The wedding industry took a hit during the pandemic. However, it seemed to quickly recover.
Using 2021 data from the U.S. Bureau of Labor Statistics, research conducted by RareCarat, found New York to be the number one state in the U.S. for the wedding industry after the pandemic. However, a more recent study by BadCredit.org found that thousands of New Yorkers are postponing or canceling their weddings this summer due to financial challenges.
“Ultimately, this research provides a sobering glimpse into how financial pressures impact modern relationships,” said John McDonald, senior editor at BadCredit.org
The research was conducted by surveying more than 3,000 couples and it found that those most affected are the ones with poor credit scores.
New York will see a drop of approximately 37,430 weddings this summer, as couples usually rely on personal loans to cover the costs of weddings, those with low credit scores are unable to qualify for them.
In addition, rising costs due to inflation make it harder for couples to tie the knot.
The state of Delaware faces a similar problem. This summer, approximately 4,444 weddings will not take place in this state. Due to Delaware’s small population, this figure represents a big portion of the wedding industry in this state. On the other hand, Arkansas seems to be thriving as couples in this state do not tend to rely on loans to pay for their weddings.
Regardless, the state will also see a drop of 2,132 weddings this season.
Despite these constraints, New York couples remain hopeful and look forward to a wedding celebration in the near future. The survey found that about 61% of couples hoped to tie the knot in 2025, while 29% are eyeing a wedding within the next three years.
While financial constraint can be frustrating, 40% of couples surveyed said postponing the wedding strengthened their relationship. However, about a third of those surveyed admitted that delays led to tensions and 7% admitted to reconsider their relationships.
The research also discovered that couples in the future might opt for more modest ceremonies.About 88% of the couples said that they prefer to start a marriage with financial stability rather than have a costly wedding that would leave them in substantial debt.
For many, having a ceremony is a nonnegotiable. Almost half of the couples that have previously financed their weddings on credit, do not regret doing so.
In addition, more than half of those surveyed said that they were willing to cut essential expenses like food and rent in order to fund their wedding. 23% would consider selling personal or family heirlooms. Similarly, 22% of the couples would take out high-interest loans.
“The need to make prudent decisions amid these challenges is apparent, and the value of starting a marriage on sound financial footing has never been clearer,” said McDonald.
