Couples Say 'I Do' to Costly Weddings Even as Marriage Rates Dip
Marriage rates are on the decline. Spending on weddings? A different story.
As the Financial Times noted in a Saturday (July 8) opinion piece, while the popularity of weddings has dropped, the cost of the average wedding has gone up, a trend that could be due to the fact that wealthier people are more likely to get married.
At the same time, the report says, thriftier couples might enjoy longer unions, as both U.S. and Singapore economists have shown that a marriage’s longevity is inversely proportional to spending on the wedding and engagement rings.
And wedding costs can be steep, with some polls indicating the average American wedding costs $30,000.
For people who want to save on their wedding and engagement, a number of companies have begun to offer lifelines. For example, McDonald’s Indonesia is making a bid for the lucrative wedding market with its new package deal, as PYMNTS noted Friday (July 7).
The restaurant’s social channels in Indonesia recently announced the launch of the “Wedding Mekdi” package, selling 100 chicken sandwiches and 100 four-piece chicken nuggets for 3.5 million Indonesian rupiah (or about $230).
“Certainly, this deal would be an appealing one to those looking for low-cost options,” PYMNTS wrote. “For instance, in the United States, according to WeddingWire, the average wedding catering cost is about $4,000 — about 17 times the McDonald’s Indonesia package.”
In addition, considering how offbeat and affordable this offering is, it seems possible that even couples who are already shelling out for a higher-end catering service may consider adding on the McDonald’s package.
In the United States, a couple of QSR brands have likewise made plays for consumers’ wedding spending, though not in nearly as scalable a fashion. Taco Bell, for example, offers a wedding package that lets consumers get married at the restaurant’s branded chapel in Las Vegas — and they can schedule a ceremony within as little as four hours.
Meanwhile, Daniel’s Jewelers has seen the importance of offering financing to make jewelry accessible to its customers.
“We understand that not everyone may have the immediate means to afford their desired ring or piece of jewelry in full. Therefore, financing has been ingrained in the core principles of our business from the very beginning,” said David Sherwood, the company’s CEO, in an interview with PYMNTS. “Credit has always been foundational to what we do.”
The post Couples Say 'I Do' to Costly Weddings Even as Marriage Rates Dip first appeared on PYMNTS.com.