Parents of recently engaged couples might not be happy about this but recent news that people spent more on weddings in 2014 than they have in five years is good news that the economy is turning around.
A recent study by TheKnot.com, a wedding website, found that couples spent an average of $31,213 on their weddings last year, the highest it’s been since 2009.
The study was done on a nationwide basis, which skews the numbers somewhat. Weddings are more expensive in New York, where a Manhattan bash can cost more than $76,000, than in Utah, where the average is just north of $15,000. But overall people are spending more on nuptials than they have since the economic downturn in 2008. As a result of expense, guests lists continue to shrink, with the average wedding hosting an average of 136 people, the lowest per year since the survey began in the mid-2000s. The costs do not include a honeymoon, which can add hundreds more depending on where the newlyweds jettison off to.
Prices have been steadily climbing since 2011, when the average wedding cost $27,000. They still aren’t quite as expensive as they were in 2009, when the average was almost $33,000.
Even here in Indiana, the price is going up. Specific state statistics are hard to come by, but data from 2013 had Indiana’s average around $22,000 per wedding. State breakdowns from 2014 were not available.
In Madison County, locals are spending more on wedding services like photographers, cakes and reception halls than ever before.
Nikole Riggins, a photographer in Anderson who offers wedding packages, said she has seen an increase in the amount people are starting to spend on wedding photos. She said she can’t speak for spending on the whole wedding, but when it comes to photos, people want as many pictures as they can get. She said social media sites, such as Pinterest, are playing a role in the need for more photos.
“Social media has had a huge impact on this increase of spending,” Riggins said. “Pinterest boards, as well as other social media sites, are full of images that inspire them to want photos from the minute they wake up until the dance floor empties.”
She said even if it means cutting costs somewhere else, people want the photographer there as long as possible. The increase of Pinterest boards has led to more DIY projects and specialty decorations at weddings, which Riggins said, the couples want photographed.
According to TheKnot survey, photographers were the fifth-most expensive part of a wedding in 2014, coming in behind reception bands, engagement ring, catering and the venue. Couples now spend approximately $14,000 each on venues, which is almost half of the budget.
Experts say the mounting costs could force younger couples to put off marriage unless parents are willing to foot the bill. As average college debt continues to rise, spending $30,000 on a wedding is almost impossible and certainly undesirable for people in their early 20s.
There are still some options for those trying to do a wedding on a budget. Despite the outrageous amount people spend on venues, there are plenty of cheaper options in Madison County. Greg Couch, owner of The Party Barn in Anderson, said its rental prices for two days run at $2,400, significantly below what some are charging.
“We get a lot of people who say we’re one of the cheapest options,” Couch said.
The only problem with that is weekends tend to get gobbled up pretty quick. Couch, who just took over at the beginning of the year, said the barn is already booked solid in September and October, prime barn wedding season.
“It’s amazing how far in advance they get booked sometimes,” he said.