American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:

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American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:

Transcript of American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:

Page 1: American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:

American Express Spending & Saving Tracker

April 9, 2013

Wedding Spending Trends

Prepared by:

Page 2: American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:

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Research MethodThe American Express Spending & Saving Tracker research was completed online among a random sample of 1,518 adults, including the general U.S. population, as well as an Affluent demographic, defined as having a minimum annual household income of $100,000, and homeowners.

Interviewing was conducted by Echo Research between February 27 and March 1, 2013.

Overall the results have a margin of error of ± 2.5 (total respondents) and ± 4.1 (Affluent) percentage points.

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Not sure40%

None30%

Any wedding

plans30%

Total

69 Million Adults have Wedding Plans This Year

How many weddings do you plan on attending in all of 2013? Base: Total respondentsCalculation assumes 234,564,071 million adults x 29.58% (rounded to 30% above) with plans

Thirty percent of consumers among the general population plan to attend one or more weddings this year versus the same percent who don’t have these plans. Two in five are not sure of their wedding attendance plans at this time.

Not sure37%

None25%

Any wedding

plans38%

Affluent

Consumer Wedding Plans in 2013

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More than one half of consumers among the general population agree that a couple should make a big investment in food, the reception, cake, wedding dress, music, and the ceremony; all of these wedding elements significantly increase in agreement from one year ago.

Most Consumers Agree to Various Big Investments a Couple Should Make in Planning a Great Wedding

How much to you agree or disagree that a couple should make a big investment in the following wedding elements in order to plan a great wedding experience? Base: Total respondents % agree (strongly/somewhat)

* (i.e. limo, horse carriage, etc.) / ** (i.e. shuttle)

Guest transportation**

Guest Favors

Wedding party transportation*

Save the Dates

Bar

Invitations

Flowers

Ceremony Venue

Music/Entertainment

Wedding Dress

Cake

Reception Venue

Food

22%

28%

31%

32%

38%

40%

45%

49%

52%

49%

50%

52%

62%

23%

30%

33%

38%

40%

45%

48%

52%

55%

55%

55%

56%

67%

TOTAL

2013

2012

Guest transportation**

Guest Favors

Wedding party transportation*

Save the Dates

Invitations

Bar

Flowers

Wedding Dress

Cake

Ceremony Venue

Music/Entertainment

Reception Venue

Food

23%

28%

31%

32%

42%

46%

45%

50%

50%

54%

56%

59%

66%

26%

31%

33%

34%

43%

50%

51%

55%

56%

56%

60%

66%

73%

AFFLUENT

2013

2012

Agreement to Big Wedding Investments in Planning a Great Wedding Experience

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Make a donation to a charity in the couples' name

Support for the honeymoon*

Gift not found on couples' registry

Gift card

Cash

Gift purchased from couples' registry

0.01

0.04

0.09

0.34

0.43

2%

3%

4%

12%

35%

37%

AFFLUENT

2013

2012Support for the honeymoon*

Charity donation in the couples' name

Gift not found on couples' registry

Gift card

Cash

Gift purchased from couples' registry

0%

1%

6%

10%

33%

34%

2%

1%

3%

14%

32%

35%

TOTAL

2013

2012

More than one third of consumers among the general population prefer to give a wedding gift from the couples’ registry (35%) and similarly, 32% prefer giving cash.

A significant decline among the Affluent segment who prefer to gift from the couples’ registry (37% vs. 43% in 2012). A directional increase in those who prefer giving a gift card is evident (12% vs. 9% in 2012).

Consumers Similarly Prefer to Give a Gift from the Couples’ Registry as they do Cash

* Not rated in 2012Which of these do you prefer giving as a wedding gift? Base: Total respondents

Prefer Giving as a Wedding Gift

Not illustrated: none/not sure

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Support for the honeymoon*

Gift not found on registry of my choice

Make a donation in my name to the charity of my choice

Gift card

Gift purchased from a registry of my choice

Cash

3%

3%

4%

9%

23%

53%

2%

4%

10%

26%

52%

AFFLUENT

2013

2012Gift not found on registry of my choice

Make a donation in my name to the charity of my choice

Support for the honeymoon*

Gift card

Gift purchased from a registry of my choice

Cash

2%

2%

11%

18%

53%

2%

2%

3%

12%

18%

52%

TOTAL

2013

2012

More than one half (52%) of consumers among the general population would prefer to receive cash if they were the recipient of a wedding gift – this is significantly higher than those who prefer to give a cash gift (32% - illustrated on previous slide).

As a Recipient of a Wedding Gift, More Consumers Would Prefer Cash

* Not rated in 2012Which of these do you prefer receiving as a wedding gift? BASE: Total respondents

Prefer Receiving as a Wedding Gift

Not illustrated: none/not sure

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How much the bride and groom spent on you for the wedding*

How much I already invested to at-tend**

Always give the same gift

My budget at the time of the wedding

Relationship to bride/groom

3%

2%

6%

33%

41%

3%

3%

5%

33%

45%

TOTAL

2013

2012

More than two in five (45% - up from 41% in 2012) consumers indicate the relationship to the bride/groom is most influential factor in determining the wedding gift value – while significantly fewer say the budget at the time of the wedding (33%).

The Relationship to the Couple is More of an Influence in Determining the Value of a Wedding Gift than their Own Budget at the Time

When determining the value of your gift, which factor influences you the most? Base: Total respondents

* (i.e., gift equals cost of meal) / ** (travel, etc.)

