How Much Are You Willing to Spend to See Your Friend Say 'I Do'?
If you’ve never been to a wedding as an adult then you’re unaware of the expenses that are associated with attending a ceremony. Attending a wedding can be very costly. Factor in transportation, an outfit (because of course you want a new ensemble), perhaps even hotel, and a gift, you may be spending a pretty penny. If you don’t believe me, the American Express Spending & Saving Tracker has revealed the exact dollar amount a wedding guest will spend this year.
Per the American Express Spending & Saving Tracker, the average wedding guest will shell out $703 per wedding this year. However, millennials will spend 27 percent more than general population with an average of $893 per wedding.
Now, if you’re part of the wedding party that cost may easily increase. The tracker discovered millennials in a wedding party may spend a whopping $928, the highest of any cohort.
While being invited to attend a friend’s nuptials is an honor, being part of the wedding party holds an even higher distinction. However, with the Bureau of Labor Statistics data noting millennials will spend roughly five percent of their income on weddings, we will have to make sure our finances can handle all the love that’s in the air.