As the economy leans back and forth, Americans are adjusting their spending limits across a variety of categories, from groceries and shopping to vacations and entertainment.
Another important thing: how much they are willing to spend on the wedding.
A National Marriage Expenditure Survey Provident Bank of New Jersey and market research firm Pollfish looked at how much Americans are changing their wedding planning budgets this year due to economic hardship.
Of the 1,000 people surveyed, 85% said the rising cost of weddings will hurt their overall financial well-being, with 53% of respondents already seeking financial guidance or planning to better manage their expectations and expenses. Have been.
There were a number of reasons why these respondents felt pressured to revise their wedding budget: 31% said they did not have enough personal savings, 35% said they did not have money due to medical or emergency expenses. , 17% cited job loss or financial failure. are changing their plans, and 29% said they do not have access to loans or credit.
All of these reasons are valid against other findings from the report, which found that nearly half of respondents will rely on their personal savings, and just over 20% will have to either take out a loan or borrow from their 401(k) accounts.
But respondents didn’t want to cancel their wedding plans entirely; They just have to make a few adjustments to stick to the financial plan.
Some people are opting for cheaper wedding looks or smaller guest lists, while others are skimping on drinks and decorations. Nearly a third of respondents said they chose weekday or off-peak dates, and more than half of respondents said some traditional wedding customs were helping them save money.
After a typical wedding comes something else: the honeymoon. This is usually an expensive trip for the couple to a favorite or new place, and will likely cost a large chunk of change.
But for 33% of respondents, they are now abandoning it altogether in an effort to cut costs where they can.
Although budgets vary from person to person, it’s clear that one thing remains the same: wedding costs are not immune to the effects of inflation.