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One industry that is ignoring the economic slump in Europe seems to be the weddings industry. At least, this is the message that is relayed by research carried out by UK magazine You & Your Wedding.
I have not seen similar research done locally, but anecdotal evidence, mainly obtained by living near a popular wedding hall, seems to indicate that Maltese brides and grooms are not skimping on making the day they tie the knot a most memorable one. I hasten to add that, as is the case in the UK, “the bank of mum and dad foots much of the bill”.
There are, however, some significant changes in the way money for organising a wedding is spent. Costs in the UK now average €26,000 with the biggest item of cost being the honeymoon that on average costs €4,200. This biggest cost is becoming even more onerous as in the last three years the cost of honeymoons has increased by 24 per cent – an average of eight per cent per annum.
Thrift is hard wired into the psyche of many baby boomers who are now acting as family bankers to their offsprings who want to fly the nest in style
Not surprisingly, the highest increase in cost is related to the buying of gold rings for the bride and the groom. Wedding rings for brides now cost on average €850 – an increase of 58 per cent since 2009. With the price of gold going through the roof in the last two years, one can only justify such high cost on the flimsy argument that buying gold is an investment that will reap returns in the years to come.
The items of costs associated with organising a wedding keeps getting longer with some bizarre items seemingly becoming a “must have” for many couples. Apparently one in every three brides and grooms admit to “having their teeth whitened” just before their wedding while five per cent “were opting to have Botox”. At least British brides and grooms, as well as their guests, are spared the fireworks display that is becoming quite a common feature in local weddings.
One sensible development in the way that marriages are organised is the reduction in the number of guests that are invited to wedding receptions. In the UK, in the last three years, the number of guests invited to a typical wedding reception has fallen by seven per cent from 101 to 94. But the average cost per guest is now €275. I suspect that the average Maltese wedding attracts many more guests, even if the cost per guest is probably lower than that in the UK.
One aspect that the You & Your Wedding Survey missed is the cost of wedding gifts. I believe that it is becoming increasingly common in Malta to suggest to invited guests that they give cash gifts to the newlyweds. This undoubtedly makes a lot of sense as it defrays some of the costs incurred to organise our mostly lavish weddings, even if retailers of traditional wedding gifts may see this development in a very different light.
The economics of organising weddings raises a number of issues. With couples often taking hefty loans to buy their homes, one is justified in asking whether hard-earned money provided by the marrying couples or their parents would be better spent on reducing their mortgage burden.
But then, like many of my generation, I subscribe to the old school of personal finance knowing how hard our parents had to work to put bread on the table and to educate us. Thrift is hard wired into the psyche of many baby boomers who are now acting as family bankers to their sons and daughters who want to fly the nest in style.
The positive aspect of the way we spend money on organising weddings is the local economic activity that it generates. The ancillary services associated with organising a modern wedding reception are providing income opportunities to many entrepreneurial young people who act as photographers, wedding organisers, hair dressers, beauticians, and a myriad other service providers who help to relieve the stress from the brides and grooms on their wedding days.
Life is not just about counting cents and balancing the family budget. I wish the very best to those who will be tying the knot this summer. May the words of this Irish blessing come true for all newlyweds
May the road rise to meet you,
May the wind be always at your backs
May the sun shine warm on your faces,
May the rain fall softly on your fields
May God hold you in the palm of his hands,
Now and forever.
johncassarwhite@yahoo.com