Wedding season is upon us. From the cake to the flowers to the venue to the dress, brides and grooms alike are shelling out for what they presume to be the happiest day of their lives. And not only are they making it rain — they are doing it at a much higher rate in United States.
According to the most recent study by popular wedding website, TheKnot.com, couples spent an average of $32,641 on their big day in 2015, before the honeymoon.
The average spend comes as a sticker shock to many, being that it now exceeds another familiar debt burden many of this generation face: student loans. At an average of $28,605 per person, student loan debt looks like chump change compared to wedding planning.
The price of this party equates to two-thirds the median household income in the U.S. The average cost of a wedding has increased by more than $5,500 in the past five years, and more than just inflation is to blame, according to researchers. Aside from the rising cost of venues — a reception space and ceremony site topping as the items with biggest cost difference — social media is said to be an even bigger contributor.
Popular image sites like Pinterest and Instagram provide portals for endless ideas on crafting their vision, with brides and grooms on the hunt to constantly find something better. And by better, this usually equates to a bigger cost.
In an article on CNBC.com, Kim Forrest, editor at the WeddingWire said, "It is really hard for couples to turn off wedding planning ... before the Internet, people got inspired through magazines ... now people are always on their phones."
TheKnot.com study revealed that 89 percent of couples use their smartphone to aid in the wedding planning. Whether it be research, contacting vendors, or creating or managing a registry, all can be done from the palm of your hand. In fact, the study found 58 percent of brides browsed wedding gowns there, too.
And smartphones aren't just a part of the wedding party, wedding guests have all now become photographers with their handheld devices. This puts additional pressure on couples to plan a picture-perfect wedding with serious #shareworthy potential.
The spend trend is just beginning, too. Thumbtack just released its 2016 predictions, and couples are going for broke. They are upping the ante with an average 20 percent increase in spending.
While they may have liked it and put a ring on it, the question remains: Will they stay happily ever after? One should hope, especially considering the cost of an uncontested divorce averages about the same price.
