Money-saving tips for wedding guests as inflation mounts: 'Cost of fun'
With a new Bankrate survey suggesting wedding guests may be skipping out due to inflation, here are 5 tips to trim costs
Post-COVID wedding surge impacted by supply chain crunch: The Knot CEO
The Knot Worldwide CEO Tim Chi describes how the wedding landscape has shifted this year compared to last after many ceremonies were postponed due to the coronavirus pandemic.
Wedding bells will continue to ring all through 2022, but it looks as if not all guests will be able to attend — and inflation just might be the culprit.
A consumer survey from Bankrate questions whether rising prices are affecting wedding guest attendance based on a reported decline from respondents.
Sixty-one percent of the Bankrate respondents said they plan to attend a "celebratory event" compared to last year’s percent of 65%.
The finding stands out to the personal finance resource as it analyzed data from Wedding Report, Inc. — a wedding market research and forecast company, which projected that the U.S. had about 1.9 million weddings in 2021 and will have 2.5 million weddings in 2022.
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"The cost of fun can be a budget-buster, especially with inflation running rampant," said Ted Rossman, a senior industry analyst at Bankrate, in a statement.
"It’s important to come up with a good plan before committing to these types of events," he also said.
Bankrate’s survey projects that 158 million American adults will attend at least one celebratory event in 2022. (iStock)
The Bankrate survey noted that some 39 million American adults have felt or are currently feeling pressure to "to spend more than they’re comfortable [with]" in 2022 for a celebratory event — which includes weddings.
Members of Gen Z have felt the most pressure to spend outside their comfort zone (42%), followed by millennials (40%), Gen X (26%) and baby boomers (14%), the survey found.
Bankrate’s survey projects that 158 million American adults will attend at least one celebratory event in 2022.
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Weddings tied for second place with graduation ceremonies and parties at 23%. Birthday parties were more than double at 51%.
The Wedding Report, Inc., predicts there will be 2.5 million weddings in the U.S. this year. (iStock)
Celebrations that have a lower projected attendee turnout include religious ceremonies (20%), baby showers (16%), anniversary parties (16%), bridal showers (12%), retirement parties (11%) and bachelor or bachelorette parties (10%).
Are you among those planning to attend a 2022 wedding? Then here are some money-saving tips to ease the burden of wedding attendance costs.
Inflation-busting money tips for wedding guests
The Knot's 2021 Real Weddings Report found that the average wedding size in the U.S. was 105 guests. (iStock)
1. Ask for hotel price-matching. "If you're attending a wedding out of state and have booked your hotel far in advance, I recommend checking the price of your accommodations a week or two prior to checking in," said Forrest McCall, founder of Don’t Work Another Day.
It's a Kentucky-based personal finance and investing blog.
"Many hotels and accommodations will lower the prices a couple of weeks before the date," he added, "and they will match the current price available if you let them know the price has changed."
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2. Use cashback rewards. "To save money on wedding gifts, I recommend shopping online and using cashback sites," said McCall.
"Many of these sites will also uncover any applicable coupons or lower prices at other retailers, so you can always find the best deal available."
Wedding attendees can get together and share the costs; that way, there's less of a burden on everyone. (iStock)
3. Trade clothes with friends. Zoe Burke, an editor at Hitched, the U.K.’s leading wedding planning website under The Knot Worldwide, told FOX Business that wedding guests can save money by hosting a "clothes swapping" party ahead of a couple’s nuptials.
"The idea of these swapping parties is that everyone brings two or three great pieces that they love and that makes them feel good, and then everyone at the party can basically ‘shop’ these items to find something new to them to take home," said Burke.
"It’s an excellent way to save money on something you may otherwise only wear once and then push to the back of the wardrobe."
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4. Cut out salon visits. If a wedding guest is staying at a location at which other guests will be as well, salon costs can be cut out if people are willing to share styling products and help each other get ready.
Burke likes to call these pre-wedding get-togethers "pamper parties," she told FOX Business.
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"One friend brings the hair dryer brush, another brings the gel manicure machine, another brings a couple of bottles of prosecco, and they all chip in and use the crowd-sourced beautifying tools rather than shelling out for personalized experiences at a salon," Burke said.
Guests at a wedding don't have to break the bank to provide the newly married couple with a nice gift. (iStock)
5. Don’t go overboard on gifts. Wedding guests don’t have to break the bank to provide the marrying couples with a nice or memorable gift.
"Often the couple will allow for a number of cheaper options for this exact reason, so instead of a set of crystal glasses, you could end up buying the newlyweds breakfast in bed on their honeymoon, or a glass of Champagne each on their flight home, or even a donation to a charity close to their hearts," said Burke.
As an alternative, she suggests crowdfunding big-ticket gifts.
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"Clubbing together to buy a more valuable gift or experience for the couple is great for all parties involved," said Burke, "as it could mean the difference in them receiving that item or not."