Why These Millennial Brides Say A Wedding Isn't Worth The Money

[Music] i felt really special here on my wedding day in june wow everyone showed up to celebrate me we had an epic moroccan american wedding but i was also thinking in these moments are we running behind i really hope our guests aren't getting bored how do i connect with this person in the 30 seconds we have ugh i messed up then the night was suddenly over in what felt like an adrenaline-fueled blur a wedding is often said to be the best happiest or most important day of your life which is how many justify spending around 30 000 on average in the u.s on one day for many this rings true i've never felt happier or more special than at my wedding for others a wedding day is a mixed bag my wedding was not the happiest day of my life pretty much far from it and the high cost has led some brides to question whether their wedding was worth the money i don't think a traditional wedding is worth the money i would have much rather save that money for something else i don't know that i would say i totally regretted it but again it's like mostly for everybody else to enjoy here's what the wedding industry may not want you to know i am my dad's only daughter and my dad wanted something more traditional now that we've lost my dad since then i'm glad we did it the way that he wanted even though i sort of regretted it in the interim could have bought a new car with that money could have put a down payment on a bigger house with that money rent that you can pay for an entire year if we could probably have like eight solid vacations like conway ron and amikawa millennials in gen z are increasingly questioning whether a traditional wedding is worth the money according to one report the average cost of a wedding in the u.s in 2021 was 28 thousand dollars excluding the cost of an engagement ring that's about the average debt for a bachelor's degree among student loan borrowers in the u.s and it's nearly half the national average annual wage and wedding costs are on the rise due to inflation and pent-up demand a record number of weddings is expected in 2022 after so many were postponed due to the pandemic however wages have barely grown in the last 40 years lagging far behind inflation with the soaring costs of housing college child care and health care spending on a wedding could mean delaying other major life milestones that's one reason more couples are foregoing the big day in favor of eloping there are plenty of couples who feel their wedding costing tens of thousands of dollars was worth every penny for this once in a lifetime celebration surrounded by all their favorite people but what often goes untold are the aspects of a large traditional wedding that don't work for everyone watching videos and movies and you feel like it's supposed to be like this very special moment for you and your husband and your family but i didn't really get that feeling or sense more so oh i gotta make sure everything goes the way that it's supposed to go a lot of it was consumed by stress i want to make sure things are starting on time time to take the it's time to cut the cake it's time to do the dance it's time to do this i was one of those brides that i ate like two bites with my dinner and was just running around in circles you want to make sure that your guests are having fun like you're always thinking are you guys having fun are you guys doing okay do you guys need anything small talk with people i didn't know that well a wedding day is more for your guests than for for yourself it's kind of like putting on a show and entertaining the guests right so many people feel like their wedding is going to be the absolute best day of their life and i think that's why sometimes like post wedding you sort of have that post wedding crash where you're like oh that wasn't what i expected that sort of pressure is what makes people want to control every detail if people could just live in the moment and just enjoy their wedding for what it is which is a big party with a bunch of people who love you and you love i think that you'll enjoy it far more than if you are focused on this picture of what it's going to look like the wedding industry sells couples a fantasy this is the best or happiest day of your life it's how a wedding dress saleswoman encouraged me to double my dress budget from one thousand dollars to two thousand dollars the heightened emotional significance of this day is how many vendors justify the wedding tax the idea that the same service costs more for a wedding than it would for a party the thinking is couples tend to demand perfection on their wedding day requiring more effort on a vendor's part consumer report secret shoppers found that 28 of vendors they reached out to charged more for a wedding than for a 50th anniversary party with identical needs in addition costs often ballooned due to expensive service charges and fees our wedding venue charged us a two thousand five hundred dollar setup fee and a twenty percent service charge on top of most of our other vendors services though we negotiated off the setup fee whether or not a wedding is worth the money can largely depend on your financial situation are you getting help from parents or going into debt people are often sticker shocked by the price tag of a wedding but remember you will receive gifts the average guest gives 160 according to one study and more than two-thirds of newlyweds receive financial support from family according to another study the average couple pays for half of their wedding after paying for our wedding and receiving gifts we walked away with four thousand dollars in profit planning a wedding that's worth the money also depends on what type of celebration suits your goals and personality 40 people i think would be like the perfect intimate wedding quality over quantity a small destination type of wedding at the courthouse and then followed by you know maybe drinks and and some appetizers and sometimes it's all about perspective end of 2019 my dad got sick all of my feelings about the regret sort of went out the window and it sort of felt like important that we had that day especially as i've gotten older and my relationship with my family is different now i have to make it a point to see them and to spend time with them and so to have those memories and those photos was more important in hindsight what made my wedding worth it was the joy it brought to my friends and family my parents who grew up in poverty in china had never attended a traditional wedding a couple friends whom have attended hundreds of weddings said mine was among their favorite despite having attended weddings that cost three times more the wedding was also an opportunity for my husband to introduce people to a culture they may only know through stereotypes in the media at the end of the day planning a wedding that's worth the money doesn't necessarily come from doing what society expects of you but rather celebrating on your budget your way [Music]

Channel: CNBC Make It

Views: 313,447

Keywords: CNBC Make It, How To Make It, Entrepreneurs, Starting A Small Business, Business Success, Small Businesses, Finance Tips, Career Tips, Work Hacks, Lifehacks, Money Management, Career Management, Managing Business, living on 50k a year, living on 100k a year, living on 200k a year, r29 money diaries, millennial money cnbc, millennial marriage, cheap weddings, cost of weddings, wedding ideas, wedding design, diy wedding, expensive weddings, budget wedding

Id: 81uqJAmqbro

Length: 7min 13sec (433 seconds)

Published: Sun Jul 24 2022