Tourism could drop by as much as $430 million
First comes love, then comes marriage, then skipping the honeymoon because you’re unsure if you’ll be able to get back into the country.
One in five couples are changing their honeymoon travel plans, wedding and honeymoon registry site Honeyfund says. That could hit the travel and tourism industry by plummeting $215 million to $430 million annually.
“Nearly 20 percent of honeymooners report altering travel plans and 10 percent anticipate a decreased budget due to current domestic and international political climate,” Honeyfund says. “The current news and events in politics have impacted the decisions of honeymoon planners with regards to location, as well as financially affecting the industries involved.”
Honeyfund says most of their users spend less than $15,000 on their weddings — excluding honeymoons — and predicts a dip in marriage costs soon. The national average is more than $30,000, but only 15 percent of the site’s users are spending that much on their big day.
Weddings cost a lot — more of lower-income Americans
If you’ve ever had the chance to plan out your dream wedding, many times you come back to reality once you realize how expensive it’ll be. For minimum wage workers, even having an average wedding is probably not feasible.
National average wedding costs are hovering around $35,000, and that cost has gone up every year since wedding magazine The Knot started tallying the stats. The average pay of a minimum-wage worker is about $15,000 a year. That means it would take more than two years of pay just to stay on par with average Americans. And that’s if salary doesn’t go to anything else, like rent, bills, and food.
Even if you calculate most Honeyfund users and their spending, that’s about one year’s pay for a minimum-wage employee.
Where you get married also matters, as average income in the Northeast is much higher than Midwestern counterparts.
Why Trump’s travel ban matters
While happy honeymooners are simply staying landlocked for their celebrations, this hit on travel and tourism will hurt Americans more than just on the surface.
Forbes says if President Trump is willing to ban outsiders from visiting, what is stopping other countries from doing the same to the United States?
“Any country subject to an emigration or trade curbs can make it difficult for U.S. businesses,” Forbes says. “They can slap import fees on U.S. goods and refuse to admit U.S. citizens into their countries. And residents of foreign countries can boycott goods and services made by U.S.-based companies.”
Last month, CNN Money reported that there could be a 7 percent drop in expected travelers, which could cost the United States more than $18 billion. Aside from leisure travel like honeymoons, it’s largely business travel that will be affected.
“Nearly half of business travel managers say they’re expecting to cut back on meetings and conferences in the U.S.,” CNN Money says. “Some organizations are dropping plans to visit simply because they are worried that some members of their group could have trouble.”
CNN Money also says most of the economic loss will be from reduced travel from Canada and Mexico, although there are still concerns from loss of tourism from western Europe.
Article last modified on May 19, 2017. Published by Debt.com, LLC .