Americans are spending more money than ever to get hitched.
According to wedding planning website The Knot’s latest Real Weddings Study, the average wedding in the United States now costs a whopping $32,641. Not only is that a $5,500 increase over the average wedding price tag in 2010, it also means that many couples are forking over more than half of their annual income (the median household income is $54,000) to pay for their wedding.
Today’s couples are making efforts to personalize their weddings and make them stand out — efforts that often come with a big price tag, Mike Steib, CEO of The Knot’s parent XO Group, told CNBC.
“If you look back at your parents’ weddings, they all look the same,” Steib explained. “Everybody wore the same stuff.”
How times have changed. Now brides and grooms are spending lots of green on things like guest entertainment and signature cocktails that reflect their personalities, to make what The Knot calls “the ultimate personal statement.”
The Knot’s wedding cost study is based on surveys of more than 18,000 U.S. brides and grooms who were married in 2015.
The Knot said these were the biggest wedding expenses last year, on average:
- Venue: $14,788
- Engagement ring: $5,871
- Photographer: $2,618
- Event planner: $1,996
- Reception band: $3,833
- Florist/décor: $2,300
The Knot said that Manhattan is the most expensive place to wed in the United States, with an average price tag of $82,299. In Alaska, an average wedding rings in at about $17,361.
You don’t have to spend a lot of money or take on a huge debt to get married.
- 15 Ways to Save Big on Your Dream Wedding
- 10 Creative Crowdfunding Wedding Gift Ideas
- How to Save on a Wedding Dress
Are you married? If so, this could be fun. Click here to find out how much money you’d have today if you had instead eloped and invested that wedding money in the stock market.
How much money did you spend on your wedding — or your kids’ weddings? What do you think of what people are paying for their weddings? Sound off below or on our Facebook page.