Weddings used to be all about the “I do’s,” dancing, and clinking glasses with abandon. But these days, they’re turning into budget-busting bonanzas, making guests groove to a new tune – one that’s all about soaring costs. So how much does it really cost to attend a wedding these days?
New research conducted by Finder has revealed that attending weddings is putting a significant financial burden on households, with many people spending hundreds, and sometimes thousands, of dollars to partake in the joyous celebrations. A survey conducted by Finder, involving 1,090 respondents, uncovered startling statistics indicating that 27% of Australians, equivalent to approximately 5.5 million people, have invested money to attend at least one wedding over the past five years.
For those who choose to be part of the wedding festivities, including accommodation, attire, gifts, and pre-wedding activities, the average cost is a staggering $1,993.
The study reveals that the bulk of these expenses is attributed to travel costs, with participants spending an average of $759 on transportation to and from the wedding venue. Following closely behind is the cost of accommodation near the wedding location, averaging at $556.
Purchasing formal attire for the event is another significant expense, with the average individual spending $259 on dressing up for the occasion. Moreover, wedding gifts add to the financial burden, costing attendees an average of $240.
Rebecca Pike, a financial expert at Finder, emphasized that celebrating a loved one’s wedding is accompanied by a substantial price tag, beyond the wedding gift.
“In addition to the wedding gift, there’s a laundry list of costs to consider. Attending a destination wedding can set you back the most, especially if it’s outside of Australia,” Pike stated. She also advised attendees to be mindful of their financial limitations when deciding on the amount to spend on a wedding gift, emphasizing that the sentiment is what matters most.
The Finder study also unveiled that pre-wedding events like bridal showers and hens and bucks parties entail an additional financial burden, with an average cost of approximately $179 for guests. Notably, these pre-wedding activities tend to be more expensive for women, averaging at $257, compared to men who spend an average of $53.
Pike encouraged Australians to remember that the essence of attending a wedding is to show emotional support for the couple, with the financial aspect being secondary. She suggested alternative ways to demonstrate care for the newlyweds, such as preparing a special meal for them after their honeymoon or offering one’s expertise to assist with tasks the couple may need help with.
Lastly, Pike advised those anticipating upcoming weddings to commence financial planning and savings just as they would for holiday shopping. She pointed out that high-interest savings accounts, which are currently offering more than 5% interest, provide an excellent means for financial preparation.
