A new report has more bad financial news for millennials: maybe it’s time to skip the bachelor parties. According to a report from real estate site Zillow and wedding site The Knot, Generation Y is spending an average of a whopping $1,532 on a single weekend of pre-marital debauchery for a pal, with travel and lodging included. (CNBC notes that the ladies have it a little less pricey; those parties run more in the range of $1,106 per millennial guest.)
Still, that’s a lot to spend on cinnamon-flavored whiskey shots and maybe a show when you’re going multiple times a year. Add to this the fact that 26-year-olds are the most populous age group in the country, situated at prime time for engagement and wedding festivities within the next five years, and one can only expect these figures to hold steady, if not rise. Of course, these pre-parties are nothing compared to the full picture of the wedding business. American couples spent an average of $35,329 on their big days, according to a study from The Knot; that was an 8 percent spike from the preceding year.
Millennials have been lambasted before for their spending habits — remember the controversy around overpriced avocado toast? — and this is, perhaps, another item in that laundry list of expenditures. Considering that many millennials are saddled with hefty student debts, it doesn’t paint a pretty picture. Those bachelor parties better be fun.
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