Wedding Costs on the Rise: Tariffs and Inflation Impacting Couples' Budgets
Couples are facing higher wedding costs this year, with spending on wedding-related expenses increasing by 8.5% compared to last year. The rise in prices is attributed to tariffs and inflation, impacting everything from flowers to catering services. President Trump's tariff policies have contributed to the higher costs, along with broader inflation, which reached 4.2% in May, the highest level in over three years.
Weddings are a significant financial commitment for couples, with costs comparable to buying a car. In 2025, the average wedding cost $36,000, a $3,000 increase from the previous year. The Bank of America Institute conducted a study analyzing customers' spending data to estimate expenses related to weddings, including venue rentals, catering, photography, florists, and apparel. Wedding costs can vary based on factors such as the size, location, and style of the event.
Tariffs have impacted wedding expenses, leading to higher prices for imported products like flowers and cocoa. Businesses affected by tariffs often pass on some of the increased costs to customers. Wedding spending in the South outpaced spending in the Midwest, possibly due to regional cost-of-living disparities or different wedding preferences. Gen Z weddings have tripled since 2019, while millennial weddings have decreased by approximately 20%, indicating a shift in marriage trends towards younger Americans.
Some wedding traditions are changing, with more couples opting for lab-grown diamonds instead of natural stones for their rings. This trend suggests a preference for more affordable options among couples. Overall, the increase in wedding-related spending highlights the financial commitment and evolving trends in the wedding industry.