Americans “Joyfully Accept” Destination Weddings
By: Kaydee Ambas · August 02, 2023 · Reading Time: 2 minutes
Destination “I Do”
If you attended five weddings last year, there’s a good chance at least one of them was a destination wedding — a ceremony hosted away from the happy couple’s hometown, often at an international destination. These events are becoming increasingly popular as couples look for more ways to make their special day even more memorable.
In 2023, the global destination wedding market hit $28.3 billion, up roughly 33% from $21.3 billion in 2022. Experts predict it could reach almost $79 billion by 2027. While they can intensify the festivities, destination weddings can also add to the financial stress for brides, grooms, and guests.
Where To?
According to wedding planning site The Knot, some of the most popular destinations for an international wedding last year included Mexico, Europe, Costa Rica, and the Caribbean.
As for why more and more happy couples are going off the beaten path, 55% of respondents chose foreign locations for their significance, while 59% simply picked their destinations because they were “interesting.”
Additionally, throwing an international wedding creates the opportunity to turn the wedding into a longer trip, stretching the “special day” to a “special weekend” or beyond.
Breaking Down the Costs
Throwing a destination wedding can be memorable — but at what cost? In the US, the average cost of throwing a domestic wedding is roughly $10,000. Meanwhile, international celebrations cost around $35,600 on average.
And it’s not just the couple (or their parents) carrying the costs. Destination weddings are also more expensive for guests, who typically must pony up between $600 and $1,300 to attend. That’s without factoring in bachelor or bachelorette parties, not to mention outfits — a must for the perfect destination Instagram (META) pic.
With all that in mind, next time you receive an invitation to a destination wedding, how would you RSVP — “joyfully accept” or “regretfully decline”?
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23080203