Weddings are occasions to celebrate true love, but once you've opened up that invitation, be prepared to also open up your wallet. According to the American Express Spending & Saving Tracker, Americans will attend an average of three weddings this year and anticipate spending an average of $703 per 'big day,' up 5% from last year ($673 in 2015). Millennials, as a generation, plan to spend the most on weddings ($893), significantly higher (by 27%) than the general population.
The Cost of True Friendship
Family and friends who make up a couple's wedding party should expect to shell out even more money come wedding season: Members of the wedding party can expect to spend $743 (vs. $701 in 2015). Among the items contributing to the totals are airfare ($205), dressing up when in the wedding ($166), and childcare or pet care costs ($69). Similarly, Millennials in a wedding party expect to spend a whopping $928, the highest of any cohort.
"While being part of a wedding party is an honor, the pre-events and day-of costs can add up," said Jed Scala, Senior Vice President, Consumer Lending at American Express. "On the upside, the 'big day' itself can provide guests with a reason to indulge, enjoy a night out and even travel if it's a destination wedding."...
Read the rest of the article courtesy of American Express: