It’s been a common argument that millennials often spend money more on unnecessary things rather than saving or other investments, and that’s been often confirmed, and now it’s been announced that millennials are spending record amounts on bachelor and bachelorette parties. They’re spending so much on the parties, in fact, that they’re actually putting off other financial obligations or holding off on making down payments on houses. All for that champagne and avocado toast.
The average cost of a bachelorette party these days runs about $1,106. Now you may think “well that doesn’t seem so bad..” There’s more. That’s the per-attendee price. That’s how much the average bachelorette party costs per person. Hooray for using italics for emphasis. The average bachelor party runs around $1,532. Costs include travel, partying, gifts, hotels, sometimes bail, etc.
If you attend an average 3 weddings per year, you can see how that cost gets out of control quickly. After three years, they’re spending anywhere between $13-15,000 just on bachelorette/bachelor parties. Nevermind the actual wedding that you may have to fly to, buy a dress for, gift, hotel, rental car, etc.
Weddings are too expensive.
Oh! Fun fact, in related news, millennials say that the anxiety over money is literally making them sick. Specifically, about 25% of millennials say they become physically sick due to stress caused by worrying about their financial situation. Another 25% say that the anxiety causes poor job performance, which is ironic because that can cause them to be in an even worse financial situations, should something happen to their job due to poor performance. A lot of it is the economic situation, but mostly because things are just so much more expensive now that they were when millennials’ parents were buying into the world their first time.