1 year ago
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BUYING EGGS BECAUSE OF PRICE BRANDY. MIKE, THANKS SO MUCH. WE ARE OFFICIALLY INTO WEDDING SEASON AND WHILE YOU’RE PLANNING THE SPECIAL DAY, YOU’RE PROBABLY THINKING ABOUT JUST HOW MUCH ALL OF IT IS GOING TO COST. AND YOU MAY BE TEMPTED TO BUY NOW AND PAY LATER. FINANCIAL EXPERT PAM RODRIGUEZ IS HERE TO TELL US WHY THAT IS NOT JUST A GOOD IDEA. SO EXPLAIN, FIRST OF ALL, THIS PHENOMENON OF BUY NOW, PAY LATER. ARE WE TALKING ABOUT CREDIT CARDS? RIGHT. SO IT’S NOT JUST CREDIT CARDS. NOW YOU SEE A LOT OF AFFINITY OR KLARNA WHERE YOU CAN PAY NOW AND THEN OR BUY NOW AND THEN PAY IN 3 OR 4 INSTALLMENTS WITHOUT ANY KIND OF INTEREST. BUT OF COURSE, THAT’S IF YOU MAKE THE PAYMENTS ON TIME. WHAT ELSE SHOULD PEOPLE KNOW ABOUT THIS KIND OF LIKE NEW PHENOMENON? BECAUSE WE’RE REALLY KIND OF SEEING IT WITHIN THE LAST FEW YEARS. YEAH, WELL, THE HIDDEN FEES ARE PROBABLY THE MOST IMPORTANT THINGS. MAKING SURE THAT IF YOU ARE ABLE TO PAY IN 3 OR 4 INSTALLMENTS, WHICH MOST PEOPLE CANNOT, RIGHT, BECAUSE THERE’S TERMS TO THAT, IT HAS TO BE PAYMENTS EVERY TWO WEEKS. WELL, IF YOU CAN’T AFFORD IT WITH THIS PAYCHECK, YOU PROBABLY CAN’T AFFORD IT WITH THE NEXT THREE PAYCHECKS EITHER. SO THAT’S IMPORTANT TO KEEP IN MIND. THE TERMS AND CONDITIONS. YOU AND I HAVE BOTH PLANNED WEDDINGS. THEY EVERYTHING ADDS UP. AND AND I AM CONVINCED. I’M CONVINCED THAT THE PRICES ARE EVEN HIGHER FOR THINGS LIKE. SO FOR NAPKIN, IT’S ONE PRICE NORMALLY. BUT FOR A WEDDING NAPKIN, IT’S LIKE TRIPLE 200% THE TOTAL AMOUNT. SO HOW DO PEOPLE SAVE? I MEAN, WHAT’S THE ADVICE TO FOR PEOPLE WHO WHO WANT TO PREPARE NOW? YEAH, ABSOLUTELY. WELL, THE FIRST THING IS TO PLAN AHEAD OF TIME RIGHT? YOU ALWAYS WANT TO MAKE SURE YOU’RE KIND OF WORKING BACKWARDS. IF YOU KNOW THAT THE AVERAGE LIKE RIGHT NOW, THE AVERAGE WEDDING IS COSTING 28,000, WHICH IS ACTUALLY A LITTLE BIT LOWER THAN PRE-COVID. RIGHT. BUT WE ARE BACK UP TO THOSE, YOU KNOW, ESSENTIALLY ALMOST $30,000. SO PLANNING AHEAD AND MAKING SURE YOU KNOW HOW MUCH YOU HAVE TO SAVE EVERY MONTH IN ORDER TO HIT THAT GOAL. AND FOR PEOPLE THAT GET MONEY AS A GIFT, WHAT SHOULD THEY BE DOING WITH THAT? HOW SHOULD THEY PLAN FOR THAT? YEAH, IF YOU ARE AWARE THAT SOMEBODY WANTS TO GIVE YOU MONEY, THEN I WOULD RECOMMEND FOR THEM TO TAKE ON PART OF THE WEDDING PLANNING. SO IF THEY CAN BUY THE DESSERTS OR BUY YOU THE DRESS, THAT’S SOMETHING THAT’S VERY SPECIAL ON BOTH ENDS AND NOT JUST, HEY, I’LL WRITE YOU A CHECK. YEAH, TOTALLY. ARE THERE ANY TYPE OF LIKE, TAX IMPLICATION IF SOMEONE DOES WANT TO GIVE YOU CASH, LIKE AS A GIFT? NO, THERE’S NO TAX IMPLICATIONS. SOMEBODY CAN GIVE YOU UP TO $16,000 AND THERE’S NO KIND OF TAX IMPLICATION. OKAY. WHAT ELSE SHOULD PEOPLE KNOW? IS THERE KIND OF PLANNING FOR FOR THESE SUMMER WEDDINGS? RIGHT. SO THE MAIN THING IS THAT YOU’D WANT TO LOOK FOR A VENUE THAT ALLOWS YOU TO BRING YOUR OWN VENUE AS IT COMES TO FOOD AND TABLES, CHAIRS, THINGS LIKE THAT. THAT’S WHERE YOU’RE REALLY GOING TO FIND THE BIGGEST SAVINGS A LOT OF THE TIMES THE VENUES WANT YOU TO USE THEIR IN-HOUSE CATERING, AND THAT’S WHERE YOU KNOW, THE PRICE EASILY GOES UP TO 60 GRAND. YEAH, TOTALLY. AND SOMETIMES I THINK YOU JUST HAVE TO, YOU KNOW, IT’S EMOTIONAL, RIGHT? IT’S AND I THINK ABOUT THIS A LOT WITH BOTH WEDDINGS AND FUNERALS AND FOLKS THAT ARE IN THAT INDUSTRY. I THINK THEY THEY THRIVE ON THE EMOTION OF THOSE SITUATIONS, UNFORTUNATELY. RIGHT. AND SO I THINK THAT’S WHY SOME OF THE COSTS ARE HIGHER BECAUSE THEY’RE LIKE, OH, DON’T YOU WANT THIS $1,000 DRESS WHEN THE $100 ONE IS PROBABLY JUST AS BEAUTIFUL? EXACTLY. BUYING. AND THIS IS SOMETHING I DID. I BOUGHT A DRESS AT A SECOND HAND STORE BECAUSE USUALLY YOU ONLY WEAR IT WAS AND SO IT’S A PERFECT CONDITION. YOU END UP BUYING IT FOR A THIRD OF THE COST AND YOU LOOK GREAT. SO WE HAVE SOME GREAT STORES HERE LOCALLY IN SACRAMENTO. SO THAT’S AWESOME. THAT’S AWESOME. ALL RIGHT. WELL, THANK YOU FOR BEING HERE. A LOT OF GREAT ADVICE AND WE DEFINITELY HOPE PEOPLE LISTEN.
How much does a wedding cost these days? The latest average total might surprise you
