Planning a wedding can be a difficult time for everyone, no matter what country you live in. And a staggering percentage of newlyweds go into debt to pay for their weddings.
Some statistics:
- Many working couples around the world go into debt, using loans and credit cards to pay for their weddings.
- In the US, 28% of couples said they already had debts before the wedding. And yet they decided to increase them in the name of a beautiful ceremony.
- Meanwhile, in Peru and Brazil, 47% of couples said they had savings to pay for their wedding.
In some countries, an astonishing number of newlyweds report having to go into debt to pay for their weddings, and many rely on loans to pay their wedding bills.
Weddings in the United States are notorious for their high cost, and wedding expenses are undoubtedly a big problem. Therefore, Knot and WeddingWire recently released their global wedding report for 2019, which analyzes the total and average costs associated with weddings in 13 countries. The study also found the percentage of couples who had credit card debt or credit to pay for celebrations.
To better analyze how wedding expenses can affect people in these countries, the average annual salaries in each of them were also taken into account.
1. Portugal
- Median Wedding Cost (USD): $ 16,700
- Average annual individual wage (US $): $ 19,930
- The number of couples who take on a wedding loan: 7%
Weddings in Portugal are expensive - couples will spend an average of $ 16,700 for a wedding. However, unlike couples in countries such as Peru and Brazil, Portuguese newlyweds rarely use credit cards or loans to pay celebration expenses.
2. Spain
- Median wedding cost (USD): $ 23,400.
- Average annual individual salary (in US dollars): $ 27,150.
- Number of couples who take on a wedding loan: 15%.
Wedding expenses in Spain and Italy are also high, but only 15% of couples report "marital debt." This can largely be due to the large financial support of their parents and families - they cover about two-thirds of all wedding expenses.
3. France
- Median wedding cost (USD): $ 17,600.
- Average annual individual wage (US $): $ 38,160
- Number of couples who take over the wedding loan: 21%.
The number of guests can increase the cost of the wedding exponentially. In European countries, such as France and Italy, the average number of guests is from 100 to 130. French couples said they spend the most on food - not surprising for a country that is so reverent about delicious food.
4. Italy
- Median wedding cost (USD): $ 22,500.
- Average annual individual wage (US $): $ 31,180
- Number of couples who take on a wedding loan: 25%.
On average, couples in Italy receive great financial support from their parents. However, approximately one in four of them will still go into debt and credit to pay for their weddings.
5. USA
- Median Wedding Cost (USD): $ 29,200
- Average annual individual wage (US $): $ 59,160
- Number of couples who take over the wedding loan: 28%.
Couples in the United States spend the most on their weddings.As a rule, they receive less financial support from their families as compared to Western European and South American newlyweds, which means that many of them will have to pay out of pocket or incur debts for their mega-expensive holidays.
6. UK
- Median Wedding Cost (USD): $ 19,200.
- Average annual individual wage (US $): $ 40,600
- Number of couples who take on a wedding loan: 30%.
Married couples in the United Kingdom have reported that they spend the most time planning their weddings. As we all know, weddings in the UK can be extremely important (hello, Meghan Markle and Prince Harry). Nevertheless, the average couple who marry in the UK will still spend less on triumph than couples in the United States. However, they are a little more likely to go into debt to pay for it.
7. Canada
- Median wedding cost (US $): $ 21,900
- Average annual individual wage (US $): $ 42,790
- Number of couples who take on a wedding loan: 31%
Canadian newlyweds reported a high average cost of a wedding - a whopping $ 21,900. Perhaps because of this average price, every third couple goes into debt for a wedding in this country.
8. Argentina
- Median Wedding Cost (USD): $ 3,700.
- Average annual individual wage (US $): $ 13,030
- Number of couples who take over the wedding loan: 37%.
Spouses in Argentina spend an average of $ 3,700 for a wedding and invite about 125 guests. This results in an average cost of $ 30 per wedding participant.
9. Mexico
- Median Wedding Cost (USD): $ 8,600.
- Average annual individual wage (US $): $ 8,610
- Number of couples who take over the wedding loan: 39%.
The number of wedding invitees in Mexico is the second largest in the world - an average of about 185 guests. Weddings in Mexico cost almost as much as an annual individual salary.
10. Colombia
- Median wedding cost (US $): $ 3,300.
- Average annual individual wage (US $): $ 5,890
- Number of couples entering into a wedding loan: 43%.
Newlyweds in Colombia reported the lowest number of guests and the shortest planning time. The actual cost of an ordinary Colombian wedding is also low - only 3300 dollars. However, taking into account the average annual individual salary, it is not surprising that 43% of couples will then pay debts.
11. Chile
- The average cost of a wedding (US $): 7,400 dollars.
- Average annual individual wage (US $): $ 13,610
- Number of couples who take over the wedding loan: 45%.
45% of couples in Chile report having to pay credit for their wedding. They are also less likely than other couples from South America to hold their celebrations in their hometown - 72% of couples will go to celebrate their wedding outside its borders.
12. Peru
- Median wedding cost (US $): $ 7,700
- Average annual individual wage (US $): $ 5,960
- Number of couples who take over the wedding loan: 47%.
Wedding expenses are the lowest in South America, but the average individual annual salary is also low, making it difficult for couples in these countries to cover wedding expenses.
13. Brazil
- Median Wedding Cost (USD): $ 6,600.
- Average annual individual wage (US $): $ 8,610
- Number of couples who take over the wedding loan: 47%.
Most (57%) of Brazilian couples reported that their weddings took place in their hometown. This is the country with the highest percentage of couples who have a wedding debt. Together with Peru, they have the same percentage of borrowed funds.
