UK Wedding News
08/09/2011
The average wedding budget has dropped from £20,000 in 2008 to £15,500 in 2011, research has revealed. With cost cutting a part of most people's lives, couples on a budget have had to cut back on guest numbers and do away with many of the little extras.
There is also a growing culture of money-saving, with clever brides using the internet to compare and secure the best prices.
This marked decrease in spending was highlighted through analysis of wedding insurance.
After studying the data from more than 2,000 wedding insurance policies on CompareWeddingInsurance.org.uk the average amount couples were covering for a complete cancellation was £12,541 (in addition to an average £3,000 for the honeymoon).
This figure illustrated a substantial drop from the previous year.
Adam Leyton, managing director of CompareWeddingInsurance.org.uk, said: "When we saw a drop last year, we wondered if couples were under-insuring.
"However, due to the large sample, coupled with similar figures from surveys by other companies, it seems the average spend on a wedding is falling.
"The current money-saving culture, where buyers are more savvy about shopping around for big purchases, seems to extend to the wedding industry."
Despite the £5,000 drop, a £15,500 average wedding budget is still a significant amount of money. Breaking down the cost illustrates that the reception usually accounts for the largest part of the budget, with couples spending around £4,000 on the venue and feeding guests.
The bride's dress, groom's suit and other attendant's outfits can often add a further £2,000. Add in the cost of the engagement ring, photographer, flowers, cake, transport and stationery and it soon becomes clear how easy it is to spend well into five figures.
However, the fact that costs are coming down illustrates there are ways for couples to get the perfect day without spending beyond their means.
"It's important to set a budget and stick to it," said Adam.
"Keep this budget up to date with real figures as suppliers and wedding items are purchased.
"As with all undertakings that require large expenditure, it pays to build in a contingency fund for any unseen costs that might spring up.
"Remember, without insurance, money may be wasted by having to spend on items twice - if the wedding dress supplier goes bankrupt, for example."
According to figures from Voyager Insurance, the most commonly claimed for thing is bankruptcy/liquidation of the wedding dress supplier. Other things commonly claimed for are loss of wedding photography, marquee damage, adverse weather and death/injury of a family member.
Despite this, only 25% of couples actually choose to take out a policy, despite the premiums being very reasonable, with policies available from around just £20 on CompareWeddingInsurance.org.uk.
(GK/BMcC)
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Average Wedding Spend 'Cut Back'
The average wedding budget has dropped from £20,000 in 2008 to £15,500 in 2011, research has revealed. With cost cutting a part of most people's lives, couples on a budget have had to cut back on guest numbers and do away with many of the little extras.
There is also a growing culture of money-saving, with clever brides using the internet to compare and secure the best prices.
This marked decrease in spending was highlighted through analysis of wedding insurance.
After studying the data from more than 2,000 wedding insurance policies on CompareWeddingInsurance.org.uk the average amount couples were covering for a complete cancellation was £12,541 (in addition to an average £3,000 for the honeymoon).
This figure illustrated a substantial drop from the previous year.
Adam Leyton, managing director of CompareWeddingInsurance.org.uk, said: "When we saw a drop last year, we wondered if couples were under-insuring.
"However, due to the large sample, coupled with similar figures from surveys by other companies, it seems the average spend on a wedding is falling.
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"The current money-saving culture, where buyers are more savvy about shopping around for big purchases, seems to extend to the wedding industry."
Despite the £5,000 drop, a £15,500 average wedding budget is still a significant amount of money. Breaking down the cost illustrates that the reception usually accounts for the largest part of the budget, with couples spending around £4,000 on the venue and feeding guests.
The bride's dress, groom's suit and other attendant's outfits can often add a further £2,000. Add in the cost of the engagement ring, photographer, flowers, cake, transport and stationery and it soon becomes clear how easy it is to spend well into five figures.
However, the fact that costs are coming down illustrates there are ways for couples to get the perfect day without spending beyond their means.
"It's important to set a budget and stick to it," said Adam.
"Keep this budget up to date with real figures as suppliers and wedding items are purchased.
"As with all undertakings that require large expenditure, it pays to build in a contingency fund for any unseen costs that might spring up.
"Remember, without insurance, money may be wasted by having to spend on items twice - if the wedding dress supplier goes bankrupt, for example."
According to figures from Voyager Insurance, the most commonly claimed for thing is bankruptcy/liquidation of the wedding dress supplier. Other things commonly claimed for are loss of wedding photography, marquee damage, adverse weather and death/injury of a family member.
Despite this, only 25% of couples actually choose to take out a policy, despite the premiums being very reasonable, with policies available from around just £20 on CompareWeddingInsurance.org.uk.
(GK/BMcC)
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