CNN Reports on Average Wedding Cost

CNN quoted the WE TV wedding report this week regarding the average cost of a wedding in the USA. The cost of a wedding was up 22% over last year. This is a $4,000 increase from last year's low.

I decided to visit the WE TV website and research the wedding price trends. They began tracking the average cost of a wedding in 2005. The graph below is from their site and it shows a solid 4% increase in 2006 and 2007. The biggest move down occurred in 2008 (the S&P 500 index peaked in October 2007).



Source: www.wetv.com

The 2010 mid-year average is still 10% below the 2005 number (see chart below). As the wedding caterers adapt to these shifting trends, it is important to remember the economy in 2005 was helped by access to relatively cheap money through home equity loans. Parents could go to the bank and borrow the money for their child's wedding at very attractive rates.



The WE TV graph above shows average wedding costs from 1990 and 1999 citing the Christian Science Monitor as their source. I find the modest increase during a period of solid economic growth of particular interest. The increase from 15,200 to 18,900 over 9 years is a 24.3% growth spurt. This is a 2.45% average annual rate.

The 2010 average, which is 10% below the 2005 number, seems to be a better starting point for comparisons. I'd expect future growth to model something closer to the 1990s.