It’s a Nice Day for a Budget Wedding

Last week we took a look at how Millennials are approaching the wedding years—and how they could change the traditions of the big white celebration. Our infographic revealed that 60% say planning a wedding is too much work, and 45% say weddings today aren’t as important as they used to be. The rise of the big-budget wedding over the last few decades has made wedding planning, and major nuptial splurging a well-publicized part of Millennials formative years, and it looks like they might not be buying into the hype when it comes to planning their big day. 62% agree that weddings have become too big73% say they would rather have a small inexpensive wedding than a big expensive wedding, and a whopping 83% say that weddings today have become too expensive. It’s no wonder: In 2012, the average cost of a wedding rose to over $28,000—a hefty amount for a generation suffering from student debt and low employment, especially when 46% of them say that the couple paying for the wedding themselves is in style. The recession has made this group at least temporarily, if not permanently, budget-conscious. Though weddings won’t stop being big business anytime soon, a growing segment of young future brides and grooms are looking to more wallet-friendly options for their celebrations, and smart tuned-in brands are starting to respond. Here are some of the affordable wedding options that Millennials are beginning to tap into, from engagement to reception. 

THE RING

Fast Company  has called the traditional three-months’ salary engagement ring “a prehistoric idea“ for Millennials, who put more emphasis on having luxury experiences than owning luxury goods. Qualitatively, we see that more Millennials are turning towards vintage rings to cut costs. Another developing trend is the understated engagement…

 
 

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Millennial News Feed

Quote of the Day: “My favorite app is Snapchat, because it offers quick messaging with a time limit that ensures privacy while being highly entertaining.”—Female, 20, FL 

If you want to know what teens are doing online, don’t ask their parents. A survey by the National Cyber Security Alliance found that 60% of 13-17-year-olds have a secret online account they say their parents know nothing about, while only 27% of parents suspect their kids have one. This statistic will likely worry parents who are increasingly monitoring online behavior. About 67% of parents say they have a rule in place for kids to be open with them about any “sort of uncomfortable or scary incidents that occur online,” however only 32% of teens surveyed say that such a rule exists in their household. (CNET)

Millennials around the are not only passionate about global issues, but ready to take them on. A World Economic Forum survey found that seven in ten 18-35-year-olds see abundant opportunities for themselves and their peers to tackle global issues, and half believe they have decision making power in their home countries. When the WEF asked about the three most serious issues affecting the world today, Millennials had the same response as the year before: religious conflicts came in third with 33.8% of responses, large scale conflict and wars came in second with 38.5% of responses, and climate change and destruction of natural resources was the top response with 45.2% of respondents. (Business Insider)

Outlet malls are thriving, and it’s all thanks to men and thrifty Millennials. According to Cowen & Co.’s latest Consumer Tracker Survey, outlet visitation by 18-34-year-old men reached a new peak of 44% in July, most likely due to male preference for brand stores over department retailers. Overall Millennial visitation is also up: on average, 31% of 18-34-year-old women and 35% of 18-34-year-old men say they visited an outlet mall every month between December 2012 and July 2016. An analyst of NPD Group attributes the trend to frugal Millennials who would rather save their cash for experiences. (MarketWatch

Teenage girls with depression or anxiety “are less alone than ever.” The Department of Education has revealed that these mental illnesses are a slowly growing epidemic among teen girls in England: about one third report having depression or anxiety, a 10% increase over the last decade. Social media pressure, bullying, and unrealistic body expectations are all cited as factors, which have especially effected young girls all over the world. In America, the Substance Abuse and Mental Health Services Administration reports that teen girls are three times more likely to be depressed than their male counterparts. (Teen Vogue)

Instagram has made connecting with consumers even easier for brands. The platform’s new “contact” button allows users to call, text, or email brands through their profiles. According to a social media specialist, “social…is a brand’s first line of defense—both for reputation management and customer service,” and the new button eliminates the hassle of having to respond to each individual comment. Brands like Nordstrom, Delta, and Denny’s are already utilizing the new feature. (Digiday

Quote of the Day: “My favorite app is Pokémon Go, because it's kinda a big deal for those of us who've been dreaming about it for over a decade.”—Female, 21, NJ 

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