Couples are spending thousands more on weddings. Here’s why.

Planning a wedding has always been a significant financial commitment, but this year, couples are feeling the pinch more than ever. According to a recent analysis by the Bank of America Institute, wedding-related spending has increased by 8.5% compared to last year. This rise in costs can be attributed to various factors, including tariffs and inflation affecting the prices of everything from flowers to catering.

The impact of President Trump’s tariff policies is evident in the higher prices couples are facing for imported products such as flowers and cocoa. These added expenses are being passed on to customers by businesses, further driving up wedding costs. In addition, broader inflation has pushed prices up across the board, with the inflation rate reaching 4.2% in May, the highest level in more than three years.

On average, couples now spend $36,000 on their weddings, making it one of the most significant financial commitments they will face, similar to buying a car. The Bank of America study analyzed customer spending data, including credit and debit card transactions, to estimate the costs of various wedding-related expenses such as venue rentals, catering fees, photography, florists, and apparel.

While wedding costs can vary depending on factors like the size and location of the event, the study found that wedding spending in the South grew five times faster than in the Midwest. This difference could be attributed to regional cost-of-living disparities or varying wedding styles.

Changing Trends in Wedding Planning

The report also highlighted shifting trends in wedding planning, with weddings among Gen Z members tripling since 2019, while the number of millennial weddings has decreased by around 20%. This shift suggests that the milestone of marriage is now being embraced by younger Americans.

In addition to changing demographics, wedding traditions are also evolving. More couples are opting for lab-grown diamonds over natural stones, indicating a preference for more affordable engagement rings. This shift reflects a broader trend towards sustainability and ethical sourcing in the wedding industry.