(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 by financial services company Empower.
The research reveals that 48% of Americans hope they aren’t asked to be part of a bridal or groomsman party in 2024 due to the associated expenses. Being a bridesmaid can cost around $3,430 when accounting for attire and additional events.
With the average wedding reaching a cost of $35,000 in 2023, couples are 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.
The study also found that 42% of Americans don’t believe a wedding is worth the splurge. However, 19% admit to spending more time planning their current or future wedding than their retirement.
When it comes to gifts, 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.
The Empower “Maybe I Do” study surveyed 1,160 American adults from June 14-16, 2024, and was weighted to be nationally representative.
