Stats SA data shows that there were close to 151,000 marriages in 2014 – serving a multi-billion rand industry in South Africa.<\/p>\n
And while the global wedding industry is estimated to be worth around $300 billion annually, in SA, recent figures point to a custom in decline.<\/p>\n
According to Stat SA, the number of weddings taking place each year has been in steady decline, with the number of marriages between 2013 and 2014 down by 5%.<\/p>\n
At the same time, divorce rates in South Africa are climbing. Stats SA data showed that in 2014 there were 24,689 divorces, up from the 23,885 in 2013 – and up too, from 2011.<\/p>\n
Read:\u00a08 things you probably didn\u2019t know about divorce in South Africa<\/a><\/strong><\/p>\n According to attorney Hugh Raichlin, one of the biggest factors for higher divorce rates are financial woes.<\/p>\n And given the financial costs associated with getting married\u00a0– where some couples take out loans to cover the the costs – it can put a couple behind the eight ball from the outset.<\/p>\n Costs vary greatly depending on the size and location of the wedding.<\/p>\n According to professional wedding planners, Great Occasions, the average cost of wedding in South Africa is between R70,000 – R80,000 for 80 to 100 people.<\/p>\n However, the group notes that these going prices per head (R700 to R800) could easily escalate to R1,500 or R2,000 per person (R200,000 for a wedding).<\/p>\n According to Great Occasions, a wedding budget is typically broken down into the following:<\/p>\n Working within the bounds of the group’s wedding cost range of\u00a0R70,000 – R200,000<\/strong>, this translates to:<\/p>\n However, there are other factors to consider.<\/p>\n Financial journalist, Maya Fisher-French broke down wedding costs further, including items such as the wedding rings, honeymoon and even lobola.<\/p>\n According to Fisher-French, citing survey data from Visa in 2012, on average, couples plan to spend R27,000 on a honeymoon, and R20,000 on an engagement ring. For traditional weddings, lobola comes to about R40,000.<\/p>\n Even these costs can escalate, though, with some respondents saying they would pay as much as R100,000 for the ring, and R250,000 for lobola.<\/p>\n With these extra costs taken into account, the the price can escalate significantly to between R120,000 (excluding lobola) and R290,000 (all included).<\/strong><\/p>\n Fisher-French said that while these prices are an average, they can easily double.<\/p>\n Wedding and lifestyle group, Yes Baby Daily<\/a> also broke down the “realistic” costs of a wedding, finding a low-end average at R55,000 and a high-end average at R270,000+<\/strong> – all inclusive.<\/p>\n According to Fisher-French, if couples take out a loan to fund an “average” R150,000 wedding, they would need R5,500 a month (if not more) over the next three years to repay the debt.<\/p>\n That equates to a 10% deposit on a R1.3 million home – or if invested, could grow to be R500,000 in 10 years, she said.<\/p>\n 8 things you probably didn\u2019t know about divorce in South Africa<\/a><\/strong><\/p>\n The science of morality: how do we make the \u2018right\u2019 decisions?<\/a><\/strong><\/p>\nThe cost of a wedding<\/h3>\n
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More on\u00a0weddings<\/h3>\n