Through smart planning and research from eToro, the ‘Bride Squad’ can pull off an unforgettable (and cost effective) trip
- Expenses associated with bachelorette trips like food and entertainment are up 1% over the past 12 months, and 23% since 2019
- Yet, gas and rental car costs have gone down 22% and 11% respectively over the past 12 months!
- Opting for cocktails over beer and heading to a destination in the Northeast are just two ways to keep the cost down as Bachelorette season approaches
Thursday, June 15, 2023 – It’s almost summer, which for many brides-to-be, means putting on a white sash, rounding up a group of (sometimes reluctant) besties and hitting the streets of Nashville, Miami or Charlotte to celebrate the ‘last fling before the ring.’ While many opt for extravagant, luxury getaways, a girls weekend doesn’t have to break the bank. According to a new Bachelorette Index by trading and investing platform eToro, there are ways for party planners and maids of honor to plan ahead, plan smart, and save.
Bachelorette party prices are cooling off after two years of scorching inflation, rising just 1% over the past 12 months. Some items are even cheaper than last year. The price of gas and car rentals has dropped 22% and 11%, respectively, while airfare has held steady. Opting for a road trip might be a way to save a few bucks among friends!
Callie Cox, U.S. Investment Analyst at eToro, commented: “It’s still pricey to support your friends before they make it to the altar – blame it on inflation, which has made the world noticeably more expensive over the past few years. But you can make some small changes to your itinerary to save some money. Hopefully, inflation will keep cooling down with the Fed on the job, so next year’s weddings won’t break your bank too much. If all else fails, just take it out of their wedding gift fund.”
The bride tribe should consider setting their sights on the Northeast, which, somewhat surprisingly, has seen more moderate inflation compared to other areas of the country. While the Hamptons will always be the Hamptons, partygoers might consider packing their pastels for a beach weekend in Cape Cod or a couple days of hiking The Adirondacks in Upstate New York instead of that expensive clubbing weekend in Miami.
The index evaluates some of the most common bachelorette-related expenses including hotels, alcohol, and of course those ‘gotta have’ custom t-shirts by looking at the commodity prices of hotels, beer, wine, liquor, food, apparel, admission to concerts, fees for workout classes, flights and more. Overall, the price of all of these items has increased an average of 1% over the past 12 months.
To really put things into perspective, consider this. The $500 plane ticket you bought four years ago is now $548. That $300/night hotel in Miami? Try $344/night now. A $200 car rental is now $296. It’s a few dollars here and there, but it adds up quickly. If you were paying $1,000 for a bachelorette party pre-COVID, that total has risen to $1,233 in just four short years.
Callie Cox, U.S. Investment Analyst at eToro, commented, “There’s no reason to spend thousands on a bachelorette party. Bridal attendants and friends alike will appreciate the money party planners help them save by making smart swaps – and guests will likely have even more fun knowing that they’re not overpaying for another long weekend!”
Doing research ahead of time will be your best friend when it comes to creating (and sticking to) a cost-saving budget. Consider skipping the brewery and opt for cocktails instead, given that the price of beer has gone up almost 6%, while the price of liquor has gone up just 1.5%. For those brides insistent on ‘shredding for the wedding’, you might also want to consider skipping the exercise classes – fees for boutique classes have risen an astounding 12.1% in the last year. If the bride absolutely wants to workout on her getaway, consider a free workout app or a hike.
Lastly, consider forgoing the custom t-shirts you probably won’t wear again anyway. The price of apparel has gone up almost 4%, so there’s no point in spending money on items that will likely end up in the back of everyone’s closets, never to be worn again. For the budget conscious bride crew, consider hitting up a local thrift store if the bride wants a specific-theme night.
Callie Cox, U.S. Investment Analyst at eToro, concluded: “At the end of the day, a bachelorette party is a small but important portion of the entire wedding journey. It’s a way for a bride to spend some quality time with her friends before tying the knot. Try not to get caught up in the stress of over-planning and over-paying; everyone has different financial obligations and celebrating the bride doesn’t have to break the bank.”
**ENDS**
Notes to editors:
(1) eToro Bachelorette Index is a simple weighted index of hotels, flights, gas, beer, wine, liquor, food, women’s apparel, admission to concerts, fees for lessons and instructors, and car rentals based on Consumer Price Index data. Data as of 4/30/2023 from Bloomberg. This index is not interactive or trackable and can not be invested in.
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