American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:
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Transcript of 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
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.
Page 3
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
Page 4
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
Page 5
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
Page 6
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
Page 7
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
Page 8
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
Page 9
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
Wedding Cost Saving Measures
Among the Married Consumer
Page 11
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
Page 12
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
Page 13
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