyatt Weekend Wedding Banquet Prices for 2017
0% increment from 2016 (no increment??)
Grand Hyatt Weekend Wedding Banquet Prices for 2016
8.8% increment from 2015
Grand Hyatt Weekend Wedding Banquet Prices for 2015
6.3% increment from 2014
Grand Hyatt Weekend Wedding Banquet Prices for 2014
There could be two explanations on why the prices for 2016 and 2017 are the same, we also noticed this trend in the wedding banquet prices for several popular hotels in Singapore as well. Following are the two reasons:
Reason #1 : There is really no price increase due to the poor economic in 2016. Great but unlikely
Reason #2 : The new and updated wedding banquet prices for 2017 is not out yet so they are still using the 2016 prices. Some hotels make more than one adjustment in a year.
If the reason on why there is no price increment is #2, then it will give you reason to start booking early because you would be paying a 2016 price tag for something that will be increase in the near future. When your wedding banquet happen in 2017, your guest is not going to know that you actually pay 2016 prices for it. Everyone who is attending your wedding banquet will be assuming you actually pay the wedding banquet 2017 price for it and when they do their research online on the wedding ang bao rates.
So my advice to all is if you want to make money from your wedding banquet, start booking your wedding banquet early as two years ago. Some hotels may not take your booking that early but some will and what they will do is to give you the current year price package. For example if you want to book for your wedding banquet in 2018, you may be only paying 2016/2017 prices. If that is the case, then you would have make money already.