Wedding costs are skyrocketing as vendors get hit by the ever-rising inflation. Due to wedding inflation, engaged couples can expect to spend $1,000-$3,000 more this year than they would have in 2021 and beyond. But does that mean you can’t have your dream wedding anymore? No!
You can still have a beautiful wedding in 2023 amid inflation. You don’t have to postpone your big day — and your happiness — until things return to normal (that’s if they ever do). Instead, it’s all about implementing some money-saving wedding tips.
But before we go into that, let’s see how wedding inflation came about and why it’s a big deal.
Wedding Inflation — Why Are Weddings So Costly in 2022?
The inflation issue has been on for some time now, more than it has ever been for decades. The current annual inflation rate in the US for the last 12 months is a staggering 8.6%, the largest since 1981. As inflation and supply chain issues persist, wedding vendors are severely affected, passing their higher expenses on to their customers—the about-to-weds.
According to The Knot, the average wedding cost in 2021 was $28,000 ($34,000 if you include the engagement ring), the same as in 2019.
A lot goes into wedding planning, including logistics, venue, decorations, food and drinks, clothes, and labor costs. The national inflation has caused an increase in the price of materials, which means wedding vendors have to spend more to procure materials from suppliers. There is also a higher cost of labor due to shortages in staffing. But that’s just the tip of the iceberg.
Interestingly, a stats whopping 2.6 million couples are expected to marry in 2022, a significant increase from the 2.2 million usually walking down the aisle each year. That’s an increase of over 18%! Why? It’s simple: Many weddings were canceled and postponed during the pandemic. However, the cancellation led to huge financial losses for vendors looking to bounce back in 2022 by hiking prices.
Almost 40% of wedding vendors reported an estimated financial loss of $10,000-$50,000 in 2021, and 15% reported a loss of over $100,000. So it’s not surprising that they’ll want to recoup their loss this year. And it’s the best time to hike prices, seeing that demand is high. Remember the law of demand and supply?
According to a survey by The Knot, about 70% of wedding vendors intend to increase their prices by year-end.
Can We Blame Wedding Vendors?
Not really. Economic hardship nationwide affects each person, stretching budgets for producers, consumers, and vendors alike. In addition, some vendors are still encountering further setbacks like shortages. For instance, some bakeries report experiencing 20% price hikes for cocoa products due to the shortage of chocolate.
Smart Tips to Combat Inflation and Have a Great Wedding
Now that you know why wedding inflation is a thing in 2023, here’s how to beat it:
1. Start planning early
Since you’ve read that more wedding vendors will increase their prices by year-end, it’s advisable to start planning as soon as possible. Then, you might be able to escape a further increase.
Additionally, you’d stand a better chance of securing your desired venue and vendor if you start planning your wedding early. If demand increases further, it may become too challenging for you.
Read More: 4 Gorgeous Destination Wedding Venue Ideas
2. Marry in an off-peak season
Peak wedding seasons, like summer through fall, will see some of the highest wedding costs this year. Venues, hotels, and rentals will almost go out of stock, causing a shoot in price. However, by fixing your wedding in an off-peak season, you may be able to save some costs.
3. Trim your guest list
If fewer guests come, you can do with a smaller wedding venue, fewer tables, and fewer food and drinks. Transportation and hotel costs will also see considerable savings.
4. Be on the same page with your spouse
Your wedding is between you and your spouse before any other party. Therefore, communication is of the essence; it’s advisable to have an honest conversation about how plans may need to change due to wedding inflation. Incurring more debts this time should be avoided.
5. List out your wedding essentials
Remember that while elaborate weddings are the dream of almost every couple, not everything is essential. You can still have a unique, talk-of-the-town wedding without going overboard. It’s more about setting the mood than buying extravagant wedding items.
Identify what’s most important to your wedding. Is it floral, food, or music? You can splurge in that one area and leave other frivolities out. Whatever you splurge on can be the highlight of the wedding.
Remember, you’re not doing your wedding for social media. It should be more about celebrating the two of you as a couple rather than measuring up to what you see online.
6. Don’t marry on a Saturday
It’s traditional to have a wedding on a Saturday, but it tends to be costlier. From the findings, weekday weddings are usually more budget-friendly. So a Friday or Sunday would be an excellent choice.
7. Ditch the wedding planner
Are you considering hiring a professional wedding planner? Now that budgets are stretched skipping a pro would be wise. Consider joining hands with your partner, family, and friends to plan your wedding. DIY whatever you can, including the flowers and decor.
8. Opt for a smaller cake
Wedding cakes often get wasted after the event. So why splurge to show it off to the “gram”? A smaller or simple cake design will be more budget-friendly during this time.
9. Use one venue for the ceremony and reception
Booking a single venue for both the joining and the reception will help you save money for your wedding. This is worth considering now that the cost of wedding venues is rising.
Due to wedding inflation, weddings will cost more this year and even more the next year. As a result, couples that can’t afford to increase their budgets to match their original wedding vision would need to compromise on frivolities.
Planning your big day would require a lot of creativity, resourcefulness, and defined needs to make it one of your happiest days.