Study: Cost Of Attending Weddings Increases By 75 Percent
WASHINGTON (CBSDC) – Going to a wedding? Be prepared to dig deeper into your pocket. According to a recent study by American Express, the cost of being a guest at a wedding is to $572, up 75 percent from two years ago.
“Weddings can be expensive, whether you’re tying the knot or attending as a guest,” David Raabkin, senior vice president of Consumer Lending Products for American Express said. “While careful spending continues to be the trend for 2014, consumers on both sides of the equation shell out more.”
Researchers conducted a random sampling of adults online and found that figure does not even include the price of the gift. Most guests will spend an average of $109 for a wedding present.
If you include travel, the study found that the total then goes up to $701, with $308 going to travel and accommodations and $164 going to clothing and accessories.
The total is even higher if you are part of a wedding party. The study found that 78 percent of bridesmaids said they will purchase a new dress, only 26 percent said they plan on wearing it again. Half the bridesmaids that participated in the study said they give their dress to a used clothing store or to a friend. Twenty percent said they will keep it and hang it in their closet.