Weddings Are Not
The Budget Drains
Some Surveys Suggest
August 24, 2007; Page B1
Tying the knot costs, on average, nearly $30,000 in the U.S. Three major surveys say so, and a spate of news articles this summer and in prior wedding seasons parrot that figure.
But the typical American wedding appears to cost half that, or even less. The surveys reach couples who are likely to have more-expensive weddings than average. Furthermore, the reported numbers are bigger because of how the surveys define "average."
The so-called average cost -- between $27,400 and $28,800, according to the latest iteration of these surveys -- is a mean. That's the kind of average you might remember from grade-school math: In this case, it's the sum of all the survey responses, divided by the number of people surveyed. The mean is especially susceptible to a single lavish exception: One $1 million wedding put into the mix with 54 weddings costing $10,000 each would boost the mean to $28,000, although among the 55 couples, $10,000 would seem a much better representation of the typical cost.
For the three surveys, the median wedding cost is closer to $15,000. The median is the middle figure when you line up a set of numbers in order of size. It is a popular choice for social statistics because it is unperturbed by very small or very large numbers.
WHAT DO YOU THINK?
[Numbers Guy]
Discuss this column on Carl's blog, and read daily dispatches on the numbers behind the news, at WSJ.com/NumbersGuy.
Newlyweds and to-be-weds who respond to the surveys generally are those contacted by the traditional, and traditionally expensive, matrimonial industry. They're more likely to include dozens of elements in their wedding price tags. A couple having a civil ceremony and a no-frills reception is less likely to be found by a big wedding Web site, a bridal-magazine publisher or the maker of wedding invitations -- the groups sponsoring the surveys.
The average wedding last year cost $27,400, according to The Knot Inc.'s email survey in January of 2,014 members of its wedding site, theknot.com, who got married last year. But that group isn't representative of all couples.
Roughly 2.2 million weddings took place last year, according to the Centers for Disease Control and Prevention. Fewer than 40% of them were members of The Knot, which allows couples to create gift registries and post event information, and to access information on services. And just 40% of members opted to receive email. One-third of those received the wedding survey, and fewer than 2% of those filled it out (a low rate for The Knot, which typically receives 4% to 6% response rates, said a spokeswoman).
The Knot takes steps to ensure that its respondents are representative in terms of geography and household income. But research manager Kristyn Clement acknowledges that The Knot's members may not be typical spenders. "Our market is brides who are planning an actual wedding and putting resources toward that event," Ms. Clement says. "Are there brides who are not spending money on their weddings? Potentially."
Shane McMurray draws survey respondents for his Wedding Report from customers of his Tuscson-based wedding-invitation business, visitors to his costofwedding.com site and other sources. "Is it the best representation" of all couples? Mr. McMurray asks. "Maybe not."
The mean of the latest 1,519 survey responses he has fielded is $28,800, but the median is half that. That's very close to the median figure for The Knot's latest survey: $15,100.
Condé Nast Bridal Media, publisher of the magazines Modern Bride, Elegant Bride and Brides, reports a mean cost of $27,852 from its latest online survey of subscribers and online readers of its magazines, conducted in November 2005. The median cost was $14,182.
Rebecca Mead, staff writer at Condé Nast's New Yorker magazine, writes in her new book, "One Perfect Day: The Selling of the American Wedding," that the survey covered only brides who had made themselves known to the Bridal Group and thereby "already demonstrated an interest in having the kind of wedding that bridal magazines promote."
The surveys have led to other numerical flaws. For instance, Condé Nast's news release about its latest survey trumpeted that the average cost of weddings had nearly doubled, from $15,208, since 1990. That figure was repeated in several news articles. But the 2006 cost of weddings was just $18,057 in 1990 dollars, according to the Bureau of Labor Statistics' inflation calculator -- an increase of just 19%, not 100%, in 16 years, or an annual growth rate of under 1.1%.
These cost numbers may help perpetuate themselves, by creating a sense of inevitability for anxious brides and grooms planning their nuptials. "It can confuse and mislead the brides," says Richard Markel, executive director of the Association for Wedding Professionals International.
Ms. Mead, whose own wedding cost was "substantially below" the widely reported numbers, says in an interview that couples who hear the numbers may think, "There's no way around it; there's no alternative. That means, from the perspective of the wedding industry, you have this group of consumers who are resigned to spending a huge amount of money."
• Email me at numbersguy@wsj.com. Read daily commentary about numbers and join a discussion with readers at my free blog, WSJ.com/numbersguy.
Selasa, 09 Oktober 2007
Langganan:
Posting Komentar (Atom)
Arsip Blog
-
▼
2007
(135)
-
▼
Oktober
(103)
- Investment Inspiration – Richard Lee-Smith Falls f...
- Why Invest In Morocco
- WHY INVEST IN CAPE VERDE
- WHY INVEST IN BRAZIL
- WHY INVEST IN THE CARIBBEAN
- WHY INVEST IN EGYPT
- WHY INVEST IN ITALY
- South East Asia
- US law firm targets high-growth hedge fund community
- Review planned for UK drug pricing scheme
- US research firm expands drug development facilities
- Small firms thriving in the UK shows report
- Manufacturing output continues to expand
- UK sets framework for communications convergence
- AIM outshines other growth markets
- Ericsson to open new R&D centre
- London tailors property development to start-up firms
- What you'll learn in this step: Sensible investmen...
