Wedding industry takes big financial hit from COVID-19
Engaged couples are forced to postpone their weddings due to social distancing measures.
The coronavirus pandemic reportedly kicked down the average cost of a wedding in the U.S.
An updated real weddings survey conducted by wedding planning magazine and resource, The Knot, suggests the national average cost for a wedding ceremony and reception in 2020 was $19,000.
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Previously, the average cost for these two wedding events was $28,000 in 2019. And four years before that, the average cost of a wedding was $32,641. However, the average guest count in 2015 was 139, which is a number that far exceeds the health and safety capacity limits most couples are trying to adhere to throughout the pandemic.
The coronavirus pandemic reportedly kicked down the average cost of a wedding in the U.S., according to The Knot. (iStock)
The potentially deadly respiratory illness has inspired engaged couples to pursue drastically smaller elopements, minimonies and micro-weddings where guests can be socially distanced, which has ultimately driven down costs.
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According to The Knot’s latest study, 96% of marrying couples who intended to tie the knot in 2020 adjusted their original wedding plans due to the pandemic. Nine out of 10 couples reputedly hosted a ceremony and reception with coronavirus safety measures that cost them an additional $280 on average, including face mask favors.
Nearly one-third of couples got legally married but moved their reception to 2021 or later while 15% reported they moved their wedding entirely to a different date.
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For couples who are planning to hold a wedding reception this year or later, The Knot says their approximate budgets are $22,500.
Couples who are engaged or are already married are planning to hold wedding celebrations in 2021 or 2022. (iStock)
"Couples report their approximate budget for their upcoming reception to be $22,500, which is in line with past reception-only spend ($23,000 in 2019)—highlighting how couples are planning for a return to normalcy," The Knot’s coronavirus-related wedding survey states. "It’s important to note, however, that the cost of wedding celebrations varies significantly based on many factors, including the size of the wedding, geographic location and more."
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The Knot estimates that 2021 will be one of the busiest years for the wedding industry in light of coronavirus tests being more available than they were at the start of the pandemic in addition to current vaccine distribution initiatives.
Almost half of the couples The Knot surveyed said they are planning to hold a celebration for their nuptials this year or the next.
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Wedding services in the U.S. are projected to reach $73.3 billion in 2021, according to a forecast by IBISWorld – a market research firm.
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