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Just Hitched

COVID-19 may have put the wedding industry on hold, but as the saying goes, love conquers all. So it’s no surprise that all the proposals from the last couple of years have turned into ‘I dos’ this year.

Weddings are celebrated in all cultures across the globe, in one form or another, as the formation of the basis of a family. This universal appeal makes the wedding industry a behemoth that trumps all other event types in both size and revenue. 

For the singles out there, this sector covers a lot more than you’d expect. Subdivided into several smaller ones, it includes catering, venues, clothing, beauty supplies and services, photographers, gifts, event planners, flowers, music, and much more

In 2019, the average price tag for a wedding was $24,679 in the U.S.. Keep in mind that this excludes the cost of the rings (average engagement ring spend was US$5,900) and the honeymoon.

Then the pandemic came, suspending all kinds of gatherings globally, weddings included. But as restrictions subsided in 2022, a ‘post-pandemic’ wedding boom saw a huge uptick in the number of couples tying the knot. 

In the U.S. alone, over $60b was poured into the industry in 2022, almost 20% more than pre-Covid numbers. The number of weddings topped 2.6m; that’s the highest since 1984, almost 30% more than the 2.02m in 2019, and over double the 1.68m ceremonies in the first year of COVID lockdowns. 

Unfortunately for lovebirds, the wedding industry wasn’t spared from global inflation and supply chain issues. Shortages in venues and suppliers have resulted in many celebrations happening on a weekday, with the typical American wedding now costing around $27,000. Lower discretionary incomes have also led more couples to opt for lab-grown diamond rings instead. Even wedding guests had to mind their budget, being invited to more weddings this year and, in the U.S., spending about $550 on each.

While the Year of the Weddings is coming to an end, 2023 is forecast to be just as busy. With inflation issues spilling into the new year, our wish to the brides and grooms is that celebrating love doesn’t have to cause such a big dent in their wallets.


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Stakeshop Pty Ltd, trading as Stake, ACN 610105505, is an authorised representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Australian Financial Services Licence No. 337927) ('Sanlam') and an authorised representative (Authorised Representative No. 1241398) of Airwallex Pty Ltd (Australian Financial Services Licence No. 487221) ('Airwallex'). Stake is not authorised by Airwallex under Airwallex’s AFSL to arrange for clients to be issued with securities as Airwallex is not authorised under its AFSL for this purpose. Stake is not authorised by Sanlam under Sanlam’s AFSL to arrange for clients to be issued with a non-cash payment facility as Sanlam is not authorised under its AFSL for this purpose. Stake SMSF Pty Ltd (‘Stake Super’) is not licensed to provide financial product advice under the Corporations Act. This specifically applies to any financial products which are established if you instruct Stake Super to set up a self managed super fund (‘SMSF’). When you sign up to Stake Super, you are contracting with Stake SMSF Pty Ltd who will assist in the establishment of a SMSF under a ‘no advice model’. You will also be referred to Stakeshop Pty Ltd to enable your trading account and bank account to be set up in order to use the Stake Website and/or App. Stakeshop Pty Ltd will also run marketing and promotions to you under. For more information about SMSFs, see our SMSF Risks page.The information on our website or our mobile application is not intended to be an inducement, offer or solicitation to anyone in any jurisdiction in which Stake is not regulated or able to market its services. At Stake and Stake Super, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs. Any advice given by Stake is of a general nature only. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice. Please view our Financial Services GuideTerms & ConditionsPrivacy Policy and Disclaimers  before deciding to invest on or use Stake or Stake Super. By using our website or service in any way, you agree to our Privacy Policy and Terms & Conditions. All financial products involve risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Past performance of any product described on this website is not a reliable indication of future performance. Stake and Stake Super are registered trademarks in Australia.

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