NEW YORK, July 21, 2021 (Newswire.com) - Tell a vendor you're planning a wedding and their eyes light up with dollar signs — cha ching. The price jumps substantially compared with any other event like a bar/bat mitzvah or Sweet 16.
A pro tip if you're planning a wedding: try to keep it a secret from the photographer, DJ, caterer, venue, and anyone else you'll need to pay to make it the "best day of your life" until the actual day. Just tell them it's a big ol' party. It may not actually work, but it is a tactic that, if it works, can save money.
As if 2020 and 2021 weren't enough of a bummer, it's probably going to cost you a bit more to book the big day of your dreams this year and next.
Are couples budgeting right for their weddings?
According to an April survey from WeddingWire and Grow, two-thirds of couples planning their weddings increased their budget and 68% said they didn't set a realistic budget to begin with.
The survey also found that about a quarter of couples pay for their weddings entirely on their own, meaning most receive at least some financial help — typically from their parents.
Aside from getting familial assistance, most couples said they used savings (66%) and/or checking accounts (54%) to pay for wedding costs. Meanwhile, 30% said they used an existing credit card and six percent said they opened a new credit card to help fund their wedding. About three-quarters of the couples who used credit cards to help pay for their wedding said they expected to pay off the debt within a few months of the big day.
If you've taken on credit card debt to fund your wedding, you'll want to have a strategy in place to pay down the debt so you live up to your expectations of when you'll be debt-free.
Implementing the debt snowball method or consolidating your debt both can potentially help you pay off your debt more quickly. The snowball method is ideal if you're motivated by small victories along the way, while debt consolidation may be a better fit if you're concerned about saving money on interest.
How COVID has impacted the wedding industry
In 2013, the average U.S. wedding costs $28,427, according to The Knot. In 2019, the average rose to $33,900. While prices have fluctuated between, with a notably down year in 2020 because of COVID, wedding costs have increased in the past decade or so.
Now, in 2021, with cancellations, postponements, and rescheduled weddings, the demand is very much there for venues and vendors. But what about the supply?
The Consumer Price Index (CPI) jumped five percent from May 2020 to May 2021, marking the biggest increase since August 2008 during the financial crisis, according to the Labor Department. The CPI increase has taken a toll across industries, including those that affect weddings and events, like food and shipping.
Many venues are trying to make up for the near-year of losses and have increased prices from 30% to 40%, per wedding planners.
You might want to give J. Lo a call: her love don't cost a thing, and how much longer could Bennifer really last?