The cost for a wedding in South Africa, is dependand upon several factors.
Statistics SA records reveals that there were actually nearly 151,000 wedding ceremonies throughout 2014— serving a multi-billion rand market throughout South Africa
And even though the international wedding market is determined to be worth over $300 billion dollars per year, within SA, current numbers indicate a downward trend.
Baseding upon Statistics SA, the level of wedding events occurring annually has experienced a consistent reduction, with the amount of weddings when comparing 2013 and 2014 lower by 5%.
Simultaneously, divorce figures in South Africa are going up. Statistics SA records revealed that in 2014 there were nearly 24,689 divorces, increase against the 23,885 found in 2013— as well as increase divorces, in 2011.
As explaining by attorney Hugh Raichlin, some of the most significant elements with regard to increased divorce levels are economical distress.
Furthermore granted the budgetary expenses linked with getting hitched– in which several couples apply for finances in order to pay for the wedding– this can easily leave a couple in a tight spot from the start.
The cost of a wedding
Expenses differ significantly depending upon the size as well as venue of the wedding.
As indicating by qualified professional wedding planners, Great Occasions, the average costs of a wedding in South Africa is anywhere between R70,000– R80,000 when it comes to 80 to 100 people.
Nevertheless, the organization notes that these starting rates per person (R700 to R800) can quite easily increase to R1,500 or even R2,000 per person (R200,000 for a wedding).
As indicating by Great Occasions, a wedding budget plan is commonly divided into the following categories:
of the budget plan will go to the venue– consisting of hire expenses, food and decor.
of the budget plan will go to the Wedding dress and gadgets
of the budget plan will go to photographs, DJ, florals and alcohol
of the budget plan goes to wedding invitations and table presents
needs to be apportioned when it comes to unexpected expenses, for example, travelling expenditures, events coordinators as well as consultations charges.
Performing throughout the restriction of the party’s wedding expense range based on R70,000– R200,000, this equates to:
R35,000– R100,000 for the wedding venue, decor and food;
R7,000– R20,000 for the wedding dress;
R10,500– R30,000 for the additionals;
R7,000– R20,000 for the invites as well as presents;
and R10,500– R30,000 for everything else.
Having said that, there certainly are some other elements to think about.
Personal financial columnist, Maya Fisher-French divided wedding expenses even more, involving things like the wedding bands, honeymoon as well as lobola.
As explaining by Fisher-French, presenting study records from Visa in 2012, typically, couples prepare to shell out R27,000 on a honeymoon, and R20,000 on a diamond engagement wedding ring. When it comes to traditional weddings, lobola comes down to around R40,000.
In fact, these expenses could intensify, however, with a few participants stating they would compensate as much as R100,000 for the band, and R250,000 when it comes to lobola.
Along with these extra expenses taken into consideration, the cost can grow drastically to around R120,000 (excluding lobola) and R290,000 (all included).
Fisher-French stated that although these kinds of rates are an average, they could quickly multiply.
Wedding and lifestyle group, Yes Baby Daily also divided the “reasonable” expenses of a wedding, discovering a low-end average from R55,000 and a premium average from R270,000+– all inclusive.
As explaining by Fisher-French, in the event that couples obtain a cash advance in order to pay an “average” R150,000 wedding, they may need R5,500 a month (or even more) over the following three years in order to settle the financial obligation.
Which represents to a 10% deposit upon a R1.3 million property– or if invested, can increase to become R500,000 within 10 years, she explained.