As the world focuses on the forthcoming wedding of Prince William and Kate Middleton, reported to cost £50m, new research from Halifax Savings reveals that Brits are spending £900 a year to attend a friend or family member’s big day.
A typical wedding guest spends £111 on accommodation and travel, £106 on clothes, £81 on wedding gifts, £63 during the reception, and £91 on the night of the stag or hen do. With the total cost hitting £452 and the nation, on average, attending two weddings per year, the wedding season is an expensive time for all involved, equating to an annual cost of £904.
Sleeping and Style And Top The Polls
Spending money on accommodation and clothes is clearly a top priority for wedding guests at £111 and £106 respectively.
Whilst Victoria Beckham will undoubtedly be fashionably styled at the Royal Wedding, possibly in her own dVb designs, the research also shows that of those who do buy new attire for the big day men spend £118 compared to £98 for women. However, two fifths (39%) of men do not spend anything on new clothes compared to 17% of women.
Presents Galore
Attendees at the Royal nuptials Sir Elton John and David Furnish should also take note that weddings seem to bring out the generous or romantic side of men, because it is men who surprisingly spend the most on wedding gifts at £90, compared to £72 for women.
A Right, Royal Do
When it comes to the Royal Wedding, it is reported that the Queen is hosting an afternoon luncheon for 600 guests and Prince Charles an evening reception for 300 of William and Kate’s closest friends.
The average amount spent at a ‘right, royal do’ or reception comes in at £63. Both Prince Charles and the Duchess of Cornwall, aged 62 and 63 respectively, fall into the highest spenders of those aged 55 to 64 year olds, at £82.
Men Spend Ritch[i]es At Wedding
Whilst celebrity guests at the Royal Wedding, such as Guy Ritchie, do not need to watch their spending, men on average spend over £120 more than women in the run up to and during the wedding; £515 of their own personal riches compared to £392.
As well as buying more generous wedding gifts, men also splash out £72 during the reception, compared to only £53 for women and £121 on accommodation and travel, compared to £102 for women. Men also spend almost twice as much during the evening of a stag do (£114), than women do on a hen do (£67).
Scots Are The Biggest Spenders
On a regional basis Scots are the biggest spenders at £514. They spend the most money on clothes (£128), wedding gifts (£86) and during the wedding reception (£85). Welsh wedding guests spend the most on accommodation and travel (£120) and the stag or hen do (120).
5% Of Nation Has Never Been To A Wedding
Whilst 1,900 guests have been invited to the Royal Wedding, 5% of the nation has never been to a wedding, rising to almost one in five (19%) of 18 to 24 year olds.
Whilst almost a third (29%) of Brits have attended at least one wedding during the past 12 months, 37% have not. Three in ten (29%) have not been to a wedding in the last five years.
I Guess That’s Why They Call It The [Wedding] Blues
Over half of respondents (55%) stated that they had declined a wedding invitation in the past. The main reason for doing so was the anticipated cost of attending a wedding abroad (6%).
Flavia Palacios, head of Halifax Savings products, said;
“The research clearly shows that wedding guests are spending money in order to be part of their friend or family member’s special day, but it can be costly when you add everything up.
“So that you can afford the wedding season in your life, it is important to have a regular, established savings habit in place not only so that you will not miss out from attending your friend and family member’s weddings, but also if you are looking financially prepare for your own big day.”
Source : Halifax Press Release