- What you'll learn in this step: Returns come from ...
- What you'll learn in this step: Many people invest...
- Selecting a property
- Managing your property
- What you'll learn in this step: Trusts and syndica...
- Iverson's $6.3 Million Listing
- Bank of America Invests $2 Billion
- Weddings Are Not The Budget Drains Some Surveys Su...
- Tata Head Expresses Interest
- Home Depot Talks
- New York Fed Takes Step To Bolster Credit Market
- Home Sales, Factory Orders Offer Encouraging Signs
- Stocks Rise on Housing, Goods Data; Tech, Energy S...
- Earthquake Details & Link Gempa Jawa Barat....!!!
- TEN NEW INVESTMENT CONCEPTS, THE TIME HAS COME
- LYNCH AND BUFFET METHODS CAN POSE SERIOUS THREATS ...
- INVESTMENT MANAGEMENT - INCOME PORTFOLIOS
- PROFITABILITY OF SHORT SELLING
- WHY SMALL CAPS ARE MORE PROFITABLE THAN BIG CAPS
- INCOME INVESTING: SELECTING THE RIGHT STUFF
- A NEW WALL STREET LINE DANCE
- THE COMMON THREADS IN TECHNICAL ANALYSIS
- INVESTMENT ADVISORS 101: ASK THESE QUESTIONS
- THE CASE FOR VALUE STOCK INVESTING... WHAT IF?
- INVESTMENT STRATEGY: THE INVESTOR'S CREED
- ISHARES AND ETFS: INDEXED INVESTMENT ILLUSIONS
- A WINNING MAGIC FORMULA?
- TEN COMMON INVESTMENT ERRORS: STOCKS, BONDS, & MAN...
- STATISTICAL INVESTMENT MYOPIA: HOW THE DJIA FAILS ...
- WINNERS, LOSERS, AND AVERAGING
- IN VALUE STOCK INVESTING, QUALITY IS JOB ONE
- RELAX, A VOLATILE STOCK MARKET IS YOUR DEAREST FRIEND
- STOCK MARKET WINDOW DRESSING: THE ART OF LOOKING S...
- REAL ESTATE INVESTING: NO LAWYERS, NO DEBT, NO PLU...
- ASSET ALLOCATION: INVESTMENT MANAGEMENT WITHOUT MU...
- YEAR END INVESTMENT IDEAS AND KISS TAX STRATEGIES
- INVESTMENT MADNESS: THE FINANCIAL FINAL FOUR
- STOCK AND BOND TRADING AS A CONSERVATIVE INVESTMEN...
- AMERICAN AND CANADIAN STOCKS
- Air New Zealand Is Newest Boeing 777-300ER Customer
- Illinois Small Claim
- Boeing Phantom Works to Lead Research on X-48B Ble...
- The A160 Hummingbird Unmanned Aerial Vehicle
- B-1B Lancer
- Selecting A U.S. Immigration Lawyer
- His lawsuits against physicians spark ire among ma...
- VerdictSearch: Jury Awards $4.28 Million to Family...
- Catherine Shelton is a No-Show at State Bar Hearin...
- Committee Recommends Changes to Lawyer Disciplinar...
- The Right Call for the Right Lawyer Since 1946
- Less is more in retention war
- White & Case poaches Asian Development Bank GC
- THEY WANT TO KEEP YOU
- Welcome to The Lawyer Euro 100
- Welcome to The Lawyer UK 100
- Welcome to The Lawyer Global 100
- Welcome to The Lawyer Hot 100
- Lawyers and Legal Information
- Mesothelioma
- Summertime, and making a living is easy
- Will CC's - and Lovells' - bite at the Big Apple b...
- Summer horror days for Freshfields
- The Rising 50 Lawyers
- Camerons relaunches as European 'Deloitte'
- Boeing, Air Berlin Announce Order for 25 787 Dream...
- Boeing Honors 7-Series Airplane Family with Specia...
- Boeing Delivers 737-800
- 60GB PS3 disappearing soon, no price cut for Europe
- Sony announces PlayStation Eye webcam for PS3
- CORRECTING AND REPLACING Acer Rolls Out New Design...
- New York Real Estate by Way of Art
- Ten Top Performing Mutual Funds Revealed by Mutual...
- Who In Their Right Mind Would Replace Greater Phil...
- U.S. oil prices near all-time high
- MGIC, Radian call off merger
- U.S. stocks fall on weak U.S. home sales
- New York City Real Estate 101 - - Condos vs. Co-ops
- Manhattan Apartment Building Types
- Save, Save. Don’t Splurge on a Piggy Bank, a Tin C...
- Lobbying in U.S., Indian Firms Present an American...
- For Airlines, Hands-On Air Traffic Control
- Along the Boulevard of Broken Dreams
-
▼
Oktober
(103)
Tidak ada komentar:
Posting Komentar