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GeneralTying the Knot – How Much Would you Spend on your Wedding?

Tying the Knot – How Much Would you Spend on your Wedding?

The cost of tying the knot has increased noticeable in the western world in recent times, thanks to disproportionate rates of inflation and a handful of outlandish trends.

In the UK, for example, the average cost of a wedding increased to a whopping £27,161 last year, up 9.6% from 2016.

Down under, Aussie couples spent an average of $65,482 on their big day, with this sum considerably larger than the $36,200 quoted in previous years.

More recent studies have offered even greater insight into wedding day spends, both from a generational and a gender perspective. Here are some of the key findings:

  1. Men Expect to Spend More than Women

The study in question can be found here, and one of the most interesting findings revealed that men expect to spend more than their female counterparts on a wedding.

More specifically, the average woman will budget around $12,446 for their wedding, below the typical sum of $13,601.

In contrast, men expect to spend around $13,705 on their nuptials, and $1,260 more than their partners.

There are two takeaways here. Firstly, men perhaps overestimate costs associated with their wedding, particularly items such as the venue, the wedding dress and catering.

Secondly, it appears as though both men and women expect to spend far below the national average, which could create issues when the times to actually plan the big day!

  1. The iGeneration is Willing to Spend More on their Wedding

There’s also a vast different generationally, with the average expected wedding spend having increased incrementally during the last 20 years or more.

This is to be expected in some respects, of course, particularly when you account for inflation and the rising value of money.

However, the gap between certain generations is disproportionately large, with members of the iGeneration ($17,003) expecting to spend almost double that of Baby Boomers ($9,835).

Interestingly, the iGeneration is also willing to spend almost 20% more than Millennials ($14,460), and this reflects the dramatic increase in the amount spent on weddings over the last few years.

Ultimately, this trend represents the rising cost of living in the western world, while it also hints at the more outlandish wedding day trends that are prevalent in 2018.

  1. Wedding Spends Vary per Region

Throughout the survey, it became clear that the amount individuals expected to spend on their wedding day varied between regions.

More specifically, it’s clear that people’s expectations are influenced by their earnings and existing standard of living, with those in more affluent areas expecting to pay more than others.

Residents of New South Wales expected to spend an average of $14,409 on their wedding day, for example, more than any other state in Australia.

In contrast, those who live in Western Australia only expect to spend $10,091 on their nuptials, and this represents a significant chasm that goes beyond mere costs.

The Last Word

As we can see, there’s a significant difference between the amount that people are willing to spend on their wedding, depending on their age, gender and geographical location (among other factors).

The generational split is particularly interesting, with the amount couples are willing to spend having risen significantly over the course of the last decade or more.

Still, there appears to be a gap between how much people expect to pay and the average cost of a wedding in Australia, and this trigger’s something of a shock when a couple actually start to plan their big day!

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