How much I already invested to at-tend**

Always give the same gift

How much the bride and groom spent on you for the wedding*

My budget at the time of the wedding

Relationship to bride/groom

2%

7%

5%

18%

60%

4%

5%

5%

16%

62%

AFFLUENT

2013

2012

Most Influential Factor in Determining Wedding Gift Value

Not illustrated: none/not sure

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TOTAL AFFLUENTS

AVERAGE WEDDING EXPENSES2013 2012 2013 2012

Total wedding costs when guest at wedding $539 $339 $960 $545

Total wedding costs when in the wedding party $577 $377 $545 $583

• Dressing up for the wedding

When a guest

When in the wedding party

$57

$95

$48

$86

$96

$166

$78

$117• Hotel stay $95 $69 $175 $123• Transportation $72 $56 $126 $104• Dining out $65 $49 $129 $70• Pre-wedding party - i.e. Bachelor/Bachelorette party $60 $46 $121 $74• Jewelry $60 $37 $76 $53• Arrangements for children, pets (i.e., baby sitter, pet sitter, etc) $27 $17 $52 $30• Personal grooming for the wedding (hair, make-up, professional shave) $41 n/a $93 n/a• Accessories (i.e. shoes, ties) $44 n/a $74 n/a• Other expense $18 $17 $18 $13

Consumers spend an average of $539 (up from $339 in 2012) to attend a wedding as a guest or $577 when in the wedding (vs. $339 and $377, respectively, in 2012).

Typical Wedding Gift Spend

© echo

How much do you estimate you spend on the average wedding gift for the following recipients? Base: Total respondents

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Average Wedding Gift Spend is just $104 – But Increases to $179 for Close Family Members

© echo

How much do you estimate you spend on the average wedding gift for the following recipients?

The average monetary amount consumers estimate they give a wedding couple skews highest when giving to a close family member ($179) and decreases to $66 for co-workers.

2013 2012

Average wedding gift $108 $94

Close family member $179 $166

Other relative $114 $101

Close friend $119 $105

Other friends $79 $67

Co-workers $66 $56

TOTAL

2013 2012

Average wedding gift $196 $147

Close family member $327 $267

Other relative $196 $144

Close friend $206 $157

Other friends $132 $97

Co-workers $134 $84

AFFLUENT

Average Wedding Gift Spend for Family vs. Friends and Co-Workers

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Wedding Cost Saving Measures

Among the Married Consumer

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Not sure

Did not do anything

Used free online resources for inspira-tion***

Altered/delayed honeymoon plans

Downgraded the dècor

Less expensive stationary**

Pared down the guest list

Less expensive venue, even though it wasn't my first choice

Buffet over plated dinner

Ditched the wedding planner

Simplified entire wedding*

11%

16%

18%

17%

26%

25%

29%

33%

36%

13%

13%

9%

15%

19%

23%

24%

27%

27%

32%

36%

TOTAL

2013

2012

n/a 2012

More than one third of married consumers indicate they controlled wedding costs through a simplified approach (36%), and that they ditched the wedding planner (32%).

Simplified and No Wedding Planner were the Top Two Measures Implemented in Controlling Wedding Costs

* (i.e., went to courthouse, held an intimate ceremony/ reception)/ ** (i.e. save the dates and invitations)/ *** (like Pinterest) instead of purchasing bridal magazines What did you do to keep costs under control for your wedding? BASE: Total married

n/a 2012

Not sure

Did not do anything

Used free online resources for inspi-ration***

Altered/delayed honeymoon plans

Downgraded the dècor

Less expensive venue, even though it wasn't my first choice

Less expensive stationary**

Buffet over plated dinner

Simplified entire wedding*

Pared down the guest list

Ditched the wedding planner

8%

18%

14%

15%

21%

25%

29%

28%

31%

20%

12%

9%

12%

18%

21%

22%

24%

24%

28%

32%

AFFLUENT

2013

2012

n/a 2012

n/a 2012

Married Consumers Cost Control Measures for their Wedding

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Not sure

Did not DIY anything at my wedding

Other

Baked and decorated the cake myself

Made my own wedding dress

Made my own bouquet

Created my own music play list to play instead of hiring a band or DJ

Created and printed my own invitations or save the dates

Made my own wedding album after the wedding

Created the centerpieces

Assembled guest favors

28%

21%

8%

4%

8%

9%

11%

15%

15%

19%

23%

AFFLUENT

Not sure

Did not DIY anything at my wedding

Other

Baked and decorated the cake myself

Made my own wedding dress

Made my own bouquet

Created my own music play list to play instead of hiring a band or DJ

Made my own wedding album after the wedding

Created and printed my own invitations or save the dates

Created the centerpieces

Assembled guest favors

30%

17%

11%

6%

6%

11%

12%

17%

18%

19%

24%

TOTAL

Twenty four percent of married consumers assembled their guest favors in order to save costs at their wedding, followed by one in five (19%) who created their own centerpieces.

One In four Married Consumers Assembled their Own Guest Favors to Save Costs according to 2013 Findings

Results illustrated reflect 2013 findings (not asked in 2012)Did you do any portion of your wedding by yourself to save costs? BASE: Total married

DIY Wedding Plans Implemented among Married Consumers

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Not sure

Other plans

I will or have given away to a friend or family member

I won't do anything with my dress

I will or have given away the dress to a second hand store

Re-wear dress (plan to or have) to another wedding or non-wedding event or party

10%

4%

7%

14%

31%

34%

TOTAL

More than one third intend to or have already worn their bridesmaid dress for a second occasion and 31% have or will give it away to a second hand store.

Many Women Recycle their Purchased Bridesmaids Dress

Results illustrated reflect 2013 findings (not asked in 2012) Thinking about when, if at all, you were a bridesmaid in a wedding - did you purchase a new bridesmaid dress for the occasion? (n=441)Which of the following describes what you will do with your bridesmaid dress? BASE: recalculated among total women who purchased a new bridesmaid dress for the occasion (n=441) Answer for the most recent wedding you were in

RE-USE of Bridesmaid Dress