Wedding Finance

78.8% of Couples Expect to Go Over their Wedding Budget and 65.7% Are Interested in Flexible Payment Solutions, According to Carats & Cake’s Inaugural Consumer Survey | New

NEW YORK–(BUSINESS WIRE)–June 29, 2022–

Carats & Cake, the financial operating system for the events industry, today announced its first annual quantitative research study highlighting the fact that the most significant challenge couples face when their wedding isn’t about planning it, it’s about paying for it. The Carats & Cake Consumer Study surveyed American couples to better understand consumer priorities and challenges when it comes to weddings in 2022.

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The results revealed that the events industry shows no signs of slowing down or shrinking, with nearly half of respondents planning to attend three to five weddings this year and 74.8% of couples planning to attend. welcome over 100 guests to their wedding. And, when it comes to budget, 40.5% of respondents plan to spend more than $75,000 and 23.2% plan between $50,000 and $75,000. Not doing it alone, 80.2% of respondents rely on family and friends to help pay for their wedding, with 78.8% of couples planning to go over budget.

The results also revealed that:

  • 96.8% of respondents believe wedding costs will increase in 2022
  • 86.4% of respondents expressed concern about wedding expenses
  • 77.8% of respondents’ marriages were affected by inflation and/or supply chain issues
  • 28.7% of respondents received quotes for sites of $50,000 or more
  • 22.1% of couples turned to credit cards to finance their wedding

Despite these worries, respondents also made it clear they were open to new ways of approaching wedding-related expenses, with 65.7% of couples welcoming the ability to pay for their wedding over time. In addition:

  • 22.7% of respondents are willing to go over budget for the right venue
  • Only 32.7% of respondents opted for another location due to price
  • Only 5.5% of couples are willing to cut venue costs to stay within budget

“Weddings are a celebration to honor the union of two people and the start of their financial life together,” said Jess Conroy, founder and CEO of Carats & Cake. “Engaged couples are making it clear that these momentous occasions are a priority they are not willing to sacrifice for. As costs rise in many categories, couples are asking for help paying for their big day and appreciate the important role what places play to make their dreams a reality.

To access the full results of the Carats & Cake Consumer Study, please visit https://caratsandcake.com/articles/2022-weddings-survey

About carats and cakes

Carats & Cake is the financial operating system for the event industry. Built by industry leaders, Carats & Cake has cultivated nearly a decade of trust with best-in-class companies. Founded in 2013 and backed by Acrew Capital, Founders Fund, 1Sharpe Ventures, Moore Specialty Credit, Correlation Ventures, GMO VenturePartners and others, Carats & Cake provides purpose-built sales tools and financial solutions to transform the events industry of 100 billion dollars.

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KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: RETAIL GEN Z EVENTS/CONCERTS PROFESSIONAL SERVICES DESTINATIONS WOMEN TRAVEL LUXURY MEN MILLENNIALS BRIDE PERSONAL FINANCES ENTERTAINMENT LIFESTYLE FOOD/BEVERAGE CONSUMER

SOURCE: Carats and Cake

Copyright BusinessWire 2022.

PUBLISHED: 06/29/2022 10:08 AM/DISC: 06/29/2022 10:08 AM

http://www.businesswire.com/news/home/20220629005676/en

Copyright BusinessWire 2022.