The average cost of a wedding hit $29,000 in 2023, forcing many couples to trim their guest list.
After a brief pause in June, the Federal Reserve raised interest rates another quarter of a percentage point on Wednesday.After a brief pause in June, the Federal Reserve raised interest rates another quarter of a percentage point on Wednesday.
The decision comes as inflation continues to impact every sector, including the wedding industry, as 77% of couples tie the knot during the summer months. Wednesday's announcement marks the 11th rate hike in the past 12 meetings and it should inform how you handle your money.It's having an impact on all consumers, including brides-to-be.
"A lot of those discretionary purchases have also come under pretty significant price pressure over the last year or so," said Chief Financial Analyst Greg McBride ofFor example, fresh cakes and cupcakes are up 7.8% from June 2022 to June 2023. Alcoholic beverages are up 4.4%, wine is up 6.7%, and photographers and photo processing are up 4.8%.
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