The Hamptons are the most expensive place to host a destination wedding

The Hamptons in New York are the most expensive place to hold a destination wedding for an average of 100 guests, with an average cost of $45,987 at a time when the cost of living crisis is eroding people’s financial power in the world, according to a report.

Next is Positano in Italy where it costs $43,090 to host a wedding for the same number of guests, while Fogo Town in Canada ranks third with $39,012, according to the Wedding Price Index compiled by vacation rental search engine Holidu, in partnership with Magmatic Research.

The cheapest place to hold a wedding is the Pakistani city of Lahore ($3,530), followed by the Indian state of Goa ($3,858) and Nha Trang in Vietnam ($6,316), according to the study, which analyzed the cost of hosting and attending a destination wedding. more than 100 locations around the world.

The cost of goods and services soared in major world economies, with US inflation hitting a 40-year high of 8.6% in May.

In the UK, inflation also hit a four-decade high of 9% due to rising energy and fuel bills amid the impact of the war in Ukraine.

While the financial situation of many high net worth individuals has improved over the past year, the simultaneous increase in the basket of goods and services is eroding the purchasing power of high net worth individuals, said Swiss private bank Julius Baer in its 2022 Global Wealth and Lifestyle Report on Wednesday.

The world’s 500 richest people have seen a total of $1.4 trillion wiped out of their accumulated wealth this year, according to the Bloomberg Billionaires Index, as global financial markets slump under the weight of rising prices. interest rates and inflation anxiety.

“With the pandemic being followed by high inflation and the cost of living crisis, some couples may now be reassessing whether they can afford a lavish wedding, or whether a smaller celebration might be more appropriate,” said Sarah Siddle. , public relations manager at Holidu.

“Many of the decisions couples make when planning their dream wedding revolve around cost and how to divide the overall budget between different expenses.”

Holidu studied both the costs of organizing and attending a wedding.

Costs include venue, decoration, photographer or videographer, food, cake and drinks. Costs for guests include accommodation and transportation to and from the wedding venue.

Seville in southern Spain and Florence in Italy round out the top five most expensive destinations to host a wedding for 100 guests, at $36,262 and $33,569, respectively, according to the study.

The most expensive wedding venue featured in the study is Villa Casa Casuarina, the former home of Italian fashion designer Gianni Versace, located in the South Beach neighborhood of Miami, Florida.

An on-site wedding costs around $120,000 for 100 guests, according to the Wedding Price Index.

Destination weddings can be a significant financial outlay for guests wishing to attend,” Ms. Siddle said.

“With the notable increase in flight prices in 2022, overseas travel is becoming less affordable for many people, in addition to the accommodation and living costs of traveling away from home.”

With flight prices rising dramatically in 2022, traveling abroad becomes less affordable for many people

Sarah Siddle, Public Relations Manager at Holidu

She suggested renting homes on peer-to-peer platforms while they’re away to minimize the financial impact of attending destination weddings.

Around 1.5 billion more people worldwide are expected to fly in 2022, compared to last year, according to the Third Annual Travel Report from the Mastercard Economics Institute. Of these, Europe will see the biggest increase with around 550 million additional travelers while the Middle East is expected to see 115 million more this year.

Long-haul leisure travel, which has seen the steepest declines during the Covid-19 pandemic, is making a “strong comeback”, standing 7% below pre-pandemic levels in April, a gain of about 70 percentage points since the start of the year, according to the report.

Top 10 most expensive wedding destinations in the world

  1. The Hamptons, USA: $45,987 (cost to host a wedding for 100 guests)
  2. Positano, Italy: $43,090
  3. City of Fogo, Canada: $39,012
  4. Seville, Spain: $36,262
  5. Florence, Italy: $33,569
  6. Paris, France: $31,146
  7. Venice, Italy: $30,105
  8. New York, USA: $30,012
  9. St. Tropez, France: $27,716
  10. Cascais, Portugal: $27,614

Source: Wedding Price Index

Updated: June 16, 2022, 08:53

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