n Dallas, wedding planner Stephanie B. Evans says couples are scaling back, trimming guest lists by roughly 25% on average to manage expenses. “They’re being very careful about what they’re spending,” she noted.
This belt-tightening around weddings—a major life event—reflects a broader sense of financial caution among American consumers. The recent slide in the S&P 500, triggered by President Donald Trump’s escalating trade conflict, has heightened concerns about a potential economic downturn and rising costs.
Weddings represent a significant slice of the economy, supporting a wide network of vendors from florists and photographers to major hotel chains and airlines. According to Grand View Research, the U.S. wedding industry generated around $65 billion in revenue last year. In 2024, the average wedding came with a price tag of $33,000—an 18% increase from 2019, per a study by The Knot.
Wedding Budgets Are Growing
Source: The Knot 2025 Real Weddings Study
Following the 2008 financial crisis, wedding spending took a hit. Data from The Knot shows the average cost dropped by 8% over two years, bottoming out at $26,000 in 2010. Sarah Klingman, founder of event-planning platform Mostest, is looking at those patterns to gauge where the industry might be headed. Her takeaway? Couples will spend less—but the market won’t collapse.
This year, the U.S. presidential election overlapped with engagement season, which typically runs from Thanksgiving through Valentine’s Day. That timing has added to the uncertainty, prompting more clients to rethink their plans, said Evans. Some of her couples have told her they’re scaling back now to prioritize longer-term goals, such as buying a home.
