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Want to get married this year? Get ready to spend almost $30K

Published: 10:58 02 Jun 2023 EDT

Tapestry Inc - Want to get married this year? Get ready to spend almost $30K

Weddings are making a comeback, but couples should brace themselves for higher expenses this year.

According to wedding planning site Zola, the average cost of a wedding in the US is now $29,000, up by $1,000 compared to 2022.

The price hike is attributed to inflation and a scarcity of wedding-related goods and services caused by overwhelming demand.

Wedding vendors have been forced to raise their rates as they contend with increased costs for items like food, flowers, and labor. The industry experienced a surge in demand as celebrations resumed following the pandemic, with couples vying for venues, photographers, wedding planners, florists, and customized elements.

That's proven a boon to certain wedding-adjacent stocks like Tapestry Inc (NYSE:TPR), the parent company of three major brands: Coach New York, Kate Spade New York and Stuart Weitzman, whose stock is up nearly 18% year-over-year, and LVMH Moet Hennessy Louis Vuitton SE, which owns Tiffany and Co, Sephora and Moet & Chandon, whose US-listed shares have gained around 36% in the same time period.

Zola's report, based on a survey of 4,000 engaged couples, revealed that New York City topped the list of the most expensive cities to host a wedding in 2023, with an estimated cost of $43,536. Other pricey cities included San Francisco, Boston, Philadelphia, and Miami.

However, some couples are opting for smaller guest lists. A similar survey from The Knot, a wedding planning and vendor marketplace, found that 39% of couples in 2023 are trimming their guest lists, favoring more intimate ceremonies.

Despite the wedding industry's current recovery, jewelers have reported a decline in recent engagements, suggesting that the boom may be short-lived due to fewer couples meeting during the COVID-19 quarantine era.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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