If you are looking to tie the knot soon, beware: weddings are becoming increasingly more expensive due to couples’ eagerness to spend.
With an upward turn in the economy, couples are boosting their wedding budgets. Bloomberg News reports that the average wedding cost increased to $28,427 in 2012, a 5.2% increase from the previous year, according to XO Group, the parent company of The Knot wedding website. Grander parties and fancy locations characterize these spending increases, as more Americans welcome the positive change in the economy through the celebration of their big day.
With consumer confidence at a 5-year high, increasing employment rates and record household wealth, Americans are ready to consume more. Different elements of the wedding industry have experienced positive effects from this newfound desire to spend.
“We’re busier, the stuff we’re getting is much more grand, and we’ve had to hire more people to help us out with everything,” Lauren O’Shaughnessy, of event-planning company Bellafare, told Bloomberg. As a result, Bellafare raised the price of their wedding planning services 25% from 2009.
Diamond rings are increasing in demand. Online jeweler Blue Nile sold the most diamond engagement rings in its 14-year history in first quarter of 2013. For the 13 weeks that ended May 4, Signet Jewelers recorded an 8.1% sales increase for same-store sales in the U.S. Martha Stewart Living’s Weddings magazine also noticed a 6% increase in advertising revenue their first quarter.
This increase in spending by couples also gives companies the opportunity to raise their prices. The cost of a wedding gown rose to $1,211 last year from 2011′s average price of $1,121.
Buck the Trend
Despite this trend, there are plenty of couples who want to plan affordable weddings.
To save a little extra cash, get creative! Besides the obvious solutions—shortening your guest list or choosing a local venue—you could do anything from buying a recycled wedding to creating your own wedding favors. There are plenty ways to spend less and still have the wedding of your dreams.