Radio program on Wedding-nomics

posted 3 years ago in Money
Post # 3
Hostess
7630 posts
Bumble Beekeeper
  • Wedding: January 2013

I’ll have to check that out!

Post # 5
Hostess
7630 posts
Bumble Beekeeper
  • Wedding: January 2013

@wabanzi:  Very deceptive! I always worry that quoted averages use tricks like that, especially on political issues. Tisk tisk!

Post # 7
Member
2878 posts
Sugar bee

That’s a huge difference between the mean and the median ! 18K sounds more realistic. Thanks for sharing. 

Post # 8
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

@wabanzi:  I don’t think that’s sneaky at all.  When an average is reported it often is a mean unless otherwise stated.

Post # 10
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

@wabanzi:  I agree they are all averages, but in an article intended for the general population, average typically refers to mean.

I’ve followed some housing stats for a while, I don’t see how it would be a median as when more luxury homes sold or there was just a jump in the top price for luxury homes it was commented upon and that was the reason the average house price went up.  The info I followed also included information from the cities association, so it’s not just a select few choosing it to do it this way, it’s the standard.  Maybe it’s a cultural difference.

It’s been a while since I’ve looked at salary information, but it would suprise me if they used the term average and they were discussing the median.  I quickly looked up the last one I recall using, and they listed the mean first, then the median.

I don’t disagree that other methods of examining an average are more useful at times, but they tend to either be specified, or else just commonly understood within a specific area that it’s the common method.

When putting something out there like the average cost of a wedding for the general public to read, it would be misleading to use a mode or median and just referring to it as the average.

Post # 12
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

@wabanzi:  I agree, that quote is bad and misleading.

I think the bigger issue is how the data is collected when the average wedding price is quoted.  It can be pretty easily to figure out that the high-end weddings drive up the mean price IMO.  Whenever I’ve heard averages for local weddings I’ve never seen any information about where the data came from.  I’m always curious if it includes people who don’t have a reception type of celebration.

Post # 14
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

@wabanzi:  Don’t be sorry, it makes for an interesting conversation 🙂

It’s the local city data that I’ve never heard the method, it’s usually a bit less than the US numbers.  I think it’s related to a magazine.

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