Wedding costs have more than doubled since the year of 1990. The average cost of an American wedding now is $27,000, a large difference from the average cost of $15,000 in the year 1990. A price, which many are unaware of, and certainly unprepared for.
Since the year 2000, the number of weddings has increased by 200,000 per year.
Wedding Cost and Tradition
In years past, it was always tradition that the brides’ parents pay for the wedding. This is now not the case. A recent survey shows that only 30% of brides’ parents now pay for the wedding, leaving a majority of brides and grooms to pay for their own weddings, with a little help from both sets of parents.
Having a destination wedding has become increasingly popular over the last ten years. Approximately 16% of couples opt to have a destination wedding, costing on average $26,000 when the average household income is $93,000.
Wedding Cost Have Increased Across the Board
According to research almost all wedding expenses have increased over the years by 20%, including the bride’s and groom’s attire (increased by 30%), engagement rings (increased by 25%) and wedding bands have increased by a huge 60%.
Yet, despite a great increase in wedding costs, 2.5 million Americans get married every year.
The customary wedding was, in the past, a trip to the alter and a straightforward reception, making the wedding low cost. But this is now definitely a thing of the past, because brides and grooms desire the full works, the best location, flowers, a huge cake, bridesmaids and page boys, stylish outfits, extravagant food at the reception etc, all amounting to a very considerable sum of money.
Some of the extras that are now included with the typical wedding, and that bump up the price of the wedding by on average 25% now days are:
o Photography and videography, costing on average $2,500.
o Rehearsal dinner, costing on average of $1,000.
o Extra flowers, costing on average of $1,200.
o Limousine service, costing on average $800.
These were not a thing of the past.
Many brides and grooms are opting to have family and friends help with arrangements. For example, finding a friend or family to make and help arrange the flowers. Having a simple one or two tier wedding cake, if possible made by a friend or family member also.
Many brides and grooms now opt to hire their wedding dresses and tuxedos along with bridesmaid and page boy outfits for the big day, spending on average $700 for the rental instead of an average of $4,000.
Some couples opt to take out a bank loan in order to pay for their wedding, but with interest costs added, it ends up being a more expensive wedding than first envisaged.
If a budget is set, then it is important to try and stick to that budget as not to cause disappointment.