Thursday, May 12, 2016

Here Comes Wedding Season: How Consumers Will Pay for Others' Big Day in 2016

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:

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