This year is likely to be a positive one for wedding planners and couples and couples alike as the pandemic is on hold.
But the wedding season in 2022 comes Inflation hit a 40-year high, rising 8.5% in March compared with a year ago. And some wedding-related items in particular are seeing explosive price increases.
Combined, it’s shaping up to be an expensive knotting season.
“Right now, consumers are feeling the effects of inflation across every industry, including the wedding industry,” said Emily Forrest Skurnik, communications director at wedding planning company Zola.
On Tuesday, the US Bureau of Labor Statistics said prices of men’s suits, sports coats and outerwear increased 14.5% year-over-year. Meanwhile, women’s wear increased 10.1%.
While the increase in jewelry prices is much less dramatic – up 2.8% year-on-year – if you’re planning to host or attend a destination wedding this year, you’ll likely spend more for flights: airfares rose 23.6% in March from a year ago, the BLS said.
Most wedding providers, like caterers and florists, are also feeling a squeeze, Forrest Skurnick said. Each side is reacting to higher prices in everything from food ingredients to flowers to gas prices.
The Knot, a planning site for people to learn their new skills, publish a report 2021, note that with 2.6 million weddings expected this year, simple demand for wedding services is also driving prices up. The website shows that 90% of guests are willing to spend more money to attend a wedding in 2021, “representing a pent-up need to come back to celebrate,” it said. It found guests spent an average of $160 on a wedding gift in 2021, compared with $120 in 2019; while the average total cost to attend a wedding has increased to $460 from $430 in 2019.
Follow Zola’s every year Report first look, about one-third of couples are currently budgeting at least $20,000 for their wedding, with two-thirds saying they’ve increased the budget since planning began. The report was published in January.
“As we gear up for one of the busiest wedding seasons ever, with couples planning with more excitement and intent than ever after interactions that take longer than average. With the average and guest lists growing again, we recommend that couples work closely with their provider team to navigate this challenge,” said Forrest Skurnick.
“Suppliers often have the best tips for how to overcome specific industry challenges, such as which flowers are within the budget for a particular flower, which meal options to choose. save the most and where else to save.”