The cost of a wedding in the US is getting more and more expensive
Bloomberg has just shared the story of Issy Berkey living in New York, USA. This 27-year-old girl has received 10 invitations from friends since the beginning of the year, of which, 8 weddings and bachelorette parties have been held in different locations outside the state, such as Arizona. , Canada or Chicago. It is estimated that the total cost for these events is up to 20,000 USD, equivalent to more than 460 million VND.
The cost of organizing a wedding in the US is getting more and more expensive
Berkey said he was unable to attend the party in Italy because the airfare was out of his ability to pay. According to the latest CPI consumer price index data in the US, in April, the average airfare increased 33% compared to 2021 and increased by nearly 19% compared to the previous month.
“These are definitely not the expenses that are in my plan. I have to tighten up my expenses to have enough money to go to my friend’s wedding,” she said.
According to Bloomberg, 2022 is a boom year for weddings, when inflation is at a 40-year high. This makes it difficult for the guests to pay for air tickets, hotel rooms, costumes and wedding gifts. Some had to decline invitations due to the high cost.
FOMO
This year, Americans are expected to attend an average of 2.5 weddings. The cost of each wedding is about 1,000 USD (equivalent to 20 million VND), according to a survey by Credit Karma. In which, more than 50% of survey respondents said that they would spend more than usual on a wedding, because during the outbreak of the pandemic, it is difficult for couples to organize a happy party full of people. enough family and friends.
“There are many reasons why people try to attend these parties. 30% of survey respondents said they fear feeling missed out (FOMO), despite not being able to afford it. Generation Z, it’s 50%, and for millennials, it’s 45%,” said Colleen McCreary, principal at Credit Karma.
FOMO (Fear of missing out) is also the reason why Erin Scanlon, a 24-year-old girl living in Austin, Texas, still manages to get to her best friend’s wedding in North Carolina.
“The price is too high. I can’t really buy a plane ticket for $800 in June and July,” she said. “It doesn’t change the fact that you’re feeling like you’re missing something.”
Sharing with Bloomberg, Scanlon said that she and her boyfriend were also invited to a number of other weddings, but both will have to consider to save money. The average 23% increase in airfare and hotel prices compared to last year has affected many lives of this girl.
Jeff Yu, a 28-year-old man living in Washington DC also does not want to miss the fun day of his friends. He received invitations to 4 weddings and 2 bachelorette parties, with a cost of up to 1,000-1,500 USD for each event in Boston and Los Angeles (equivalent to 23 to 34 million VND).
“They are all close friends that have not been seen for a long time. It’s hard to save money on special occasions like this. We will treat these as our vacations,” he shared.
EXPENSIVE
To have money to attend the wedding, many Americans are planning to cut spending. Sister Nancy Nyström is a prime example. This 29-year-old girl was invited to a total of 7 weddings. Three of these Nancy could not attend because the cost was too great. She also recently turned down a friend’s bachelorette party to save $800 for a cruise in Miami.
“I’m just trying to manage spending on things every month,” she says. “It’s gotten a little ridiculous.”
According to Wedding Report, the average spend per wedding in the US has increased by 25% compared to last year
According to Mariana Martinez, a consultant at Wells Fargo, turning down a wedding invitation can be difficult. Guests will have to explain well so that the bride and groom do not lose heart. The female expert also advises that everyone should make a list of expenses for a wedding, such as airline tickets, hotels, gifts, and then consider which items can be cut accordingly. .
Not only guests, but the bride and groom themselves are also struggling because the cost of organizing the wedding has skyrocketed. The WSJ uses the story of Tyler Laferriere and Travis Holloway as an example. The couple got married last month at a luxury resort in California, USA. Menu offerings include margaritas, steaks, sea bass and halibut.
This wedding exceeded the couple’s budget. At the time of the wedding, they had to spend $15,000 more than the estimated $35,000.
“Expenses are constantly increasing and exceeding budget, from food, accommodation and transportation costs. Everything has a price while we can’t haggle,” Laferriere bride shared.
According to Wedding Report, the average spend per wedding in the US has increased 25% year over year to more than $27,000. This number is expected to continue to increase due to inflation and couples may have to increase their budgets by 30% more than usual.
“All of them are hard to find and sold out,” said Coredogan, owner of Big City Bride in Chicago, Illinois.
It’s so expensive, but the wedding market in the US is still going very exciting. According to the national trade group Wedding Report, Americans are expected to hold 2.5 million weddings this year, up about 30% from last year. This is also a record number after nearly 4 decades.
“Everybody wants to have a big, big wedding, but the market isn’t ready for that,” said Cele Otnes, a professor of marketing at the University of Illinois Urbana-Champaign.
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