The events industry shows no signs of slowing despite 86.4% of respondents expressing concern over total cost
NEW YORK–(BUSINESS WIRE)–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 it comes to their wedding isn’t planning it, it’s 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.
The results revealed that the event industry is showing no signs of slowing or shrinking, with nearly half of respondents expecting to attend three to five weddings this year and 74.8% of couples expecting to host over 100 guests at their wedding. And, when it comes to budget, 40.5% of respondents plan to spend over $75,000 with another 23.2% budgeting between $50,000 and $75,000. Not doing it alone, 80.2% of respondents are leaning on family and friends to help pay for their wedding with 78.8% of couples anticipating going over budget.
The results also revealed that:
- 96.8% of respondents believe that wedding costs have increased in 2022
- 86.4% of respondents expressed concerns about wedding costs
- 77.8% of respondents’ weddings have been affected by inflation and/or supply chain issues
- 28.7% of respondents have received price quotes for venues of $50,000 or more
- 22.1% of couples have turned to credit cards to help fund their wedding
Despite these concerns, respondents also made it clear that they are open to new ways to approach wedding-related expenses with 65.7% of couples welcoming the opportunity to pay-over-time for their wedding. Additionally:
- 22.7% of respondents are willing to go over budget for the right venue
- Only 32.7% of respondents have opted for an alternate venue due to price
- Only 5.5% of couples are willing to cut venue costs to meet budget
“Weddings are a celebration to honor the union of two people and the beginning of their financial life together,“ said Jess Conroy, Founder and CEO, Carats & Cake. “Engaged couples are making it clear that these momentous occasions are a priority they aren’t willing to sacrifice on. As costs rise across many categories, couples are asking for help paying for their big day, and value the important role that venues play in making 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 & Cake
Carats & Cake is the financial operating system for the events industry. Built by industry leaders, Carats & Cake has cultivated nearly a decade of trust with best-in-class businesses. Founded in 2013 and backed by Acrew Capital, Founders Fund, 1Sharpe Ventures, Moore Specialty Credit, Correlation Ventures, GMO VenturePartners, and others, Carats & Cake delivers purpose-built sales tools and financial solutions to transform the $100B events industry.