Weddings are back in full force. That's the good news. But engaged couples will pay a tad more to get hitched in 2023.The average cost of a wedding, nationally, this year is $29,000, up $1,000 from 2022, according to online wedding planning site Zola. And in some big U.S. cities, the cost is $35,000 and above. The price tag for a happily-ever-after day is higher year-over-year for two reasons, said Zola — inflation and demand exceeding the supply of wedding-related goods and services."Wedding industry vendors have had to raise their rates because they're also paying more for goods and services like food, flowers and labor," Emily Forrest, Zola's director of communications, told CNN.Weddings started roaring back from a pandemic-triggered halt to all kinds of celebrations in 2022, and, ever since, the industry has seen a surge in demands for venues, photographers, wedding planners, florists and wedding cakes. Add to that a Gen-Z era desire for very customized weddings and prices are rising.The Zola report was based on a survey of 4,000 engaged couples getting married in 2023. The report ranked New York City at the top of the list among the most expensive cities in the U.S. to have a wedding this year. A wedding in the Big Apple is expected to cost about $43,536, followed by San Francisco-Oakland-San Jose ($37,284), Boston ($35,902), Philadelphia ($34,111), Miami-Ft. Lauderdale ($33,622), Washington, DC ($33,199), Chicago ($32,281) and Los Angeles ($30,712)The average guest list, according to the report, is expected to include between 130 to 150 invitees.But Esther Lee, deputy editor at The Knot, a wedding planning and vendor marketplace company, said the guest list for some weddings might be getting tighter."In 2022, we saw an average of 117 wedding guests, but in 2023, we discovered 39% of couples are trimming their guest list. It's no surprise that people may be prioritizing more intimate ceremonies this year," she said.Unique weddings having a momentLess traditional can sometimes mean less expensive, experts said. David's Bridal, a leading wedding-dress retailer, said its business has been dented by the number of brides wearing casual or vintage dresses. But uniqueness can also inflate costs. "Unique weddings are having a moment with the onset of hyper-personalization, meaning couples are drawing out influences most meaningful to them and infusing these touches into their wedding day details," said The Knot's Lee."For example, history buffs are interested, as of late, in an antiquities-themed wedding or honeymoon that may involve an ancient book reading or coin motifs from the Byzantine or Roman Empires."Pinterest said it has an indication of another trend. It said searches for alternative weddings — especially underwater weddings — have jumped 305% on its platform. "Underwater weddings are a great example of the unconventional wedding searches we see happening on the platform right now," said Jenna Landi, director of brand research at Pinterest."Though slightly challenging logistically, it should be interesting to see the data for underwater weddings in 2023," she said. "It may be of sudden interest due to the live-action version of Disney's 'The Little Mermaid.'"Wedding photographer Kimber Greenwood, who specializes in underwater wedding photography, is booked to photograph 20 of them this year. "There's been a huge jump in interest," she said. Greenwood, a trained scuba diver based in Gainesville, Florida provides a package through her adventure photography business, Water Bear Photography, that includes an officiant, gown to wear for the event (but not keep), flowers and photography for $3,000. "I have never had a couple say they've regretted the experience," she said.When asked about who is footing the bill for weddings, the Zola report showed 33% of couples said they are contributing to their wedding budgets in some way, but another 16% said they are paying for the wedding completely on their own.The wedding industry should enjoy the recovery, because it may not last. Jewelers report that, because many fewer would-be brides or grooms met their partners during the COVID-19 quarantine era, the rate of new engagements is way off.
