(NewsNation) — As wedding costs continue to rise, nearly half of Americans are hoping to dodge invitations to join bridal parties this year, according to a new study.
The financial services company Empower surveyed 1,160 American adults over the summer and found that 48% hope they aren't asked to be part of a bridal or groomsman party in 2024 due to the associated expenses.
The Knot, a wedding planning website, estimates the average cost of being a bridesmaid is about $1,900 when factoring in attire and additional events. Similarly, the discount platform Coupon Birds reported that members of a wedding party typically spend about $2,137 each. Meanwhile, the Empower study noted that the price can soar to $3,430.
According to Empower, the average wedding cost reached $35,000 in 2023, but couples were planning to spend slightly less this year, with an average budget of $31,281. Millennials are bucking this trend, saying they'd spend an average of $51,130 on their nuptials.
Also, 42% of the survey respondents don't think a wedding is worth the splurge, while 19% admit to spending more time planning their current or future wedding than their retirement.
When it comes to gifts, the study shows guests are willing to spend an average of $175, with younger generations being more generous. Gen Z and Millennials say they'd spend $275 and $238 respectively, compared to Gen X at $149 and boomers at $98. However, 45% of guests are unsure about appropriate gift spending.
Cash remains the preferred gift for 71% of couples, who say they would use it toward financial goals. Interestingly, about a third of respondents, including 42% of Gen Z and 37% of Millennials, expressed interest in giving or receiving stocks as wedding gifts.
The study also highlighted a broader financial concern: 42% of Americans don't have savings set aside for major life milestones such as weddings or buying a house. Those who do have detailed financial plans report greater happiness in money matters.
Empower surveyed respondents from June 14-16, 2024, and the data was weighted to be nationally representative.
