What is the average cost of a wedding in 2022?
And the answer is: it depends (on a lot of factors – location, type of venue, day of the week, and more).
According to a ZOLA survey, 28 percent of couples are budgeting between $10,000 and $20,000 for their big day—making that budgetary range the most common for a wedding in 2022. But, as a whole, the amount that couples were willing to pay for their weddings were all over the map—with budgets ranging from $5,000 all the way to $100,000-plus.
For example, 16 percent of couples budgeted less than $10,000 for their wedding, which could, for example, cover costs for a backyard ceremony or a small celebration at a local recreation center. But, 12 percent of couples budgeted between $50,000 and $100,000 for their wedding, which would, in most places, take care of an event at an upscale wedding venue for a sizable guest list. And two percent of respondents budgeted over $100,000 for their wedding, which, depending on the wedding size, could pay for a destination wedding in some of the world’s most exclusive locales.
And even when couples have a wedding budget in mind, it doesn’t necessarily mean that the amount they ultimately pay for their wedding will align with that budget. A whopping 70 percent of couples are spending more on their 2022 weddings than originally planned. And, while some of the reasons for going over-budget are simple (just under budgeting to begin with), others are more 2022-specific—like supply chain issues, gas prices, and more driving up the cost of wedding-related items.
The bottom line is that there is no “average” cost for a wedding; your wedding costs will depend on what kind of wedding you want to have (and how well you stick to your budget). In 2022, it would be more beneficial to explore the average budget for the different types of events. For example the average cost of a backyard intimate ceremony on a weeknight vs. a luxury downtown Chicago hotel ballroom with a large guest list.
On average, who pays?
Much like most things in modern weddings, there is no right or wrong answer. In most cases, full wedding day costs are being split between parents and the happy couple themselves. According to ZOLA, 37 percent of survey respondents report that they’re planning to pay for everything related to their wedding entirely on their own. Six percent of respondents have even gotten second or third jobs to cover wedding costs!
What are couples willing to splurge on?
Sticking to a wedding budget is important; however, most couples have an item or two that they aren’t willing to give on. For most couples, this ties back to the experience that is created at their wedding. Whether it’s the design (hint: think about your event rental options) that their guests are stepping into that is simply unforgettable, the photographer to capture the memories of the day or the music/entertainment, it’s important to figure out what’s most important to you and your soon-to-be-spouse, before you decide how to allocate your budget.
Here is a common breakdown (thanks to BRIDES.com) explaining the typical breakdown per category of expense:
- Venue and Catering: 40 percent of your budget
- Photography and Videography: 15 percent of your budget
- Wedding Attire and Beauty: 5 percent of your budget
- Music/Entertainment: 10 percent of your budget
- Flowers & Decor: 20 percent of your budget
- Favors and Gifts: 2 percent of your budget
- Transportation: 3 percent of your budget
- Stationery: 3 percent of your budget
- Cake: 2 percent of your budget
How do I get the most “bang for my buck” in rentals?
Be strategic with your selections. Large pieces (think sitting areas, statement chairs, etc.) will go along way and allow you establish the design personality and aesthetic of your event without breaking the bank. Talk to your planner or our design team to ensure you are able to spread pieces out throughout the space, and have a little splash of the design throughout your event.
What else goes into a wedding budget?
As if the wedding isn’t expensive enough, you’ll also want to consider what the next stage of life looks like for you. Whether that includes an exotic destination honeymoon to celebrate your nuptials or even the downpayment on your future home and furnishings together, it’s important to start planning for your future.
According to a survey, the most common other items being budgeted for include starting a family (23 percent of couples are putting aside money to cover the costs associated with starting a family, including fertility treatments), paying off debt (47 percent are budgeting for student loans, while 25 percent are working towards paying down other debt), a car (39 percent), and medical expenses (10 percent).
How should you track it?
We’re not all accountants, so if you’re struggling for a way to track your expected spending and make sure you don’t go over budget, here’s a tip. To track your spending every step of the way, do what wedding planners do and create an Excel workbook or Google Doc. Here are the important elements to include. Down the side of your document, break each category into its component’s costs. For example, under “Bride’s attire,” make line items for the dress, accessories, and alterations. Breaking each category into subcategories will prevent you from forgetting key costs that may go beyond what you expected. For example, every one includes the cost of what they will wear (their dress or tux, etc.) but not everyone remembers to include the alterations that they’ll need. These little added extras can add up quickly.
Ready to start budgeting for your 2022/23 wedding?
If you are interested in contacting us and pricing out rentals to add to your wedding day, we’d be happy to help. Our professional design and delivery team will not only help you select the pieces that will fit best in the venue you select but also be able to help you gauge how much you’ll need to accomplish the design you’re looking for. Reach out to our team today for a complimentary design and rentals consultation.
Keep in mind, we love to work with clients at all stages of the planning process, but it’s important to remember to book early (generally after you know your total guest count and venue) so that you can ensure the items that you want will be available for your wedding day. We look forward to helping you bring your event to life!