The Average Guest Will Spend Almost $3,000 Per Wedding this Year, Affirm Consumer Spend Report Reveals

Rhea-AI Summary

Affirm's Consumer Spending Report reveals a surge in wedding attendance for 2022, with the average American invited to four weddings. Notably, 28% are planning their own weddings, marking a significant comeback. Sequel weddings are trending, with 35% of invitees expected to attend one. Financial strains are evident, as 63% of guests report feeling stressed about costs, leading 28% to consider Affirm's pay-over-time solutions. Consumers may spend up to $12,000 on weddings this year, highlighting a need for budgeting assistance.

Positive

• Sequel weddings gaining popularity, indicating increased consumer spending.
• 28% of attendees plan to use Affirm's payment solutions, showcasing product demand.
• Average wedding attendance spending projected at $12,000, signaling market growth.

Negative

• 63% of guests feel financially stressed regarding wedding costs.
• 37% unable to afford gifts or new outfits due to financial constraints.
• 36% declined wedding party invitations due to high costs.

More than a third of wedding-goers will attend a sequel wedding in 2022; Nearly two-thirds agree they would spend more money on a destination wedding if they can make a vacation out of it

SAN FRANCISCO--(BUSINESS WIRE)-- The average American will be invited to four weddings this year and nearly a third (28%) of Americans are planning one of their own, making 2022 a true comeback year for weddings, according to the latest Affirm Consumer Spending Report.

New research from Affirm found that over a third (35%) of those who have been invited to a wedding will attend a sequel wedding – a second ceremony planned by a couple after their first scaled down pandemic wedding. Over half (56%) of consumers surveyed agree that more couples are having sequel weddings in 2022 so their friends and family can attend festivities in person.

The return of travel is also a reality for many wedding-goers — about one in three Americans are expecting to take a trip for a wedding this year and the majority (59%) are willing to spend more to travel to a wedding if they can make a vacation out of it.

As the costs of attendance can add up quickly - from gifts to clothing to travel - nearly two-thirds (63%) of invited guests this year report feeling financially stressed. Over a third (37%) claim they’ve been unable to buy a gift for a couple or purchase a new outfit for a wedding, due to financial constraints. To help cope with the financial burden and take control of their wallet, almost a third (28%) plan to use a pay over-time-solution like Affirm.

"One in four Americans plans to spend more on wedding attendance this year than ever before. In fact, the average consumer could spend up to $12,000 attending weddings in 2022 alone," said Silvija Martincevic, Chief Commercial Officer at Affirm. “As the financial burden of attending weddings increases, paying over time can help consumers fit everything from flights to attire into their budget. With Affirm, consumers can responsibly navigate the wedding season, spreading out their payments with the peace of mind that there are no hidden fees, ever.”

Additional key findings include:

• 1 in 2 (51%) agree that couples should invoice wedding guests the cost of their attendance if they no-show
• More than a third (36%) of consumers say they’ve had to decline being in a wedding party due to high costs
• Almost half (46%) of consumers agree that guests should buy an additional gift when attending a second ceremony, even if they already purchased an initial gift for the couple.

About the Survey
The online survey was conducted by OnePoll for Affirm in March 2022, with a panel of 2,000 nationally representative U.S. consumers.

About Affirm
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.

Payment options through Affirm are subject to an eligibility check, may not be available in all states, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Finance Lender license.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005416/en/

Emily Dale

press@affirm.com

650-398-2715

Source: Affirm Holdings, Inc.

FAQ

What does Affirm's 2022 Consumer Spending Report indicate about wedding attendance?

Affirm's report indicates that the average American will be invited to four weddings in 2022, with 28% planning their own.

How much are Americans expected to spend attending weddings this year?

Americans may spend up to $12,000 attending weddings in 2022.

What percentage of wedding-goers might attend sequel weddings in 2022?

35% of those invited to weddings are expected to attend a sequel wedding this year.

How are financial constraints affecting wedding attendance?

63% of wedding invitees report feeling financially stressed, impacting their ability to buy gifts or new outfits.

What financial solutions are consumers considering for attending weddings?

28% of wedding attendees are considering using Affirm's pay-over-time solutions to manage costs.