2022 Wedding Boom Brings Big Costs As Well
The Big Wedding Comeback
Wedding bells are ringing once again in 2022 with COVID-19 numbers seemingly on the decline. Market research firm The Wedding Report says 2.5 million couples plan to tie the knot this year — the most since 1984. Hotel executives point to their sales as one indicator: the average cost to rent a room is up near record levels.
Hotels also indicate the large blocks of rooms that wedding parties tend to reserve are being booked for longer periods of time than previously observed. Some wedding planners and venue managers say couples are holding multi-day wedding events. The smaller wedding of the pandemic era is fading from view, with guest list sizes returning to pre-2020 levels.
Wedding Costs Are Going Up
Analysts say the pandemic’s delayed weddings and resulting pent-up demand has prices skyrocketing. Wedding planning website The Knot reports the average wedding cost guests $660 in 2021 if within driving distance, and $1,270 for trips that required a plane ticket. Those figures are expected to jump by 10% or more this year with inflation also a factor.
With more weddings comes more travel, pushing up prices for gas and airfare. The other half of the equation is lodging. Hospitality analysts predict this summer’s weekend room rates will set records as leisure travelers and wedding guests compete for the same space. Hyatt Hotels (H) reports record wedding block bookings.
It’s a Boost for Hotels And Rentals
Hotel managers say they’re less motivated to offer wedding parties discounted rooms because leisure destination bookings have been so robust. Popular markets where weddings are typically held are experiencing higher-than-usual lodging rates. In some cases, groups of wedding guests are coming together and renting larger guest houses via sites such as Airbnb (ABNB).
Analysts suggest working remotely may offer wedding guests flexibility this summer. Some guests are booking lodging days in advance of a wedding in order to enjoy a mini vacation, while retaining the ability to work. It’s clear the pandemic is continuing to impact when and how weddings are held, including the way guests travel.
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.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. 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 Adviser
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.