Weddings can be pretty pricey, and not just for the newlyweds, but for their guests, too. Thanks to inflation and higher interest rates, 2023 may be an exceptionally expensive year for wedding guests, according to new research from Bankrate.
Their survey of more than 36-hundred U.S. adults reveals:
- About a quarter of Americans plan to attend a wedding this year and 36% of them say they’ll be more conservative with their spending because of the economy.
- The average wedding guest plans to spend an average of $611 per wedding this year. That amount breaks down to an average of $287 per event on travel and accommodations, $180 on gifts and $144 on attire and grooming.
- That can really add up for the 23% of Gen Zers and 22% of millennials who will be attending more than one wedding.
- While younger generations are more likely to get more wedding invites, they’re also expecting to spend more. Gen Zers plan to spend the most overall on attending weddings at $1,211, followed by millennials at $1,191.
- It turns out men are bigger spenders as wedding guests, on average, than women. Men spend an average of $694 per event, compared to $530 for women. That total includes:
- $321 for men and $253 for women on travel/accommodations
- $209 for men and $152 for women on gifts
- $164 for men and $125 for women on attire/grooming