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: “I am the one who buys random beauty products to recommend to friends if they are good.” –Male, 14, KN

Millennial travelers want the opposite of what their parents looked for in a hotel. Marriott International says that while Boomers “wanted familiarity, safety, and comfort," the next generation of travelers “want local and unique.” Global experiments in changing hotels to match their preferences have resulted in pop-up roof bars and locally sourced cheese-and-charcuterie restaurants. The brand predicts that Millennials could make up half of their guests by 2020—if they are able to appeal to them. (Fast Company)

Put your cookbooks away, younger consumers are bringing their devices into the kitchen. Think With Google and Kraft Foods' research revealed that 59% of 25-34-year-olds cook with their smartphones or tablets handy, while consumers over 35-years-old are more likely to print out a recipe. Search interest for “best recipes” on YouTube is reportedly up 48%, and “how to cook that” has become one of the top 10 most popular how-to searches on the site. (MediaPostDirect Marketing News)

The Apple Watch may not be Millennials’ cup of tech tea. A new study finds that “Millennials are dissatisfied with the Watch,” because the thrill of using it wears off after 30 days, and it feels like a “weak extension of their iPhone.” Others felt guilt over wearing the Watch because it seems ostentatious or frivolous. Not having a “killer app” could be another problem, though the initial reactions to the device aren’t necessarily an indication the Watch is doomed. (MSNCNBC)

Taco Bell says that understanding Millennials’ diversity and experience-driven mindset are the keys to being successful with the generation. Transitioning the brand from “Think Outside the Bun” to “Live Mas” is a part of their continued efforts to target younger consumers, who CEO Brian Niccol says see food as experience, not fuel. The chain strives to be “culturally relevant to the 25-year-old” because, “if you’re 40 you want to be 25, and if you’re 15 you want to be 25.” (Fortune)

Is Taco Bell right about the generation? What brand is killing it with Millennials, and what faux-pas are being committed? Is it ok to use young consumers' slang in a campaign? Ypulse Editor in Chief MaryLeigh Bliss visited Fortune Live to talk about the importance of appealing to young consumers, Millennial marketing mistakes, and the brands that are getting it right. (Ypulse)

Quote of the Day: “Anyone with natural beauty [inspires me the most when it comes to health and beauty]....everyday people more than celebrities or those with heavy makeup or fake bodies.” –Female, 32, NY

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