Current:Home > MyWedding costs are on the rise. Here's how to save money while planning-LoTradeCoin
Wedding costs are on the rise. Here's how to save money while planning
View Date:2024-12-23 19:50:24
Weddings are on the rise as pandemic-stymied couples get around to tying the knot. In 2022, 400,000 more couples held nuptials compared to an average year, according to The Knot.
If you are planning a wedding, higher prices for venues, catering, flowers and other elements of the celebration are likely apparent. All told, the average cost for a wedding in the U.S. was over $29,000 last year, according to The Wedding Report.
Persistent inflation is driving the rising cost of weddings, Kelcy Christy, senior editor of Inside Weddings Magazine, told CBS News. For example, rising grocery prices feed into higher price tags from caterers, she said.
A January survey of roughly 300 wedding vendors found that 83% of participants said their business expenses will increase in 2023, according to CNBC. What's more, 77% of vendors surveyed said they raised rates this year to offset the rising operational costs.
How to save
Christy tells couples to not be discouraged by rising prices, as it's still possible to host a memorable event — if you're selective about spending.
"Couples are trying to find ways to cut back and still have the weddings they envisioned," she says. "And it is possible…find out where you want to splurge and where to save."
While it may seem counterintuitive, hiring a wedding planner within your budget could actually save money, because they vendors sometimes offer them discounts, according to Christy.
Eloping and having a party with friends afterwards could be a solution for couples that want to celebrate with a smaller guest list, she said.
Couples that prefer a larger event venue will likely have to skimp on other extras, Christy warned, as hotels and resorts are among the most expensive options. Couples could consider unique and possibly cheaper venues such as a public beach — which could be free — or a private estate. One caveat: Vendors sometimes charge more to operate at these types of venues which can be logistically challenging, versus a location where they've worked before.
"You have to bring in all those rentals, when a hotel may already have those available," she said.
Another suggestion is nix welcome gifts and wedding favors for guests and instead offer more dessert options or a signature cocktail, she said.
- In:
- Inflation
- Wedding
Sanvi Bangalore is a business reporting intern for CBS MoneyWatch. She attends American University in Washington, D.C., and is studying business administration and journalism.
TwitterveryGood! (817)
Related
- 'Underbanked' households more likely to own crypto, FDIC report says
- ‘Conscience’ bills let medical providers opt out of providing a wide range of care
- Jonathan Taylor refutes reports that he suffered back injury away from Indianapolis Colts
- CBS News poll on how people are coping with the heat
- Shawn Mendes Confesses He and Camila Cabello Are No Longer the Closest
- West Virginia University President E. Gordon Gee given contract extension
- Gas prices up: Sticker shock hits pump as heat wave, oil prices push cost to 8-month high
- Phoenix sees temperatures of 110 or higher for 31st straight day
- Nicky Hilton Shares Her Christmas Plans With Paris, the Secret To Perfect Skin & More Holiday Gift Picks
- Tim McGraw Slams Terrible Trend of Concertgoers Throwing Objects At Performers
Ranking
- 'Heretic' spoilers! Hugh Grant spills on his horror villain's fears and fate
- First American nuclear reactor built from scratch in decades enters commercial operation in Georgia
- Judge denies Trump's bid to quash probe into efforts to overturn Georgia 2020 results
- Pennsylvania schools face spending down reserves or taking out loans as lawmakers fail to act
- Pistons' Tim Hardaway Jr. leaves in wheelchair after banging head on court
- S.C. nurse who fatally poisoned husband with eye drops: I just wanted him to suffer
- Tim McGraw Slams Terrible Trend of Concertgoers Throwing Objects At Performers
- Georgia resident dies from rare brain-eating amoeba, Naegleria fowleri
Recommendation
-
In bizarro world, Tennessee plays better defense, and Georgia's Kirby Smart comes unglued
-
Brittney Griner will miss at least two WNBA games to focus on her mental health, Phoenix Mercury says
-
Brittney Griner will miss at least two WNBA games to focus on her mental health, Phoenix Mercury says
-
Announcing the 2023 Student Podcast Challenge Honorable Mentions
-
Prayers and cheeseburgers? Chiefs have unlikely fuel for inexplicable run
-
Millions in Haiti starve as food, blocked by gangs, rots on the ground
-
Stock market today: Asia shares gain after Wall St rally as investors pin hopes on China stimulus
-
Judge denies Trump's bid to quash probe into efforts to overturn Georgia 2020 results