LITTLETON, Colo. — More than half of Colorado residents expect to incur wedding-related expenses this year, and many are cutting back on participation or borrowing money to cover the costs, according to a new survey released by Red Rocks Credit Union.
The credit union’s second Summer Squeeze Survey found that while just 8% of respondents are planning or paying for their own wedding, 51% said they will participate in some form of wedding-related activity, including attending ceremonies, traveling, purchasing gifts, buying attire or taking part in showers and bachelor or bachelorette parties.
According to Red Rocks Credit Union, about three-quarters of respondents for whom wedding costs applied said they had changed, skipped or considered changing their wedding-related plans because of the expense. Only 15% of all respondents said wedding costs had no impact on their plans.
The survey also found that financing wedding-related expenses has become increasingly common.
The Findings
Among the findings:
- More than one-third of respondents said they have used credit cards, loans, payment plans or buy now, pay later services to cover wedding-related expenses.
- Of those who financed costs, 65% used a credit card, 40% tapped savings, 29% used buy now, pay later services, 23% borrowed from family or friends, 21% took on extra work or side jobs, and 15% used personal loans.
- Twenty-eight percent expect to attend a wedding as a guest this year.
- Twenty-six percent expect to purchase gifts, attire or other wedding-related items.
- Twenty-one percent expect to attend related events such as bridal showers or bachelor and bachelorette parties.
- Seventeen percent expect to travel for a wedding or related event.
The survey found younger consumers were more likely to finance wedding participation than older generations. According to the credit union, Generation Z respondents were nearly twice as likely as Generation X respondents to use credit, loans, payment plans or buy now, pay later services for travel, gifts, clothing or accommodations associated with weddings.
‘Bigger Financial Decision’
“Wedding costs aren’t occurring in a vacuum,” Red Rocks Credit Union CEO Darius Wise said in a statement. “When families are already paying more for gas, groceries, dining, lodging and other everyday expenses, the cost of attending a wedding becomes a much bigger financial decision.”
Wise encouraged consumers to understand the total cost of participating in wedding events before committing to travel or other expenses and to avoid taking on debt that could extend well beyond the celebration, according to the credit union.
