The Knot and PayPal Wedding Finance Survey Delves Deep into Millennial Couples’ Wallets
Millennial couples want easier, digital payment options for their wedding day
New York, NY/September 28, 2015— The Knot, the #1 multiplatform wedding resource, and PayPal, a global leader in digital payments, today released the results of The Knot and PayPal Wedding Finance Survey, a look at the preferences of millennial couples when it comes to paying their wedding vendors. The survey asked couples about how they want to pay for their weddings, and the key finding was that they want to pay for their wedding electronically and on their smartphones.
“Millennial couples are marrying later and are more financially savvy when they do,” said Kristen Maxwell Cooper, deputy editor of The Knot. “Electronic and mobile payments are becoming the norm in all facets of life, so it’s no surprise that engaged couples want this option for their wedding vendors.”
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.
“Planning a wedding requires paying multiple vendors multiple payments over a long period of time,” said Amanda Miller, PayPal’s wedding expert. “PayPal helps couples manage their payments and finances by offering them access to a secure digital wallet that includes products such as peer-to-peer payments and PayPal Credit.”
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
The Knot leveraged its exclusive XO Club panel for sample. All panel recruitment has been commissioned by Research Solutions Inc. to execute and analyze wedding finances among women who are engaged to be married in the next six months. Sample size: 1,111.
About The Knot
The Knot is the nation’s leading wedding resource, reaching nearly every couple in America through the #1 wedding website, TheKnot.com; mobile apps; The Knot national and local wedding magazines; The Knot book series; and syndicated columns in newspapers nationwide. The Knot is the flagship brand of XO Group Inc., the premier consumer Internet and media company dedicated to helping people navigate and enjoy life’s biggest moments together—from getting married to having a baby. Follow The Knot on social media @TheKnot.
At PayPal, we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution; last year we processed 4 billion payments, of which 1 billion were made on mobile devices. PayPal gives people better ways to connect to their money and to each other, helping them securely access and move their money and offering a choice of how they would like to pay or be paid. With our 169 million active customer accounts, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is a truly global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. For more information on PayPal, visit About.PayPal-Corp.com. For PYPL financial information, visit Investor.PayPal-Corp.com.