Most of us think of Memorial Day weekend as the kickoff of the summer season. You might notice your summer Saturdays filling up with plans to attend weddings, as this is also the start of wedding season. Both seasons start for me this weekend as I head to Denver to attend my first wedding of the season and enjoy sunny, 85-degree, summer weather for a few days before returning to Oregon (where summer weather is still at least a month away).
We all know that weddings can be expensive. I am sure that rings especially true to the brides, grooms, and generous parents. Weddings also add up for those attending. With travel, hotel, gifts, and clothing the average American expects to spend $539 per wedding according to the latest American Express Spending and Savings Tracker, Wedding Season: What You’ll Spend to Attend. American Express presented the information on a great info-graphic to the right.
Now you know the average guest spends $539. How much of that total would you guess goes towards the wedding gift? Well, it depends. The closer you are to the couple and the more your budget allows, the more you will spend on average. No real surprise there. On average, the amount spent on a wedding gift is $108. Close family members spend an average of $179, while coworkers spend on average of $66. This bumps up significantly for affluent guests (defined as having a minimum annual household income of $100,000), with close family members and friends planning to send an average of $251 on a wedding gift.
If you are attending a wedding, keep in mind what the bride and groom really want. It turns out it is not a gift off their carefully selected registry, it’s CASH! I always seem to go the registry route, but maybe next time I will just stop by the ATM instead. It sure would be easier for me.
I hope you all have a great Memorial Day weekend. Money Tree will be closed on Monday for Memorial Day, but we will back Tuesday bright and early at 6:30 am Pacific Time.