Current:Home > NewsWedding 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 18:23:48
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! (9)
Related
- Veterans Day restaurant deals 2024: More than 80 discounts, including free meals
- Arizona judge charged with extreme DUI in March steps down
- Israeli jets strike Gaza refugee camp, as US fails to win immediate support for pause in fighting
- Small biz owners are both hopeful and anxious about the holidays, taking a cue from their customers
- Minnesota man is free after 16 years in prison for murder that prosecutors say he didn’t commit
- Large carnivore ecologist Dr. Rae Wynn-Grant talks black bears and gummy bears
- Just Say Yes to Jason Kelce and Kylie Kelce's Love Story
- Large carnivore ecologist Dr. Rae Wynn-Grant talks black bears and gummy bears
- Powerball winning numbers for Nov. 13 drawing: Jackpot rises to $113 million
- New vehicles from Detroit’s automakers are planned in contracts that ended UAW strikes
Ranking
- Ben Affleck and His Son Samuel, 12, Enjoy a Rare Night Out Together
- Online database launched to track missing and murdered Indigenous people
- Connor Stalions, Michigan football staffer at center of sign-stealing scandal, resigns
- The hostage situation at Hamburg Airport ends with a man in custody and 4-year-old daughter safe
- Relive Pregnant Megan Fox and Machine Gun Kelly's Achingly Beautiful Romance
- Hamas alleges second Israeli strike hit refugee camp
- Reneé Rapp duets with Kesha, shows off powerhouse voice at stunning New York concert
- Early returns are in, and NBA's new and colorful in-season tournament is merely meh
Recommendation
-
Full House Star Dave Coulier Shares Stage 3 Non-Hodgkin's Lymphoma Diagnosis
-
Chiefs vs. Dolphins highlights: Catch up on the big moments from KC's win in Germany
-
VPR's Ariana Madix Reveals the Name Tom Sandoval Called Her After Awkward BravoCon Reunion
-
The Israel-Hamas war has not quashed their compassion, their empathy, their hope
-
US Election Darkens the Door of COP29 as It Opens in Azerbaijan
-
Fatal vehicle crash kills 4 in Maryland
-
Turkey’s main opposition party elects Ozgur Ozel as new leader
-
Over 4,000 baby loungers sold on Amazon recalled over suffocation, entrapment concerns