Weddings cost less than half what we expect, Canstar research shows
EXCLUSIVE research has revealed how unmarried Aussies anticipate spending more than $35,000, while those who had been married spent over $12,000. This is how they did it.
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WEDDINGS aren’t half as expensive as we think, literally, in some cases, a new survey suggests.
Exclusive research for Moneysaver HQ from Canstar revealed unmarried Australians anticipate spending a total of more than $35,000 on their big day, while those of the 1900 respondents who had been married, actually spent just $12,932 on average.
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The survey included people who had been married in every decade since the 1960s, but even those who tied the knot between 2015 and the present reported an average cost of $19,018; which shows people are conditioned to expect to pay more than necessary, according to Canstar spokeswoman Belinda Williamson.
“The wedding industry makes a great deal of money propping up prices as soon as the word ‘wedding’ is mentioned,” Ms Williamson said.
Breaking it down by states, would-be-weds in NSW anticipated spending a staggering $72,141, more than four times the actual spend of $17,242.
“In New South Wales, people look at property prices, cost of living and everything else seemingly being more expensive, so they think the cost of a wedding will also be more expensive,” Ms Williamson said.
Victoria ($24,743), Queensland ($18,600), South Australia ($15,272), Western Australia ($12,709) and ACT ($11,500) were next, while Tasmanians expected to pay $8,747 and Northern Territorians just $7500.
Meanwhile, some couples were reducing spending by looking to cheaper products available overseas, according to global payment facilitator TransferWise.
“Savvy couples are thinking about everything from buying their items from overseas, to where to hold the wedding ceremony and of course how to pay for it all,” TransferWise spokeswoman Anhar Khanbhai said. “Savings can be made by buying decorations in bulk from overseas and brides can buy wedding dresses from overseas and get them altered locally.”
British man Leon Kallstrom met his American future wife, Sonja, in Sydney and, with family around the world, faced tough logistics and huge potential costs when planning their California wedding. They decided to play it smart.
“We focused most our money on getting the right location,” Mrs Kallstrom said. “We kept the side events very casual and let guests choose and pay for the things they were interested in doing.”
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The couple resisted “advice” received from industry retailers.
“There are so many things the wedding industry makes you feel you need that don’t matter to guests,” Sonja said. “Things like monogrammed candy on top of fancy dinner plates. The things people remember have to do with the conversations they have, being part of a shared experience, the emotions they feel … and great music, food and wine.”
The couple estimate they saved thousands by using TransferWise to pay in advance.
“At the time we were planning the wedding the exchange rate was forecast to drop dramatically — not in our favour — so we hurried to transfer as much money as we could, six months in advance,” Mrs Kallstrom said. “This was essential to being able to afford an overseas wedding as every percentage point mattered.”
Tips to avoid a wedding budget blowout:
• Set a sound budget you’re both comfortable with, including a small contingency fund for mishaps
• Go digital and consider online invitations and save the dates. There’s free websites to help with the design, such as withjoy.com.
• Purchase your own table styling items and plants rather than hiring them, with the aim to resell them.
• Towering cakes may have had their wedding day, why not spare the expense and opt for a smaller, fancier cake.
• Skip paying for a musician or DJ and instead create your personalised playlist on Spotify together ahead of time.
Source: Belinda Williamson, Canstar