By: Rubén Terrazas, Copy Editor/Translator
Recent trends in attitudes towards marriage might appear threatening to the whole wedding industry, with less revenue from fewer people in a very congested field.
Different sources (like this one, or this one) show that Millennials are avoiding marriage in record numbers. Hispanics as a whole marry less than the general population, according to the U.S. Bureau of Labor Statistics, and Hispanic Millennials in particular seem to see marriage as somewhat risky.
But for the wedding industry there seems to be a silver lining hiding behind all in marriage aversion. It seems millennials might actually be making the right call when it comes to staying away longer from saying the vows.
Multiple studies agree that young Hispanics state that marriage is very important for them, so important in fact that they are willing to wait it out to have a steadier life situation. They want to have the personal, social and professional stability needed to create a successful marriage.
For the wedding industry this might translate as a ‘power’ couple with more disposable income available to spend on their nuptials. Basically, it’s a long-term investment for the marriage business.
How profitable will this venture be? Well, according to a fun interactive article/sanity exercise published by Slate.com, very.
In Slate’s short article, the author includes an interactive calculator, which estimates the amount of money someone could have if instead of spending it on a wedding, it had been invested as stock. Considering in particular the current upswing of the market, not sinking thousands on a single-day event sounds like a very wise decision indeed.
If, for example, 5 years ago someone decided to get married and spend $20,000 on their wedding but then in a moment of lucidity suddenly changed their minds and instead invested all that money in the stock market, today they would be sitting on a cool $40,952. The young couple would then have not only enough capital for a lavish event, but also more capital to keep investing. Talk about a win-win.
So, don’t despair wedding industry friends. There could be a handsome windfall (or windfalls) in the near future. Just bide your time and keep ringing those wedding bells.