If you’re planning on getting married soon then hold onto your wallet – the national average cost of having a wedding is at an all-time high of more than $30,000. In 2014 the average cost of a wedding skyrocketed to $31,213, an increase of 4.5% from the previous year – and that doesn’t include the cost of the honeymoon! And while many loved-up couples are having their budgets blown by the ever increasing price of getting married, it’s also important to note that the cost of attending a wedding as a guest is also on the increase, with the average wedding guest in 2015 spending $673 on gifts, clothing, travel and dining expenses.

Who’s Paying the Bills?

With wedding costs on the increase, the question of how many couples manage to afford to tie the knot at all is hanging in the balance. According the study carried out by TheKnot.com, costs for the majority of weddings tend to be shared out, with the bride’s parents paying 43%, the bride and groom themselves paying 43%, the groom’s parents paying 12% and 2% of the funding being accounted for by others such as relatives and family friends.

Bridal Parties

It’s also been reported that the average costs paid by a member of the bridal or groom’s party has increased, so if you’ve been asked to be a bridesmaid or groomsman this year expect to be forking out somewhere in the region of $701 as compared to the average amount of $618 last year, although some bridesmaids and groomsmen are being thrifty – think vintage bridesmaid dresses and hand-made gifts!

Destination Weddings

A wedding that is held at least 100 miles from the bride’s home is known as a destination wedding, and the increase in popularity of destination weddings is causing an increase in costs for all involved. Wedding guests are finding that they’re expected to shell out for much more than just agift and an outfit, with airfares, accommodation, and dining expenses needed to be covered. In fact, many wedding guests invited to destination weddings are taking the opportunity to turn the trip into a mini-vacation, however that only adds to the overall expense.

Quality not Quantity

The sheer price of a wedding today means that less guests are being invited, and many brides and grooms are focusing on quality rather than quantity when it comes to their event. The average wedding now has 136 guests, a decrease from 2009 when the average number of guests at a wedding was 149. Although a reason for this is that less guests are invited due to costs, another reason why the average amount of wedding guests is decreasing could be due to the increasing financial burden on wedding guests that many people may not be able to afford.