1. Engagement Ring Spending Up 25% Since 2011
The Knot’s 2017 Jewelry and Engagement Study finds that the cost of the average engagement ring has risen from $5,095 in 2011 to $6,351 today. This presents a 25% growth over the past six years.
The time taken to shop for diamond engagement rings is 3.5 months. Proposals are planned, on average, in 4.4 months’ time. Interestingly, the same study also found that only one-third of proposals are a surprise.
The most popular wedding ring has a round cut stone. The average weight for such a ring is 1.8 carats.
3. Spending Per Guest Has Increased Significantly
The Knot 2017 Real Weddings Study provides a wealth of information on wedding trends in the United States. In 2017, couples spent an average of $268 per wedding guest. This is up significantly from $194 in 2009.
As couples move away from impersonal formal affairs, they are adding more enrichment to the wedding and reception experience. Couples are customizing their weddings with fun additions like selfie stations, photo booths, special food and wine tastings, and entertainment other than the traditional wedding band or DJ. Couples are interested in setting their weddings apart from those of their friends, and making the day memorable for everyone.
4. The Average Couple Spends Three Times as Much on a Honeymoon than a Vacation
When it comes to honeymoon spending, couples feel little restraint compared to a regular vacation. Couples spend three times as much money on their honeymoon than they would on a regular vacation.
Honeymoons are often in more exotic locations than ordinary vacations. Couples choose to stay in better quality lodging. They are more likely to take a long trip for a honeymoon, with the average length being 7 to 9 days. 99 percent of newly wed couples take honeymoon trips, so this is a major cost that must be budgeted for.
5. Total Wedding Sales Trending Upward
Wedding sales have mostly leveled off since 2014, but continue on a slight upward trend. Since the Great Recession of 2009, when wedding sales fell to a low of 46 billion dollars per year, wedding sales have risen to 59 billion dollars per year. The healthy growth in wedding sales since 2013 (54.6 billion dollars per year) shows that the wedding market is in full swing.
The cost of the average wedding and total number of weddings in the United States have risen at approximately the same rate as the total wedding sales figure. Wedding professionals will continue to see steady levels of business in 2018, provided that economic indicators remain positive.
1. More LGBTQ Weddings Paid For By Parents
In 2013, 79% of same-sex couples reported that they were covering the cost of their own weddings. By 2018, this number dropped to 59%. This means that more parents are accepting of their child’s same-sex partner and more willing to spend money on them as if they were in a straight marriage.
Overall, LGBTQ weddings are becoming more and more like straight weddings. Wedding planners are encouraged to treat them the same as straight weddings in terms of what services they need and want. Straight weddings are also picking up some of the characteristics of LGBTQ weddings, in that bridal parties are not always arranged by gender and that non-ordained lay people are performing the ceremonies.
6. Average Length of Engagement Has Decreased Since 2012
In 2012, the average engagement was 15 ½ months long. In 2017, this has dropped to 13 months. The reasons for this significant drop are twofold. First, couples are living together longer before becoming engaged. This means that they don’t have as much incentive to wait before the wedding.
Their homes are already established, and they are more ready to celebrate their wedding than they would be if they were not living together. This statistic also reflects the increasing age of both the bride and groom over time.