Inflation sends wedding costs soaring
DENVER (KDVR) — Inflation is hitting the wedding industry, forcing some couples to rethink their wedding budgets and visions for their big day.
According to The Wedding Report, 2022 is set to be a record year for the number of couples tying the knot. Nearly 2.5 million weddings are expected this year, compared to 1.9 million in 2021. Colorado ranked 19th in the nation for the number of weddings last year.
The surge in couples getting hitched post-pandemic comes as costs are rising. In Colorado, average spending jumped by more than $4,000 from 2019 to 2021. Amelia Moritz is co-owner of Alegre Weddings and Events. She estimates weddings costs are 15% to 20% higher now compared to previous seasons.
“Everybody all around is raising their prices in order to be competitive,” said Moritz.
Moritz says travel fees have skyrocketed. That means couples might be paying much more to get vendors to their wedding venue. She says vendors that rely on freight and labor are the most impacted, like caterers and floral companies.
“We have weddings that were booked a year ago so now, with flower prices going up our profit margin is lower but that’s something that’s out of our control,” said Moritz.
Both vendors and couples are paying the price. Moritz says many couples are continuing the “micro-wedding” trend that gained popularity during the COVID-19 pandemic.
“They’re having to take a better look at their budget and actually price out what’s important. A lot of couples are scaling down their weddings. It’s more intimate and they can spend more on meals or having a weekend trip,” Moritz said.
Cutting down the guest list is an easy way to save money. Other options include:
- Book reputable vendors that are new to the industry. Less experience typically means a lower price.
- Book vendors that offer bundles or packages that include multiple services.
- Choose one important aspect to splurge on, like food. Limit costs on other areas or cut them out completely.
Couples choosing to put off wedding planning until costs go down could be waiting a while. Estimates from The Wedding Report show rising costs through 2024.
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