The survey was conducted by Pollfish, a market research provider, on behalf of
"The survey provides a unique perspective on how consumers are modifying their wedding budgets and seeking financial solutions in response to the evolving economic landscape,” said
When asked how they anticipate the impact of rising costs associated with weddings, survey respondents expressed concern, with 85% reporting that wedding expenses will impact their overall financial well-being.
A considerable percentage of couples are seeking financial advice to manage their wedding expenses effectively; 53% of respondents stated that they either have spoken or plan to speak with their bank or financial advisor about financing options for their wedding.
Several factors influenced couples' decisions to modify their wedding budgets. The survey asked participants to choose from a list of factors that contributed to their budgetary modification (respondents could choose as many factors as they wished that applied to their situation). Results revealed that 31% cited insufficient personal savings, 35% cited medical or emergency expenses, 17% attributed a change in budget to a recent job loss or financial setback, and 29% reported limited access to loans or credit.
In regard to how they would be paying for their weddings, respondents selected all options that applied: 46% said they would be relying on personal savings, 22% said they would be paying for their wedding by taking out a personal or home equity loan, 21% said they would be paying for their wedding with funds borrowed from a pension and/or 401(k), and 18% said they would be paying for their wedding by crowdfunding.
When asked what changes they made to stay within their budget or save money on their wedding, respondents said they were opting for cost-saving wedding attire, downsizing their guest lists, decorating themselves, using a cash bar, and eloping. Over half of couples reported that they were cutting traditional wedding customs to reduce costs on their wedding celebrations.
The following is a list of additional survey findings:
- 72% of respondents said their budgets would be under
$50,000 . - Of the respondents who adjusted their wedding budget due to rising costs from inflation and insufficient personal savings funds, they selected all options that applied:
- 40% are downsizing their guest list.
- 40% are opting for cost-saving wedding attire.
- 34% are getting married on a weekday, Sunday, or off-peak time.
- Of the couples who reported that they would be cutting traditional wedding elements and/or customs to reduce costs on their wedding celebrations, respondents selected all options that applied:
- 33% are opting out of a honeymoon, 40% are cutting out wedding favors, 49% are opting out of a formal dinner, 34% are opting out of bridal party gifts, and 31% are opting out of printed invitations and/or stationery.
- 33% are opting out of a honeymoon, 40% are cutting out wedding favors, 49% are opting out of a formal dinner, 34% are opting out of bridal party gifts, and 31% are opting out of printed invitations and/or stationery.
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Nationwide Survey Finds 85% of Americans Say Rising Wedding Expenses Will Impact Financial Well-Being
53% of respondents state they have spoken or will speak with their bank or financial advisor about financing options for their wedding
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