Saturday, May 18, 2013
Los Angeles Times
LOS ANGELES - Newlyweds are still saying "I do" to big wedding spending despite the bad economy.
The newly betrothed spent an average of $25,500 to $27,000 on their big day last year, not much less than the $28,000 they shelled out in 2007, according to a new report.
Spending on gowns, venues, food and liquor all have held fairly closely to pre-recession levels, according to the analysis by ConvergEx Group in New York. (The report cites several sources for its data, including TheWeddingReport.com.)
"Love, apparently, conquers all -- even tough economic times," according to the report.
That's not to say that couples aren't cutting back on some items. They're earmarking less for rehearsal dinners, forgoing bands in favor of lower-cost DJs and winnowing the guests.
The report points out that the number of U.S. marriages continues to drop, to 2.06 million last year from 2.21 million in 2007. That's due partly to sociological factors but also may reflect couples postponing the big day for financial reasons.
Also, parents and relatives are chipping in more toward wedding costs, according to TheWeddingReport.com.