Broker Check

How much is this wedding going to cost you?

| June 10, 2019
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You may not have noticed, but the average cost of weddings has risen sharply - and not just for the bride and groom and their parents. Costs have also increased for members of the wedding party and guests.

One reason for rising costs is the popularity of destination weddings. One-quarter of weddings take place far from home, as couples opt for sunset weddings on the beach in the Virgin Islands or nuptials shared under blossoming cherry trees in Washington, D.C. and Japan. TripSaavvy.com reported:

• The average destination wedding has a budget of $28,000 for 48 guests. 
• Guests spend almost $700 to attend. Of course, international venues may have a higher price tag.
• The honeymoon cost for a destination wedding averages about $8,200.

In a Fox News opinion article, Liberty Vittert, Professor of Practical Data Science at Washington University, offered her thoughts:

“Yes, we all know that the cost of weddings has become ridiculously exorbitant, at an average cost of $33,391 per wedding (that’s almost $240 per guest). Meanwhile, the median household income in the United States is $59,039. It is so common to see this preposterous amount of money spent that it doesn’t really faze me anymore...As a wedding guest to an in-town wedding, you need to account for clothing, transportation, gift, and (potentially) booze. That can easily amount to $300. If it is out of town, hold your horses. By adding in travel and accommodation costs, you can easily be up to $700...If you are in the wedding, just throw your wallet in the toilet and flush.”

If you have relatives you’d rather not see, having your wedding on a mountaintop in Patagonia may be a sound choice. More than one-half of those surveyed said cost would prevent them from attending destination weddings.

There are other options. Couples could have small weddings near home or elope to exotic destinations and then have celebratory parties when they get home. Whoever is footing the bill would be able to bank the savings as an investment in the future.

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