Weddings can be extravagantly costly or cheap-and-cheerful. But what are Americans spending, on average, on weddings and gifts? American Express Spending & Saving Tracker conducted a survey on trends, as well as the average costs involved, mainly for guests (The Financial, finchannel.com, April 28, 2014).
First
up, more than 67 million Americans plan to attend at least one wedding in 2014.
The
American couples getting married are still trying to control costs but the
do-it-yourself trend is declining – 74% of couples in 2013 said they were
keeping tabs on the cost which is comparable with 72% in 2014.
Wedding
party attendants will spend more in 2014, expecting to spend an average of $618
(this is 64% more than people spent in 2012). For female bridal attendants, 78%
will purchase a new dress, although nearly 74% said that they would only wear
it for that occasion. Half (49%) will choose to give the dress to a second-hand
store or to a friend after the event, and 23% said that it will stay in their
closet.
Wedding
guests also expect to spend more in 2014. Guests expect to spend on average
$592 (up 10% from 2013, and up 75% from 2012). Most of this budget will be
spent on travel and accommodation to attend the event ($308), and on special
clothes and accessories ($164), leaving $120 remaining. Guests will spend on
average $109 on a wedding gift in 2014 (similar to 2013 with $108, and up 16%
on 2012 with $94). If the recipient is a close family member, says the American
Express survey, the average cost of the gift will double to $200 on average (up
20% from 2012).
The
choice of wedding gift is likely to be what the couple wants. Couples generally
make a list, or registry within a store or stores, of what they hope to
receive. A third of guests (33%) will purchase a gift listed in the couple’s
registry, with another third of guests (33%) giving money. Couples also indicate
that they would like money as a wedding gift – 55% of couples wanted cash gifts
from guests (which is similar to 2013 with 52%).
Wedding
guests have high expectations for 2014 celebrations. Most guests (70% of them)
think that delicious food is the most important component to a great wedding. This
is an increasing trend over the last three years with 62% in 2012 saying food
is critical and 67% in 2013. The survey didn’t indicate what type of “delicious”
food would be required to make it a great day, but it’s probably best to ensure
that they don’t go home hungry!
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