Millennials Are Spending Some Serious Dollars to Be at Your Big Day
23 May 2016 •1 min read
According to a new survey released by American Express, the average American will attend three weddings this year and spend an average of $703 per big day (up 5% from last year). But, here's where it gets really interesting. When polled, the millennial generation planned to spend $893 per wedding, which is a whopping 27% more than the general population.
How much does it cost to attend a wedding?
In addition to travel and accommodations, Americans expect to spend an average of $127 for each family member's gift and $99 on gifts for friends. And when asked about the gift that they preferred to give, 37% of the population chose to keep it traditional with a gift from the registry, while 31% opted for cash, 13% a gift card, and 5% off-registry gifts.
Now for all you soon to be newlyweds out there...
How do couples pay for their wedding?
The majority of couples fund their weddings themselves, 56% of recently married couples that were polled paid for their wedding with cash or credit cards while 35% had the wedding paid for by their parents. On a budget?
The top five ways that couples saved money on their weddings were by getting married at a courthouse or keeping it low-key, ditching the wedding planner, choosing a less expensive venue, paring down the guest list, and skipping the expensive stationery.
Oh, and DIYers rejoice! 55% of couples said they completed at least one DIY project to save some extra cash.