Recent research shows that the amount spent on weddings has dropped from an average of £20,000 in 2008 to £15,500 in 2011.
In the current times of austerity, cost cutting has become an integral part of life in Britain and this is reflected in couples doing away with many of the little extras and scaling back on guest numbers.
This decrease was highlighted through analysis of wedding insurance. After studying the data from more than 2,000 policies on CompareWeddingInsurance.org.uk, the average amount couples were covering for a complete cancellation of their event was £12,541 (in addition to £3,000 for the honeymoon). This figure illustrates a substantial drop from the previous year.
Adam Leyton, managing director of the online company, said: "When we saw a drop last year, we wondered if couples were under-insuring. However, due to the large sample and figures from surveys by other companies, it seems the average spend on a wedding is falling."
Despite the £5,000 drop, a £15,500 wedding budget is still a significant amount. Breaking down this cost illustrates that the reception usually costs about £4,000, the outfits tend to add up to another £2,000 and once the rings, photographer, flowers, cake, transport and stationery are added into the mix, it soon becomes clear how easy it is to spend well into five figures.
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Posted: 2 April 2014
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