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Summer is officially here, bringing wedding season with it as millions of couples across the country will tie the knot in the months ahead. Getting married can be incredibly expensive, as the average cost of weddings in the U.S. is now $36-thousand, but new research suggests just being a wedding guest doesn’t come cheap anymore.
According to a new poll of 2-thousand U.S. adults by PayPal, nearly a third will spend at least $600 to attend an upcoming wedding.
- But that’s on the low side as 19% will be spending $1,000 or more to be there for the nuptials.
- Traveling to the event, attire and gifts are the biggest wedding-related expenses for guests.
- Young people tend to splurge more to go to weddings. About a quarter of millennials and Gen Z report shelling out $1,000 or more, compared to only 11% of baby boomers.
- But despite the high costs, most people say they’re not willing to miss out on those milestone celebrations.
- Among those planning to go to a wedding this year, 90% say they’d be willing to give something up to be there for a bestie’s wedding.
- Top sacrifices they would make include dining out and ordering takeout, followed by nights out and shopping for new clothes.
- Some respondents would even give up daily coffee runs and gym memberships.
- More than a quarter would even ditch dating apps to be able to go to a best friend’s wedding.
- While the cost of just about everything is higher these days, weddings have also become much more elaborate in recent years.
- The survey reveals that social media may be adding to the rising costs and expectations for weddings.
- Nearly two-thirds of respondents say the pressure to have elaborate influencer or celebrity-style weddings is higher than ever, thanks to wedding culture shaped by the curated celebrations seen online.
- So, what do people do if they can’t afford to go to their BFF’s wedding? It seems a lot of them are turning to “buy now, pay later” options, especially millennials and Gen Z.
Source: People