WHITING, Ind., June 5, 2013 /PRNewswire/ -- For most people, summer means long days, warm weather and vacation. For others, it means tuxes, registries and booked weekends – otherwise known as wedding season. Nearly half (48 percent) of U.S. adults plan on attending at least one wedding in the next 12 months, with 58 percent of 18-34 year olds saying the same, the most of any age group. Nearly one-in-ten (8 percent) 18-34 year olds plan to attend three or more weddings. This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin.com from May 22nd to 24th, 2013, among 2,050 U.S. adults ages 18 and older.
With so many "I do's" on the calendar, it can lead to difficult money situations, especially for younger Americans. Nine percent of 18-34 year olds who attended a wedding in the past year report they are in debt because of those celebrations. Overall, 5 percent of U.S. adults who attended at least one wedding in the past year are in debt from the cost of those celebrations.
"Weddings are fun and memorable celebrations, but the cost to attend them can be overwhelming for some guests," said Jackie Warrick, senior savings adviser at CouponCabin.com. "If going to a wedding means you will take on debt or be put in an otherwise compromising financial position, it may mean you have to say 'no.' Be honest and upfront with the couple if you are concerned you will offend them, and most likely, they will understand your situation."
Checking the "regretfully decline" box on wedding invitations because of cost isn't uncommon. One-quarter (25 percent) of U.S. adults report they haven't attended a wedding in the past because of the costs involved (e.g. travel, dress/suit, gift).
It may be more difficult to do than saying "no" as a guest, but even people who have been asked to stand up in a wedding report that they have declined due to the often-added expenses of required outfits, bachelorette and bachelor parties, and travel. Nearly one-in-ten (9 percent) U.S. adults have said no to standing up in a wedding because of the costs involved.
No matter how many weddings are on the docket this summer, Warrick offers the following tips for saving money on attending nuptials:
Share your digs: While it's ideal when you travel to weddings to spread out in your own luxurious hotel room, see if you can share the lodging costs with a few friends or another couple by bunking up in the same room. This could take your lodging costs down significantly.
Creative gifting: If you're into DIY or have a talent in, for example, photography, why not put it to good use for wedding gifts? Take an Instagram photo of the couples' favorite spot and stretch it to fit a canvas for hanging in their home or create other special items that aren't run of the mill. Stumped for ideas? Check out sites like Pinterest or Etsy for great gems of presents that won't break the bank.
Scour the web for deals: See what coupons and deals you can find on wedding attire like formal dresses and tuxes, gifts, travel and more by checking out coupon and daily deal sites. You'd be surprised how much you can save by doing just a little bit of extra work!
This survey was conducted online within the United States by Harris Interactive on behalf of Coupon Cabin from May 22nd to 24th, 2013, among 2,050 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Allison Kaplan, [email protected].
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Between travel, gifts, attire and other costs, guests are expected to spend an average of $539 per wedding this year -- up more than 50% from last year's average expected expense of $339, according to the American Express Spending and Saving Tracker's recent survey of about 1,500 adults.