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Originally Posted On: https://www.empower.com/the-currency/play/americans-weddings-research-news
Are weddings priceless? As costs rise, half of people hope to skip the invite
Key takeaways
- The average amount people plan to spend on a wedding is $31,281.
- More than 2 in 5 Americans (42%) don’t think a wedding is priceless and worth a splurge.
- 48% hope they don’t get asked to join a bridal/groomsman party this year because of the associated expenses.
- Guests would spend $174.95 on a wedding present on average, though 45% say they don’t know how much is appropriate to spend on a gift.
- The majority of Americans (71%) would prefer to get cash as a wedding gift to go toward financial goals, and nearly a third (32%) would want to receive or give stocks as a present.
- Close to 1 in 5 have spent more time planning for their current or future wedding than their retirement (19%).
- Some 42% don’t have savings set aside for big life milestones like a wedding or house.
Maybe I do
More than 2 in 5 Americans (42%) don’t think a wedding is worth the splurge, according to new Empower research. People plan to spend an average of $31,281 on their nuptials. That’s 11% less than what the average wedding ceremony and reception cost in 2023: $35,000.1 Millennials say they’d shell out the most, at an average of $51,130.
When it comes to making financial decisions around the big day, the majority of Americans (74%) would not go into debt to pay for a wedding. Yet, many people tend to think in terms of the here and now “I dos” versus the longer term; nearly 1 in 5 (19%) of people say they are spending more time planning for their current or future wedding than they are for their retirement.
Almost half of Americans (48%) hope they aren’t asked to be part of a bridal or groomsman party this year because of the associated costs. Accounting for attire and additional events, the price of serving as a bridesmaid can clock in around $3,430.2
Something new: Fresh ideas on gifts
When it comes to gift-giving, nearly half of guests (45%) don’t know how much is appropriate to spend on a wedding present.
On average, guests say they’d spend $175 on a gift, with younger generations comfortable spending the most. Gen Z and Millennials say they’d shell out an average of $275 and $238, respectively, compared with Gen X at $149 and Boomers at $98.
Average price Americans would spend on a wedding gift
Over 7 in 10 (71%) would prefer to get cash as a wedding gift so they can put that money toward their financial goals. About a third (32%) overall (and 42% of Gen Z and 37% of Millennials) would want to receive or give stocks.
Saving up to say “I do”
Some 42% don’t have savings set aside for all life’s big milestones – including weddings – such as buying a house or car. It’s never too late to start a financial plan: Americans with a more detailed financial plan are about three times as likely to report greater happiness in money matters.
About the study
The Empower “Maybe I Do” study is based on online survey responses from 1,160 Americans ages 18+ fielded by YouGov from June 14-16, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).
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