Weddings are back in full force. That's the good news. But engaged couples will pay a tad more to get hitched in 2023.
The average cost of a wedding, nationally, this year is $29,000, up $1,000 from 2022, according to online wedding planning site Zola. And in some big U.S. cities, the cost is $35,000 and above.
The price tag for a happily-ever-after day is higher year-over-year for two reasons, said Zola — inflation and demand exceeding the supply of wedding-related goods and services.
"Wedding industry vendors have had to raise their rates because they're also paying more for goods and services like food, flowers and labor," Emily Forrest, Zola's director of communications, told CNN.
Weddings started roaring back from a pandemic-triggered halt to all kinds of celebrations in 2022, and, ever since, the industry has seen a surge in demands for venues, photographers, wedding planners, florists and wedding cakes. Add to that a Gen-Z era desire for very customized weddings and prices are rising.
The Zola report was based on a survey of 4,000 engaged couples getting married in 2023.
The report ranked New York City at the top of the list among the most expensive cities in the U.S. to have a wedding this year. A wedding in the Big Apple is expected to cost about $43,536, followed by San Francisco-Oakland-San Jose ($37,284), Boston ($35,902), Philadelphia ($34,111), Miami-Ft. Lauderdale ($33,622), Washington, DC ($33,199), Chicago ($32,281) and Los Angeles ($30,712)
The average guest list, according to the report, is expected to include between 130 to 150 invitees.
But Esther Lee, deputy editor at The Knot, a wedding planning and vendor marketplace company, said the guest list for some weddings might be getting tighter.
"In 2022, we saw an average of 117 wedding guests, but in 2023, we discovered 39% of couples are trimming their guest list. It's no surprise that people may be prioritizing more intimate ceremonies this year," she said.
Unique weddings having a moment
Less traditional can sometimes mean less expensive, experts said. David's Bridal, a leading wedding-dress retailer, said its business has been dented by the number of brides wearing casual or vintage dresses. But uniqueness can also inflate costs.
"Unique weddings are having a moment with the onset of hyper-personalization, meaning couples are drawing out influences most meaningful to them and infusing these touches into their wedding day details," said The Knot's Lee.
"For example, history buffs are interested, as of late, in an antiquities-themed wedding or honeymoon that may involve an ancient book reading or coin motifs from the Byzantine or Roman Empires."
Pinterest said it has an indication of another trend. It said searches for alternative weddings — especially underwater weddings — have jumped 305% on its platform.
"Underwater weddings are a great example of the unconventional wedding searches we see happening on the platform right now," said Jenna Landi, director of brand research at Pinterest.
"Though slightly challenging logistically, it should be interesting to see the data for underwater weddings in 2023," she said. "It may be of sudden interest due to the live-action version of Disney's 'The Little Mermaid.'"
Wedding photographer Kimber Greenwood, who specializes in underwater wedding photography, is booked to photograph 20 of them this year. "There's been a huge jump in interest," she said.
Greenwood, a trained scuba diver based in Gainesville, Florida provides a package through her adventure photography business, Water Bear Photography, that includes an officiant, gown to wear for the event (but not keep), flowers and photography for $3,000.
"I have never had a couple say they've regretted the experience," she said.
When asked about who is footing the bill for weddings, the Zola report showed 33% of couples said they are contributing to their wedding budgets in some way, but another 16% said they are paying for the wedding completely on their own.
The wedding industry should enjoy the recovery, because it may not last. Jewelers report that, because many fewer would-be brides or grooms met their partners during the COVID-19 quarantine era, the rate of new engagements is way off.
English (US)