The Amount Of Money Millennials Spend Attending Weddings Is Staggering
May 14, 2018
It’s no secret that weddings are expensive. In fact, the average wedding cost in America is over $30,000. This includes everything from securing a venue and sending out invites to all of the little details that create a memorable experience for guests. Speaking of guests, attending a wedding is no small expense either. For the typical attendee, there is the cost of travel, hotel, and transportation, but if you are in the bridal party, you can expect added expenses like a bachelorette party and bridesmaid dress. And let’s not forget the gift — according to Sound Vision, $19 billion per year is spent on wedding gift registries.
With wedding season in full swing, Credit Karma partnered with Qualtrics to survey 1,045 Americans between the ages of 18 and 34 on wedding expenses, and what they found is staggering. According to the survey, millennials spend an average of $770 per wedding. What’s more, 20 percent report spending over $1000 to attend a single wedding. That’s a lot of money, considering the average salary of a millennial in America comes out to $684 a week.
So, why are millennials willing to spend so much money — in some cases going into debt — to witness the marriage of a friend? It’s simple: FOMO. Over 25 percent of the people polled said that skipping a wedding causes the feeling of missing out, and nearly half admit that they have always agreed to being in a wedding party regardless of cost.
Weddings are fun, for sure, and we understand that rejecting an invite, especially if you are close to the bride and/or groom, can be a difficult decision. However, overexerting yourself come wedding season can not only cause financial stress, but it can lead to social exhaustion, too. Learning to RSVP “no” to activities you can’t afford will help save your bank account and your sanity. If you’re still feeling the pressure say “yes,” try these expert tips for turning things down.