How much do think is appropriate to spend on a wedding?
Between $10,000 and $20,000 is an appropriate amount to spend on a wedding, according to consumer spending trends tracked in a new Millionaire Corner survey of Affluent investors. The highest percentage of Affluent investors surveyed (27 percent) believe this to a suitable price tag How does that match up to reality?
A survey of 17,500 American brides released in March by TheKnot.com and WeddingChannel.com found that wedding budgets have risen to an all-time high since 2007, with the average wedding coming in at $28,427 (honeymoon not included).
Eighteen percent of Affluent investors believe this amount is appropriate. Higher percentages, not surprisingly believe an appropriate wedding budget is between $10,000 and $20,000 (23.2 percent) or less than $5,000 (19 percent).
A separate Millionaire Corner conducted in 2012 found that Millionaires, who attribute their wealth primarily to hard work and frugality, near-unanimously (89 percent) believe that couples place too much emphasis on having a lavish wedding. But that did not stop nearly half of Millionaires surveyed (48 percent) from helping to pay for a child or grandchild’s wedding in the past. At the time of the survey, 40 percent said they planned to chip in on their child or grandchild’s wedding in the future.
As Millionaire Corner previously reported, consumer wedding spending trends are trending upward. Just over one-fourth (26 percent) of brides who married in 2012 and that participated in the Knot survey said that the economy has affected their wedding spending. Spending per guest has increased from $194 in 2009 to $204 last year. Nearly one-fourth of brides didn’t have a budget and 13 percent reported spending more than $40,000 on their weddings.
That whopping price tag is most likely to be considered appropriate for a wedding by Affluent investors with a net worth of at least $5 million, according to the Millionare Corner survey (8 percent vs. 3.4 percent of respondents overall). This wealth segment is also most likely not to blanche at a wedding budget of at least $50,000 (11 percent vs. 3 percent.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.