Tuesday, January 7, 2014

SG Wedding Guru: Singapore brides need to get creative with their banquet ideas to stem the rising costs

An article in AsiaOne News on 6 Jan 2014 talked about how one couple's desire for a dream wedding turned into a nightmare of debt. At SG Wedding Guru, we believe that the price of wedding banquets has reached the stage where Singapore brides need to start being creative with their wedding banquet ideas to avoid the same fate as the couple in the news article.
 
In one of our earlier posts, we highlighted that most wedding guests give hongbaos to cover the cost of their own dinners. Thus, if the cost per table is $1,200, guests will generally give a hongbao of about $128. There is of course a limit to what guests will (or can) give. No matter how rich a couple is, not all the guests at the wedding will be equally as rich. As such, any wedding banquet crossing $1,500 per table will likely generate a lost. This is especially true for young couples whose friends are also just starting out in their careers. With their own personal expenses, savings for their own wedding or HDB, forking out more than $150 is a tall order and most will likely only give $128 (or even less) for good luck.
 
In AsiaOne's news report, the groom a Mr Cayden Lee, talked about how his wedding banquet was held at a 6-star hotel in the Marina Bay area where each of the 45 tables cost $1,688++. A quick back of the napkin calculation will show that approximately 82% of the cost of the entire wedding cost ($89,500 out of $110,000) went to banquet expenses. The groom then lamented the fact that he failed to realize that not all his relatives were "high-class or rich folks" and thus the hongbao collected was insufficient to cover the cost of the dinner.
 
Skyrocketing banquet costs in Singapore

 
At SG Wedding Guru, we believe that this young couple's experience while sad, is not unique. With the ever increasing prices of wedding banquets, more couples will find themselves in the same predicament. It is thus timely for Singapore couples to start getting creative with their wedding banquet ideas so that they do not start married life in debt.
 
SG Wedding Guru

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