Cost of weddings has increased in Singapore
In Singapore, the cost of a wedding has increased since the last decade where 2018 was the most expensive year for those who had their wedding. Couples in Singapore are now considering their wedding as one of their most important events financially. The banquets to be rented for weddings are considered to be the largest expense associated with the wedding. There were several venues in Singapore which were analyzed from 2011 to 2018. The result showed some scary figure where it was discovered that the cost of the wedding had increased subsequently by 50% in this time duration. This dramatic increase in the rental prices of venues has exceeded the rate of inflation which was 7.96% in this period. This means that the cost of the venue has increased 6.5 times that of the rate of inflation.
The trend of arranging an expensive wedding continued in the years 2017 and 2018. The comparison of food served at these banquets was analyzed between the years 2017 and 2018 where it showed an increase of 7% in lunch prices on weekdays which is approximately $1,098 per table. The dinner cost on weekends has increased at the rate of 2% to $1,302. This shows that the average cost of lunch banquet on the weekend is $1,135 per table and dinner is $1,179. This is a shocking increase of 6.5% since 2017. The expensive dinner banquets have shifted the demand to less expensive lunch banquets for couples who are not looking to spend lavishly on their wedding.
It is difficult to analyse the factors which are causing the rise in the cost of marriages. Perhaps the influence of social media plays a part, whereby people are seeking validation online by showing off their lavish wedding and exotic honeymoon locations. In this ‘instagram’ era, people are out to show the highlights of their life in the best light possible, on of which is their wedding day.
Moving along, there are a few other rends which seem to be pushing the prices significantly. The first factor is that the average age of Singaporean man getting married has increased from 30.2 to 30.8 since past 5 years. The average age for brides, has also increased from 27.6 to 28.7 years. This means that the average age of both brides and grooms is increasing as time passes. This is one phenomenon which is contributing to the increased cost of the wedding. Since Singaporean are getting married later in their life, they are more willing to spend more on their weddings and are selecting expensive wedding themes as they would have likely earned more or be more financially stable at this later stage in their lives.
Another point of view of the picture can be that the dream wedding planned by the Singaporean is forcing them to delay their marriage to an age where they can have enough savings for it. The increase in the income level of Singaporean is another factor which is increasing the price of the wedding. The average income of a Singaporean has increased by 29% since 2011 which is susceptible to the reason why Singaporeans are choosing to spend more on their weddings. With higher income, people are more willing and able to spend more.
The cost of getting married is increasing significantly as different themes and decors are being included in the latest trends. This is another factor of increased cost of weddings in Singapore since now even the normal couples are aiming high for their wedding plans and planning luxurious and theme based weddings. Examples may include having a photobooth at their wedding, an ice cream vendor to dispense soft serve ice cream to their guests, and even chendol vendors to make the wedding more enjoyable and memorable for everyone. The décor and themes trending in Singapore are in a way getting the couples to spend more, with some couples taking up loans for their wedding.