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Wedding Facts and Figures.
So you've spent the big bucks in getting her that diamond engagement ring and matching wedding band. My friend, your expenses are first beginning. Gotta plan the Wedding and make sure you have the cash to pay for it.
Weddings are a big industry and a growing one. The Association of Certified Professional Wedding Consultants (ACPWC), [wow that is a mouthful] estimates current wedding spending at 120 billion a year and projects growth of 6.5% by 2009.
One out of every 62 Americans got married in 2005, with the greatest number of weddings occurring in California, Texas, Florida, Nevada, and New York.
Newly marrieds are affluent, with an average annual household income of $60,000. Weddings are expensive as the average wedding costs between $20,000 to $25,000. Regional differences do apply with the average in New York coming out to $31,000 while a wedding in the Southeast will cost $17,000. Nearly half - 45% - of couples spend more on their wedding than they had planned to, which includes the groom's gift to the bride and wedding dress.
An interesting statistic is that the cost of enagement rings is going UP. In 1995, the average diamond engagement ring cost $2909. In 2000 it was $3390 and in 2005 it was $4146. According to Hallmark Cards, approximately 75% of first-time brides receive a diamond engagement ring, 67% for repeat brides.
Wedding Ring Costs
Finally, the most commonly cited statistic about about American marriages is that more than half of them end in divorce. 59% of brides who marry before the age of 18 are separated and divorced within 15 years. Nevertheless, people like getting married. The proof is in the number of second marriages with 33% of the annual 2.4 million weddings being remarriages. Second marriages occur most frequently between the ages of 34-49. The average age of remarrying brides is 32 and the remarrying groom 37.
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