From pets to laser-cut invitations, these are the biggest wedding trends right now.
Weddings are a luxury business.
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You don’t have to have a giant one, but there are some couples out there who take a “spare no expense” approach to their special day and help bolster multibillion dollar industry. In the U.S. alone, it is estimated that the wedding industry has cost Americans $76 billion for 2019, according to market research firm IBISWorld.
Popular wedding publications like The Knot and Brides have released surveys that say the national average for getting hitched in 2018 was $33,931 and $44,000 – which are numbers that rival the stats reported for average student debt of that year. According to NerdWallet, the average U.S. household with student debt owes $47,671.
Despite the large price tag that come with lavish ceremonies and receptions, there are a few who are set on achieving a dream wedding – whether it be through an extended wedding weekend, over-the-top entertainment and services or customized details. This desire to go all out isn’t reserved for the rich either.
A Credit Karma survey earlier this year found 21 percent of Americans age 18 and up went into debt over their wedding. In those findings, a quarter borrowed $10,000 or more while 41 percent said they did so because they felt like they had no choice or have a large family and 32 percent said they wanted to impress their guests. The remaining 20 and 16 percent said they either wanted to look good on Instagram or “one-up someone else’s wedding.”
Likewise, online lenders have said they are issuing up to four times as many wedding loans as they did a year ago, according to a report in The Washington Post.