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Thursday, April 25, 2024

Gen Y spends a month’s worth of paycheck

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While browsing through Facebook, I found that the long-time boyfriend of a high school classmate just proposed to her, a post shortly followed by a colleague going down on his knees to ask his girlfriend to marry him. 

There was no resentment on my part when I saw those social media announcements; the thought that came was actually about the money the would-be brides and grooms would be spending. 

The road to forever does not come cheap. In the Philippines, for instance, exchanging vows in a traditional setting—complete with church ceremony, reception, gowns, rings, souvenir, and photo and video services—could cost couples from P192,000 to P600,000, according to iMoney PH. 

THE ROAD TO FOREVER IS EXPENSIVE. Wedding is not only expensive for the couple getting married; according to a survey, a millennial guest spends about P30,000 just to attend a nuptial. 

But it’s not only the couple getting married who’s spending a lot in this lucrative wedding industry. According to a study by travel website Priceline.com, a millennial guest spends about $600 or P30,000 by just attending a wedding. 

The survey, which was conducted in February this year, asked 591 women and 425 men in the United States how much they spend for each wedding-related event. While the figures could be higher when translated in the Philippine setting, where cost of living is relatively cheaper than in the States, some Pinoy Gen Y wedding guests admit that they had spent close or even higher to that amount in attending a nuptial. 

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Albert Castro, 28, recently had a close friend tie the knot in Palawan. He said he spent about P38,000 to attend said friend’s wedding. “That’s the sum total of the amount I spent for airfare, accommodation for two nights, gift for the newlyweds, my attire, and a few other expenses,” he shares. 

Priceline’s Bridal Season Travel Survey reveals that accommodation is the biggest expense of 38 percent of millennial wedding guests, especially if the couple decides to hold the ceremony out of town without shouldering their guests’ lodging. 

Because of the costly price of being a guest, a third or 39 percent of millennials opt out of attending a wedding event, according to the survey. However, 47 percent of those who traveled for weddings did so for the chance to travel, while 67 percent said they traveled for the celebration.

“Letting go of that much money for a single event became a lot easier because not only was I present during my close friend’s special day, but it gave me an excuse to go to Palawan,” says Castro. 

The rule of thumb, he says, is that if you have a friend who is getting married soon, save up for it. Otherwise, a good excuse, such as the guest expense, for not attending will be enough for them to understand.

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