LendingTree Survey Finds 63% of Engaged Couples Postponed Their Wedding Due to the Coronavirus
More than half of couples who changed wedding plans lost money by doing so, averaging more than $3,300 in lost costs
CHARLOTTE, N.C., April 20, 2020 /PRNewswire/ -- Wedding season may technically be upon us, but a new LendingTree survey of more than 900 engaged Americans found most couples are facing tough decisions in the wake of the coronavirus pandemic, with nearly two-thirds postponing their weddings and many losing money in the process.
Full report: https://www.lendingtree.com/coronavirus/weddings-postponed-coronavirus-survey/
Key findings:
- 63% of engaged Americans have postponed their wedding because of the coronavirus outbreak. Just 22% said they're moving forward with their original plans, while 8% are opting for a courthouse marriage or elopement instead.
- 56% of those who changed their wedding plans lost money by doing so. On average, respondents who lost money said they're out $3,320.50 due to nonrefundable deposits, payments and fees.
- 4 in 10 engaged couples have received backlash from friends and family, whether they decided to postpone or not. Those who opted to push back the date heard more complaints than those who stuck with their plans.
- Couples who postponed were able to keep most of their original vendors. Of the vendors they held onto, 66% were able to keep their photographer, 59% were able to keep their cake bakers, and 56% and 51% were able to keep their ceremony and reception venues, respectively.
- Travel restrictions put honeymoon plans on pause: One in four have canceled or postponed their honeymoon, and 42% lost money by doing so.
For more information about the report, including interviews with to-be-weds as well as wedding vendors, please visit https://www.lendingtree.com/coronavirus/weddings-postponed-coronavirus-survey/.
Methodology
LendingTree commissioned Qualtrics to conduct an online survey of 920 Americans who are currently engaged to be married. The survey was fielded April 6-10, 2020.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, customized recommendations to improve credit health, and notification when there are opportunities to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
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SOURCE LendingTree.com
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