With all the little wedding decorations, the essential stationery details, and even with the food and drinks added, weddings do cost more than the average couple anticipates and the high cost of weddings in Australia nowadays might just even surprise you.
In 2014, the Australian Securities and Investments Commission did a survey on how much the average Australian wedding costs and the final total was $36,200, with a large chunk of the money spent on food, drinks, and the venue. At the time, couples were also asked as to how they paid for the wedding and 82% of the respondents used their savings while 60% also took out a loan just to turn their dream wedding day into a reality.
Fast forward to 2019, a different survey was done by Wedded Wonderland and it has shown that the average Australian wedding this year costs $53,168, with the venue and food still being the biggest money spenders. Surprisingly enough, modern-day couples tend to splurge more for the engagement ring and the matching wedding bands compared to custom wedding favours and wedding stationery, items which are meant to be used by the couples themselves long after the wedding day is done.
The big increase in wedding expenses can be due to different factors, such as the actual inflation in the price of wedding services and wedding vendors. However, due to the popularity of Instagrammable events and Pinterest-worthy weddings, brides are now more conscious of how their overall wedding day looks like in person and in photos. From the distinct seasonal flowers to the one-of-a-kind bridesmaid dresses and even up to the intricate table centrepieces with personalised wedding decor, modern brides always want the best and they aim for their own wedding day to stand out. In turn, extraordinary photoshoot locations and over-the-top reception arrivals are now seen as a vital part of the wedding day, leading couples to spend more just to secure their picture-perfect, Insta-worthy portraits.
To keep up with the large expenses, engaged couples choose to either use their life savings, take out a hefty loan or even place a couple of big-ticket wedding items onto their credit cards.
According to MoneySmart, some couples in the past have sacrificed selling their car, moving back in with their parents, and delaying plans of having a baby all to just be able to get the dream wedding they have always wanted. You only live once, right?
However, a big percentage of couples also opt for cheaper weddings and taking on more DIY projects to make the budget work. When planned properly, it is possible to stick to your set wedding budget yet still carry out a beautiful wedding day from start to finish - no need to take out loans or to sell your car.
Keep an eye out for our next blog on how to save money and stick to your budget when planning your wedding. Stay tuned!