Would you go into debt to attend a wedding?
Wedding season is underway, but consumer spending trends find that one-fourth of U.S. adults will be checking “regretfully decline” on their invitation due to costs, according to a CouponCabin.com survey released Wednesday.
Nearly half (48 percent) of adults surveyed said they plan to attend at least one wedding this year, with Millennials comprising the highest percentage across all age groups (58 percent). Eight percent of 18-34 year-olds said they will be attending three or more weddings.
That could add as much as $600 to wedding attendee expenditures according to consumer spending trends tracked recently by an American Express survey of 1,500 people. Those respondents said they expect to spend an average of $539 for each wedding they attend, up from $339 in 2012. Members of the bridal party said they expect to spend $577, while affluent guests with a household income of more than $100,000 estimate wedding attendance costs will surge to to $960 per wedding, up from an average $545 they spent last year.
Would you go into debt to attend a wedding? According to the CouponCabin.com survey, 9 percent of 18-34 year-olds did so after attending a wedding in the past year. Overall, 5 percent of U.S. adults who attended at least one wedding in the past year are in debt from the nuptials.
Hard as it may be to decline attending a wedding because of the costs involved, it can be a more delicate situation for those who have been invited to stand up at the wedding. Nine percent of respondents have declined because of the often-added expenses of required outfits, bachelorette and bachelor parties, and travel.
“If going to a wedding means you will take on debt or be put in an otherwise compromising financial position, it may mean you have to say ‘no,’ offered Jackie Warrick, senior savings advisor at CouponCabin.com, in a statement. “Be honest and upfront with the couple if you are concerned you will offend them and most likely, they will understand situation.”
(Or not: Just be glad you weren’t invited to be in the wedding party of this Bridezilla. Caution: profanities)
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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.