How much does it really cost to throw a spring wedding?
Weddings are said to be the best moment of a person's life, maybe behind the birth of their children, so a budget makes complete sense for this special day. The true cost of a wedding is totally personal, but have you ever wondered what kind of wedding the average Aussie is throwing?
Just in time for the most popular wedding season - spring - Easy Weddings has released 2023 industry survey data breaking down the spending habits of over 3,500 couples for their weddings. So, if you have a wedding pinterest board or already know the cut of your future engagement ring, let these figures provide some budget guidance for your big day.
First off, the question on everyone's lips, how much is the whole wedding going to cost? Well, according to the data, the average price tag of a wedding in Australia is $34,715.
While sticking to a plan can help you reach this goal, couples are budgeting an average of $27,550 for their weddings and then spend 26% over budget.
Seasonal weddings
Despite the current cost of living crisis, wedding bells are still set to ring this spring. In 2023, September looks set to be the busiest month of the year with a 33% popularity score and five coveted Saturday dates for couples to choose from.
Deciding on a wedding during a busy season like spring could impact the cost and availability of vendors. The bill for each vendor will begin to tally up, so considering the timing of your wedding is important.
Honeymoon costs are up!
The cost of vendors and wedding services have risen since 2022 according to the report, however the biggest hike in costs is the honeymoon, where the average price is up 39% in the last 12 months.
The wedding venue is generally the highest expense for most weddings, with the average cost being $14,758, which is up 6% since 2022. The state with the highest average venue price in Australia is Victoria, clocking in at $16,011.
Following on from the venue are the quintessential wedding icons, the dress, the cake, and the food. Everyone remembers what the bride looked like and she is the focal point of the day, obviously. However, to look that great - the average price of a wedding dress alone is $2,304.
Don’t want hungry guests? Feeding them could set you back an average of $5,429 for wedding catering, with a $577 dessert of wedding cake.
A personal loan can help pay for your wedding
Now you might be thinking, how are people paying for all of these costs at their weddings? According to Easy Weddings, 52% of couples are paying for their wedding on their own, the rest could be using a number of options including help from family or even a personal loan.
A personal loan for a wedding could be an option for you if you don’t have the savings upfront. However, for a loan to be the right fit, you do need to be in position to afford the repayments on the original amount and the added interest.
If you are considering taking out a loan for your wedding, first things first, you need to have a budget for how much you think the whole event will cost. The next step is finding an interest rate, generally on the low side, that suits your lifestyle and repayments budget. If you are curious on how to work out your monthly repayments using an interest rate, use our personal loan repayment calculator.
Your big day should go off without a hitch, but finding the best rates can be difficult when you don’t have the right tools. Mozo has rounded up some of the top personal loans down below for you to compare their fees and features, or check our editors' picks for best personal loans.