I’m an Economist: How the Presidency Impacts the Cost of Everything — Including Your Wedding
It’s summer time in an election year that will inevitably impact our economy, which probably means two things: you are probably focusing on who is going to take the presidency and you are going to at least one wedding. Don’t think that these things are related? Think again, especially if you are planning to get married in the next year when the office of POTUS may or may not change hands.
That’s because whoever is the President of the United States — whether on purpose or inadvertently — does affect the cost of everything, including a wedding.
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Prices Surged Last Election
Rasa Urbonaite, CMO of Breezit, a wedding and event organization based in California, told GOBankingRates that four years ago in 2020 — during the last election cycle — the average wedding in America cost about $19,000. Since then, “it has surged to around $35,000.” That’s a lot of money just to get hitched and how the country votes this November might change that for weddings in 2025. Why is this?
“The President and administration have a big impact on the economy and inflation, which affects the cost of everything, including weddings,” said Joe Camberato, CEO of National Business Capital. “Right now, prices are still higher than they were before COVID and all the components of a wedding are impacted.”
“I’ve seen how policy changes can impact costs in indirect ways,” said David Blain, chartered financial analyst (CFA) and CEO of BlueSky Wealth Advisors.
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How Regulations and Policies Affect Costs
“For weddings specifically, if there are shifts in regulations around event insurance or changes in disaster declarations that alter claims, premiums may rise,” said Ben Klesinger, co-founder and CEO of Reliant Insurance Group and Helping Hand Financial. “However, the current administration has not made substantial changes in these areas.”
As an example, Blaine said “…changes in tax rates or subsidies for health insurance premiums often lead insurers to adjust their rates up or down. Similarly, new tariffs may increase costs for goods and services from flowers to catering. While presidents have some influence, weddings are primarily determined by industry factors like demand, competition and venue rates.”
More broadly, a president’s policies around taxes, tariffs and healthcare do sway costs, Klesinger said.
“My agency offers group health plans and premium rates are often directly tied to factors like medical inflation and healthcare subsidies,” Klesinger said. “Similarly, new tariffs can drive up prices for anything from flowers to catering by raising supplier and vendor costs. While tax cuts may give temporary relief, reduced government revenue can pressure agencies to eventually raise fees for things like marriage licenses or venue permits.”
The Impact of Inflation on Vendors
Camberato explained how food costs, labor costs (such as wedding staff, DJs, photographers), fuel costs (which affect transportation and delivery) and clothing have all gone up in terms of their price.
“Inflation trickles down and drives up prices across the board,” Camberato said. “When the wedding venue has to pay more for food, staff and utilities, those extra costs get passed on to you. So, the administration’s policies on the economy and inflation directly influence how much you end up paying for your big day.”
“However, the current administration has not made major legislative changes directly impacting weddings,” Blain said. “The biggest impact any president has on wedding budgets is really through the overall health of the economy and consumer confidence. When people feel optimistic, they tend to spend more freely on discretionary items like weddings.”
“Personally, the cost of my own wedding over 20 years ago was most affected by negotiating with vendors, choosing an off-season date and an outdoor venue,” Blain said. “The president at the time had little bearing on what we paid, even if policy changes were impacting healthcare or taxes. For most couples, focusing on controlling what you can, like guest list size or DIY decorations, will matter far more for your budget than whoever is in the White House.”
Overall though, weddings are primarily based on industry economics, according to Klesinger’s professional opinion and experience.
“Demand, seasonality, local competition and venue rates are usually bigger drivers. Barring any major legislation that specifically targets the wedding industry, presidential administrations have limited control over what couples actually pay to tie the knot,” he said.
“At the end of the day, the biggest way any president impacts your wedding budget is really through the general health of the overall economy and consumer confidence,” Klesinger said.
How Couples Are Reducing Costs
Those who are working weddings and part of the industry that relies on nuptials, no matter who is President, have a different take, including Anji Martin, wedding and engagement photographer and co-owner of Potok’s World Photography.
“As far as we can tell, there are no specific new trends that are affecting wedding costs in one direction or the other,” Martin said. “There are obviously season-to-season variations in what couples choose to incorporate into their weddings, but it appears to us that most are likely to make cuts elsewhere to ensure that these new elements fit within their budgets.”
“In recent years, we have observed an increase in various wedding-related expenses. However, couples are becoming increasingly resourceful and frugal in finding ways to reduce costs,” said Nicole Ettenhofer, VP of growth and strategy at George Street Photo & Video, a national wedding photo and video company.
“For instance, many brides are opting for affordable or pre-owned wedding dresses and collaborating with seamstresses to customize them, adding a personal touch,” Ettenhofer said. “Additionally, the trend of micro-weddings is gaining popularity.”
“By limiting the total duration of weddings — often reducing from the traditional eight to 10 hours to eight hours or less — couples are able to significantly cut down on expenses,” Ettenhofer said. “We have also seen couples experiment with different days of the week or times of year to cut down on costs — this includes Friday or Sunday weddings.”
While trends come and go, weddings still remain a pricey festivity that can be impacted by a number of things, including who has control over the Oval Office. However, all the experts GOBankingRates spoke to advised that couples should try not to focus too much on the price tag and enjoy the day as much as possible before looking at the bill.
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This article originally appeared on GOBankingRates.com: I’m an Economist: How the Presidency Impacts the Cost of Everything — Including Your Wedding