The Knot and PayPal released a survey with a key finding that they want to pay for their wedding electronically and on their smartphones. With PayPal, couples can send money and make deposits to vendors quickly on their smartphones, especially on their wedding day.
The Knot is a source of inspiration, planning advice and local wedding professionals for nearly 8 in 10 brides in the United States. The Knot works by engaging, matching and connecting couples with the right local vendors, products and services they need to plan and book their wedding. Once they find and connect with their wedding professionals on TheKnot.com, couples want flexibility in how they pay them for their services.
PayPal gives millennial couples flexibility and choice in how they buy, pay, send money and manage their wedding expenses. With PayPal, couples can send money and make deposits to vendors quickly on their smartphones, especially on their wedding day.
Findings from The Knot and PayPal Wedding Finance Survey
Couples set the budget early, and then the bride keeps tabs
• Nearly one-third (31%) of couples set their wedding budget immediately after getting engaged
• 45% of brides are primarily responsible for managing the finances and budget throughout the wedding planning process, and 29% of couples do it together
• 65% of couples do not factor in the honeymoon when determining the wedding budget
Wedding financial stress is a common occurrence for today’s to-be-weds
• 68% of brides find themselves thinking about their wedding budget and finances all the time
• Half (49%) of couples have had a number of difficult discussions regarding their wedding budget/finances
• 21% of couples will use credit and spend more than they can really afford
Couples are choosing to pay in various ways
• Nearly half (49%) of couples paid cash as needed during their wedding planning process
• 99% of couples paid from a personal or joint checking or savings account
• 36% of couples paid with credit cards
• 16% of couples borrowed money from a friend or family member
• 17% of couples will borrow money to help finance their wedding
• 57% of couples borrow money from a credit card or financial institution to finance their wedding
Couples want to pay for their weddings electronically and on their smartphones
• 70% of couples think that automated payments for remaining balances on the day of the wedding would be helpful, especially since 48% of couples worry about remembering to pay vendors on their wedding day
• 89% of couples like the convenience of paying vendors electronically
• 42% of couples were surprised that many of their vendors did not accept electronic payments
• 44% of couples wish they were able to make all vendor payments via smartphone
Brides today point to the trend of “check fatigue”
• 58% of brides feel like they are always writing checks leading up to the wedding
For data, background and forecasts on PayPal: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).