- Nearly three quarters of 2022 wedding goers (73%) say inflation will negatively impact their ability to attend wedding or wedding-related events this year
- More than two thirds of 2022 wedding goers (69%) say they will use BNPL services to pay for wedding attendance expenses
- One third of Americans (33%) say feelings of FOMO have caused them to attend a wedding or wedding-related event even though they could not afford to
Weddings are back in a big way, with more than 2.6 million couples expected to tie the knot this year. This influx in weddings, the result of many couples having to postpone their nuptials due to the ongoing pandemic, is met with unfriendly economic conditions, making it more costly for couples to say “I do”. However, rising inflation, labor shortages and supply chain issues are driving up prices for more than just those who wish to wed – it’s taking a financial toll on their guests, too.
According to a recent study conducted by The Harris Poll on behalf of Credit Karma among over 2,000 US adults of which more than 1,000 have or will attend a wedding this year (referred to as 2022 wedding goers throughout), 2022 wedding goers plan to attend 2.5 weddings, on average, this year and they plan to spend $1,004, on average, per wedding. When asked which wedding related expenses they expected to be the most costly, 2022 wedding goers said gifts (28%), travel expenses, including flights and gas (22%), and attire (21%). Factor in inflation, the desire to make up for lost time and FOMO (fear of missing out), and wedding attendees could find themselves spending far more than they budgeted for.
What’s inflation got to do with it?
According to the study, nearly three quarters of 2022 wedding goers (73%) say inflation will negatively impact their ability to attend weddings this year. A quarter (25%) say they will have to dip into their savings to attend a wedding(s) while 23% say they will likely have to take on debt and another 17% say they will have to skip at least one wedding altogether.
Nearly half of 2022 wedding goers (46%) say they expect to take on less than $500 in debt to cover the costs associated with attending a wedding or wedding-related event. However, more than one-in-ten 2022 wedding goers (13%) expect to take on $500 or more in debt, which could be in the form of credit card debt, debt accumulated through buy now, pay later services or other loan types.
Attend now, pay later?
According to the study, more than two-thirds of 2022 wedding goers (69%) say they will use BNPL services to pay for wedding attendance expenses. Specifically, wedding goers plan to use BNPL to pay for travel expenses (40%), attire (37%), including attire for wedding guests (25%) and attire for those who are in the wedding party (23%), gifts (37%) and lodging (26%).
When it comes to traveling for weddings this year, nearly three-quarters of 2022 wedding goers (74%) say they will be required to travel to attend a wedding this year with 35% saying they will have to travel for more than one wedding and 14% having to travel for three or more weddings this year.
Making up for lost time? It could cost you.
Throughout the pandemic, most weddings and events were postponed, downsized or canceled altogether. As people patiently awaited the return of events, many emerged with an overwhelming desire to make up for lost time – no matter the cost. In fact, according to the study, 55% of 2022 wedding goers say they’re willing to spend more money than they typically would to attend weddings or wedding-related events this year as a result of the COVID-19 pandemic postponing or canceling events over the past two years.
This was especially true among millennials, nearly two-thirds (65%) agreed with this statement.
Blame it on the FOMO
In addition to making up for lost time, many Americans are still grappling with FOMO. According to the study one-third of Americans (33%) say feelings of FOMO have caused them to attend a wedding or wedding-related event even though they could not afford to. This jumps to 50% among Gen Z (ages 18-25) and 45% among millennials (ages 26-41).
This could lead to feelings of regret as some spend beyond their means to attend knot-tying occasions. In fact, nearly two-in-five Americans (37%) say they have experienced feelings of regret after attending a wedding or wedding-related event because the cost to attend was more than they could afford to spend.
“Weddings are expensive, not only for the hosts, but also their guests,” said Colleen McCreary, consumer financial advocate at Credit Karma. “The problem is, even before the pandemic, most people didn’t think to create a budget specifically for weddings they plan to attend. Now, with weddings back on the books, many people’s calendars are filling up fast and their wallets are struggling to keep pace. What’s more, most people are only just starting to feel the effects of inflation, which is making everything from travel and lodging to clothing and gifts more costly for consumers. For those who plan to attend weddings this year, start by mapping out the weddings you wish to attend and adding up any costs you anticipate incurring as a guest. From there, consult your finances and come up with a plan for how you’re going to budget for each.”
Survey Methodology
This survey was conducted online within the United States by The Harris Poll on behalf of Credit Karma from April 26-28, 2022 among 2,053 U.S. adults ages 18 and older, among whom 1,033 are 2022 wedding goers. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.8 percentage points using a 95% confidence level.