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:

  • Slide 1
  • American Express Spending & Saving Tracker April 9, 2013 Wedding Spending Trends Prepared by:
  • Slide 2
  • Page 2 Research Method The 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.
  • Slide 3
  • Page 3 69 Million Adults have Wedding Plans This Year How many weddings do you plan on attending in all of 2013? Base: Total respondents Calculation 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 dont have these plans. Two in five are not sure of their wedding attendance plans at this time. Consumer Wedding Plans in 2013
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  • 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) Agreement to Big Wedding Investments in Planning a Great Wedding Experience
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  • Page 5 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 2012 Which of these do you prefer giving as a wedding gift? Base: Total respondents Prefer Giving as a Wedding Gift Not illustrated: none/not sure
  • Slide 6
  • Page 6 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 2012 Which of these do you prefer receiving as a wedding gift? BASE: Total respondents Prefer Receiving as a Wedding Gift Not illustrated: none/not sure
  • Slide 7
  • Page 7 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.) Most Influential Factor in Determining Wedding Gift Value Not illustrated: none/not sure
  • Slide 8
  • Page 8 TOTALAFFLUENTS AVERAGE WEDDING EXPENSES 2013201220132012 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)$41n/a$93n/a Accessories (i.e. shoes, ties)$44n/a$74n/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
  • Slide 9
  • 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. 20132012 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 20132012 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
  • Slide 10
  • Wedding Cost Saving Measures Among the Married Consumer
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  • Page 11 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 Married Consumers Cost Control Measures for their Wedding
  • Slide 12
  • Page 12 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
  • Slide 13
  • Page 13 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