According to The Wedding Report, couples spent an average of 3.6% less on their weddings in 2017 than in 2016, a combination of factors contributed to this spending decline. It seems like brides and grooms should be spending more money on their big day based on an improved economy, but this report states that “the wedding market is a lagging indicator of the economy and couples typically rely on cash on hand (disposable income) and savings to pay for wedding costs”. Of course as prices rise for your everyday expenses, “disposable income is all over the place with pressure from other areas of life taking more”.
This decrease in spending isn’t necessarily because vendors are charging less, this report tracked spending, not pricing, so factors that contributed to the drop in spending include the increase in DIY personal touches at weddings and having friends perform certain wedding tasks that might otherwise require a paid vendor. The more creative you get about your planning, the more you could potentially save. Know your top spending priorities when you start to hash out your budget for the big day so you can prepare for them accordingly.
For example, while couples spent 1.8% less on photo booths last year, they spent 0.3% more on live bands, spending on floral arrangements decreased by 1.0% while spa service spending increased by 1.1%. Staying on trend is great and being realistic about what you have to spend is key to stress free wedding planning.
Don’t be afraid to ask for help. If you have friends and family with skills you need, go ahead and tap those resources, they’ll probably love to contribute!
Note About Average Spending (from The Wedding Report)
Products: The average amount shown is based on spending of couples getting married, not prices. This includes purchases of both new and pre-owned items.
Services: The average amount shown is based on spending of couples getting married, not vendor prices. This includes purchases of services from professionals, someone that simply provides the service, or a hired family member or friend.