Couples are ready to 'go all out' as wedding industry sees surge in business, says The Knot CEO

[Klaralven]

...

“In the U.S., there’s about 2 million weddings that happen on average annually. We saw about 50% of those happen, so that just means there’s another million weddings then that got pushed forward, and we’re really starting to see that come to fruition here,” Chi said on “Squawk on the Street.”

As a result, Chi said, he expects a 20% to 25% increase in weddings this year and in 2022 compared with pre-pandemic levels.

The wedding industry saw a 34% decline in revenue last year as the Covid crisis led many weddings to be postponed or at least downsized, according to a report from market research firm IBIS World.

As weddings are picking back up now that most pandemic restrictions have been lifted, Chi said couples are “ready to go all out again,” evidenced by their spending preferences.

The average wedding reception budget this year is about $22,500, according to The Knot, which is more than $3,000 higher than in 2020 and roughly equal to 2019 levels.

https://www.cnbc.com/2021/07/09/couples-ready-to-go-all-out-as-wedding-industry-sees-surge-says-the-knot-ceo.html

[Rorey]

1. $22,500!

Sometimes I wonder if places like The Knot, which stated that $22,500 is the average, put that number out there so that couples feel pressured to spend more.

[underpants]

3. That's actually lower than I've seen.

You are correct that it is probably inflating the amount a bit - “Hey, don’t YOU want YOUR day to be special?” - but everything is grossly overcharged related to weddings. I could go on and on about that.

I wanted to drive to Vegas when we got engaged. We were in California on my now wife’s business trip (the car was already rented!) but she said her mother would like a church wedding. At the reception I told this story and my father in law said we should have and he would have written us a check for what they threw in on the wedding.

I saw a local place that’s pretty high end say the average cost there was almost $40,000. Dover Hall.

[Rorey]

6. I'm just too practical, I suppose

My son and daughter-in-law got married at a botanical gardens place here in Colorado. It was absolutely beautiful. My DIL didn't want a dance or a bar, so it was daytime wedding. I don't remember the guest count because it was around 10 years ago, but I'm thinking there was somewhere between 150 and 200 guests. Maybe a little more. Her parents and I split the costs, but I'm sure it was under $5,000. They hired a photographer who was just beginning her business, so her prices were very low, and she did an amazing job. Mountains in the backdrop of a lot of the photos is always a win, of course. The caterer did great too.

The best part is that they're still married, and doing great. Well, actually the best part is that I just absolutely love my DIL.

I just think a lot of weddings turn into sort of a competitive thing, where they think they need to do a lot of things they may not even want to do or they'll be judged poorly. We're not that kind of people. My DIL's family is pretty much on the same page as me.

When their son got married a few years ago, his now-wife had much more expensive tastes. They had their wedding at an expensive venue two hours away that was difficult to get to for the small number of people who were invited. They paid for it themselves, so at least it wasn't a big burden on the family, but I heard a lot of grumbling from family members. It was tough on the grandmas to have to go out of town. I don't know if my DIL's brother is still working two jobs trying to catch up, but that just seems sort of sad to put oneself in that position.

[nuxvomica]

2. An entire industry dedicated to making people feel like royalty

If only for a day, but at tremendous cost. Seems kind of un-American to me.

[Elessar Zappa]

4. If it makes the couple happy then why not?

It’s their money.

[nuxvomica]

5. I just question why people want to feel like royalty

In a democracy.

[Rorey]

8. If it's actually their own money, then of course "why not"

I'm not so sure it always makes them happy. It's a pretty high stress situation. But to each their own, of course.

[fescuerescue]

9. Don't think it's so much royality

And people wanting to be the center of attention and "special".

certainly that overlaps with royalty, but I don't think it's royalty per se.


Wanting to be "special" and center of attention most certainly IS something common in America.

Heck you see that all the time in these forums.

[Butterflylady]

7. I just don't understand why anyone would spend that kind of money.

When the divorce rate in this country is 50%.

[dsc]

10. I figured this would happen

it will be like a smaller version of when marriage equality was legalized. You had couples which hadn't been able to be married for years and in some cases decades and all the sudden could. Some of those weddings were off the hook. The pent up demand and the fact that many of those couples were in a very good position in terms of finances combined to make those weddings amazing.