As wedding season approaches, a new report from Bankrate reveals that younger generations expect to spend significantly more than their older counterparts on attending weddings this year. According to the report, Gen Zers (ages 18-26) expect to spend an average of $1,211 per wedding, while millennials (ages 27-42) anticipate spending $1,191. This compares to an average of $974 for Gen Xers (ages 43-58) and $667 for baby boomers (ages 59-77).
The report also found that 68% of both Gen Z and millennial wedding guests have at least one financial concern about attending, versus 56% of Gen Xers and 48% of boomers. While the average cost of attendance per wedding is relatively flat across generations, Gen Zers and millennials are not only much more likely to attend at least one wedding, but they are also more likely to attend multiple weddings, which can increase the financial burden.
Men are expected to be much bigger spenders than women in each category, with an average spend of $321 on travel/accommodations, $209 on gifts, and $164 on attire/grooming per event, compared to $253, $152, and $125 respectively for women.
The report also found that wedding attendees with annual household incomes of $100,000 or more plan to spend an average of $912 per wedding this year, considerably more than other income brackets. Troublingly, 62% of this year’s anticipated wedding attendees have at least one financial concern about these weddings.
“People talk a lot about how expensive it is to organize a wedding – and it is – but sometimes the cost of attending is understated. It can really add up, especially if you’re invited to multiple weddings in a given year,” warns Bankrate senior industry analyst Ted Rossman.
The Bankrate report is based on a survey of 2,608 adults, conducted online from December 14-16, 2022, by YouGov Plc.