Wedding season budgeting tips from consumer expert

CHARLOTTE N.C. – Wedding season is upon us. Bank of America data found that more than 1 in 2 Americans (56%) would decline a wedding invitation from a close friend or family member if they couldn’t afford it.

Additionally, brides spend six times more on average on a wedding dress than grooms spend on their tuxedo for the big day, according to the same survey.

Happy Just Married Young Couple At The First Wedding Dance

The study on wedding spending trends also found:

  • On average, bridesmaids and groomsmen spend a total of $1,100 as part of the wedding party.
  • 3 in 5 people say the maximum amount they are willing to spend to attend a bachelor/bachelorette party is $250.
    • However, nearly 30% said they are willing to spend $1,000 or more.
  • 61% of people think the traditional “three month’s salary” guideline to spend on an engagement ring is not feasible in the current economy.
    • However, Gen Z (54%) is more likely to think this guideline is still a good rule – compared to fewer millennials (47%), Gen X (36%) and baby boomers (28%).

 

Finds all things wedding related on WCCB click here.