How To Finance Wedding Purchases If You’re A Bridesmaid Or Groomsmen

As exciting as weddings can be, they are a major life expense — both for the couple tying the knot and the guests who are involved in the wedding party.

Many wedding party events, like bachelor and bachelorette parties, can err on the expensive side especially when wedding party members are traveling for the events. A LendingTree survey from 2018 found that for a destination wedding, members of the wedding party spend an average of $1,580.

And, a consumer spend report from Affirm found that 36% of consumers have had to decline being part of the wedding party due to high costs. Between bachelor and bachelorette parties, the cost of attire, gifts and more, being in a wedding party can sometimes leave bridesmaids and groomsmen feeling as though they’ve bitten off more than they can chew financially — and when you consider macroeconomic forces, things can feel even more costly.

“The current economic environment has certainly had an impact on the wedding industry,” explains Liz Ewing, the CFO at Marcus by Goldman Sachs. “The price of consumer goods and services are continuing to rise, including many things that affect wedding party members, such as gas, airfare, and retail goods, which can cause bridesmaids and groomsmen to have…