After reviewing survey results from over 10,500 weddings in 2017, The Wedding Report has finally released their newest market statistics. Although the United States' economy continues to strengthen, the average wedding cost in 2017 fell 3.6% from the previous year's average of $26,720 down to $25,764.
Interestingly, most of the well-established businesses in our local market continue to see an increase in spending as the economy improves. Since 2013, rental companies, event venues, food and beverage caterers, florists, and wedding planners have all seen a consistent up-trend in the market.
So, why aren't couples spending more on their special event?
Our initial theory is that people are simply spending their disposable income on different things than they used to. We noticed the largest decrease in spending in the jewelry category. Although the engagement ring cost remains consistent with the previous year, couples are not spending their disposable income on fine jewelry like they did in the past (ie. 2017 vs. 2016 Wedding Jewelry Costs: Bracelet -7.0%, Earrings -5.6%, and Necklace -7.0%). Consumers are more informed and price-conscious than ever which has created a steady down-trend in the jewelry industry. The immense online competition has made prices fall across the entire market.
Again, this is just our two cents and our experience in Maine's wedding and event market. The Wedding Report statistics are their own findings from surveys taken across the United States. We will post follow-up information and statistics on the local market as it becomes available.