If you think weddings are all drinking and dancing, think again because the ‘True Cost of a Wedding Infographic’ will have you crunching the numbers and facing reality. It’s no secret that weddings can put a serious strain on a family’s wallet, but the exact numbers are contingent on there who, where and when of the big day.
The average American wedding comes in at about $27,000—an astronomical amount for most, but one that usually feels worthwhile for the blushing bride and her groom. The infographic breaks down facts on the most popular wedding months, typical bridal budgets, the most expensive places to tie the knot and offers tips on saving pennies where you can when planning the big day.
Implications - Weddings are one of a few events where consumers spare no expense is spared on extravagance. In the wake of the recent recession, couples are looking for ways to save on the big day, and are forced to face the reality of extravagant weddings as a luxury and not a right.
Why This Trend Is Growing
- Extravagant Weddings
- Opportunity for disruptive innovation in creating more affordable wedding options without compromising on the experience.
- Wedding Budgeting
- Opportunity for disruptive innovation in developing apps or services that help couples track and manage their wedding expenses.
- Alternative Wedding Months
- Opportunity for disruptive innovation in promoting weddings during non-traditional months and offering special packages or discounts.
Industries Being Reshaped
- Wedding Planning Services
- Opportunity for disruptive innovation in offering more affordable and customizable wedding planning services.
- Wedding Venue Rental
- Opportunity for disruptive innovation in providing unique and cost-effective wedding venue rental options.
- Wedding Finance and Budgeting
- Opportunity for disruptive innovation in developing financial tools and platforms specifically designed for wedding planning and budget management.
