Planning for big life events has never been as important, especially considering the average cost of a wedding in 2014 eclipsed $30,000. According to a recent survey by The Knot, couples spent an average of $31,213 for the blessed day last year, which is up more than 4% from 2013 ($29,858). The bride’s parents and the couple themselves are essentially splitting the wedding bill, with the groom’s parents covering just over 10% of the costs. The venue/reception hall ate up the largest portion of the bill at just over $14,000 ($68 per guest), while other costs included the engagement ring ($5,855), band ($3,587), and wedding dress ($1,357).
Couples in Manhattan ($76,238) and Long Island ($55,237), New York spent the most on average for a wedding in 2014, as opposed to people in Utah ($15,257) who spent the least. Trends include increased personalization, primarily focused on the reception, as nearly half of the couples went over budget (25% stayed within budget). Only two categories surveyed dropped in average price from 2013 to 2014: invitations ($443 to $439) and favors ($281 to $275).
- The average cost of a wedding was more than $30,000 in 2014.
- The bride’s parents are splitting the bill with the couple, with the groom’s parents chipping in just over 10% of the costs.
- Prominent costs include the venue/reception hall ($14,000, or $68 per guest), engagement ring ($5,855), band ($3,587), and wedding dress ($1,357).
- Couples in Manhattan ($76,238) and Utah ($15,257) spent the most and least, respectively, for a wedding.
- Nearly half of the couples went over budget and 25% stayed within budget.
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The opinions expressed are those of our investment professionals, and are no guarantee of the future performance of any American Century Investments® portfolio. This information is not intended to serve as investment advice; it is for educational purposes only.