As the world waits in anticipation of Prince William and Kate Middleton’s wedding date, results from the American Express Spending & Saving Tracker report released today show that more than three in five consumers would spend up to $600 on average to attend the royal event if invites were for sale.
While Americans seem willing to spend big on William & Kate, they’re less likely do to so for those they know. Consumers $490 on average to attend weddings as a guest, and an average of $539 per wedding if included in the party. Here’s how wedding costs broke down:
|Dressing Up||$113 if in wedding party/$64 as guest|
|Arrangements for children/pets||$26|
William and Kate Nuptial Choices Influence American Behavior?
When asked which Royal Wedding luxury they would incorporate into their own weddings, 29% of women said they would give a personalized gift to each wedding guest while 22% would incorporate a horse-drawn carriage into the mix. An additional 17% said they would don a couture wedding gown on their wedding.
On the other hand, Americans seem less likely to emulate the royal couple’s request that wedding gifts be donated to charitable gift fund. Only 2% of Americans said they would ask their guests to donate gifts to a charity, while more than half of consumers would prefer a cash gift.
An additional 23% of American consumers say they’d like to receive items from gift registries. Ironically, 38% of American consumers would prefer giving an item from a registry over giving cash (32%).
American Express’s survey results also revealed that spending on wedding gifts also differs based on both geography and by the guest’s relation to the bride and groom. Americans spend the most on close family members—an average of $196 to be exact—while consumers in the both the Northeast and the West spend the most on wedding gifts ($233 and $228, respectively). Southerners spend $211 on average for gifts while consumers in the North Central region spend just $126 per gift.
Money Talk is Important
If you plan to get married soon then take some advice from those a little further down the line: discussing money with your significant other on a regular basis is important, and wedding costs are just the tip of the iceberg. More than 50% of consumers in a relationship discuss money at least once a week according to AmEx’s survey. The top three causes of money arguments between married couples or those living together involved spending on kids (15%), decisions regarding large purchases (14%) and setting household budgets (14%).