Millionaires, who attribute their wealth to hard work, education and frugality, say weddings have become too lavish. What are we talking?
Weddings are over the top, say the vast majority of Millionaires, who primarily attribute their wealth to hard work and education, smart investing and frugal living.
Nearly 90 percent of Millionaires say they believe couples put too much emphasis on having a lavish wedding, according to a Millionaire Corner survey conducted in May. Despite this high level of disapproval, more than 48 percent of Millionaires have helped pay for a child’s or grandchild’s wedding in the past, and more than 40 percent are planning to do so in the future.
What kind of bills are they likely to face? According to WeddingStats, the average wedding now costs nearly $27,000. That’s a lot of Apple stock. The largest share goes to the reception which runs an average of $13,106. Most of the expense covers the food and alcohol served to an average of 151 guests. (These expenditures likely go against the grain of Millionaires who say one of the best financial decisions they ever made was living frugally in order to save money.)
The bride’s expenses tend to take up the second largest share of the budget. Her engagement ring and band costs an average of $6,113. One in five brides selects her own. About $1,124 goes to the wedding dress, though a bride can expect to pay more for fancy bead work and intricate embroidery, according to WeddingStats, which compiles bridal statistics and consumer wedding costs. The groom tends to rack up much lower average expenses. Rental for the groom’s tuxedo runs about $141, and the groom’s wedding band costs about $468. (Millionaires are more likely to advise a couple to outline their financial goals and values before getting married, rather than plan a fancy wedding.)
Couples typically spend 8 percent to 10 percent of their wedding budget on photography. A wedding photographer costs an average of $2,307. Another $1,518 goes to the videographer, though an exclusive videographer can charge upward of $7,000.
A full-service wedding planner costs an average of $3,988, though a luxury coordinator can easily charge up to $10,000 through a flat fee or percentage of the total wedding cost. A cake runs an average of $591, though multiple tiers, flavors, fillings and decorations will be more expensive. Flowers ($1,971), a DJ ($782), wedding venue ($1,993) and numerous other miscellaneous items, such as a guest book, favors and ring pillow, can all add to the cost.
The vast majority of Millionaires is married and tends to value the role a good marriage – not a lavish wedding - can play in building household wealth.