Wedding spending in the US dropped in 2020 and will remain low in 2021, even as the number of people tying the knot next year is expected to surge, a survey found.

This year, 1.1 million couples wed, compared to an average of 2.13 million over each of the last two years, according to the latest data published by the Wedding Report. The average spend on a wedding in 2020 was $19,850, down from $24,680 in 2019, an August survey found, with many cancelling or pushing off their events to 2021 due to the coronavirus.

The coming year will witness about 2.77 million nuptials, as about 650,000 couples bring their celebrations forward, the wedding statistics forecaster noted. However, couples are expected to trim their guest lists, as well as their overall budgets. Those getting married will spend an average of $21,680 on their event next year.

“The resulting loss over [the two-year period] will be about $23 billion, a huge blow to the industry,” the Wedding Report noted.

Spending levels are not likely to return to pre-pandemic figures until about 2024, data showed.

In 2019, couples shelled out approximately $5,900 on an engagement ring, up from the $5,000 average over the three years before that, according to data from the WeddingWire. Some 87% of respondents preferred rings that featured a diamond, while 71% were interested in side stones. About 54% of those surveyed wanted a white-gold band, and 47% picked a round-cut stone.