Marriage and Money

hidden-costs

 

Getting married these days can cost a lot of money, and that’s a fact. According to The Knot, the average cost of an American wedding in 2012 cost $28,427—more than many individuals make in a single year. Those who can successfully get involved in the wedding industry have a shot at making quite the profit, considering the wedding industry in the U.S. alone is worth about $53.4 billion.

According to the Wedding Report, American women and men first tie the knot at an average age of 26.9 and 28.9, respectively. That adds up to more than two million weddings every single year!

If you’re lamenting over the $28K average price for a wedding, thank your lucky stars if you’re not planning on having the big day in Manhattan. The average cost of a wedding in the posh NYC borough is $76,687, according to the “Real Weddings Survey.”

Where are the two-million-plus ceremonies taking place? About 35% of them happen at religious institutions (church, synagogue, cathedral, etc.). A stunning 24% of weddings are destination weddings, according to Big City Bride. Over 86,000 marriage licenses were issued in Las Vegas alone last year, making the ritzy vacation destination the #1 choice for destination weddings. That’s no surprise, considering couples can tie the knot any day of the week for just a few hundred bucks—as compared to the tens of thousands they might spend otherwise.

Screen shot 2556-08-13 at 16.09.31Looking at the numbers, is a Las Vegas destination wedding on the horizon for you? A wedding at City Hall is also a perfectly respectable alternative to spending the savings account on one big day. If neither are for you, are you a lucky woman with the cash to spare, or are you pinching pennies to make the most of every dollar?

Image: Roadsidepictures via Flickr

Image: 401(K) 2012 via Flickr

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2 thoughts on “Marriage and Money

  1. I can’t believe that in this economy people have that kind of money to spare on one day! I’m all for having a great wedding day but don’t think couples should be getting into debt before they’ve even started their lives together. Remember it’s your (and your partners) day, not anyone else’s and you cannot please everyone.

  2. Pingback: Cut Your Wedding Costs with These 7 Money-Saving Tips | Picture Perfect Weddings

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