Australian couples are spending up big for their special day with the average wedding costing $36,200, an increase of 6.5% over last year (2010-2011), according to IBISWorld.
While retail, property and many other sections of the economy are suffering a slowdown, spending on weddings is increasing.
According to IBISWorld General Manager (Australia), Ms Karen Dobie, 119,000 Australian couples are expected to walk down the aisle in 2011, an increase of 0.8% on 2010.
“Other factors influencing the upwards trend in wedding spending include an increase in disposable incomes, financial assistance from parents, and the rising average age of couples walking down the aisle (29 for females, 32 for males) – meaning today’s couples are often in a stronger financial position before marrying.”
According to the IBISWorld report, 11.6% or $4,200 of the cost of a wedding is spent on wedding photography and 17.6% or $6370 is spent on flowers, stationary and other expenses. You can see the full report at IBISWorld.
