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 Reality bites for wedding spending

 

Friday, February 10, 2006


The cost of getting hitched has been a topic of some debate in recent years with the average spend seemingly spiralling ever upwards.

However, new research now suggests that we may be becoming more restrained in our attitude to spending on the big day.

According to the survey from Halifax Personal Loans, only 9% of us now think that the current average cost of a wedding, around £16,0001, is a reasonable amount to pay. The majority, over half of those questioned, thought that this is too much to fork out on our nuptials, believing that £10,000 or less is a more appropriate figure to spend.

Over 25% of people consider between £1,000 and £5,000 enough to spend on your wedding day. One in four people would plump for between £5,000 and £10,000 as the right amount to spend on a wedding. A significant percentage, 9%, thought that less than £1,000 is adequate.

Singletons still thinking big

Singleton's are the most likely to be still dreaming of an extravagant wedding with a quarter of this group prepared to consider spending over £15,000 to celebrate when they get hitched.

Interestingly, people who are already married or had been married were far less likely to think splashing out over the odds is necessary with only 13% and 15% respectively saying £15,000 or over was a reasonable amount to spend.

The generation gap

Young love knows no financial bounds it seems, with one in five of the 18-25 age group considering over £15,000 as a reasonable amount to pay for a wedding – compared to 10% of the 25-34 age group and 8% of the 35-44 age group.

By contrast, the 65+ age group were the most likely to think that spending less than £1,000 was sufficient (12%).

Regional divide

Those most inclined to splash out on weddings are probably in the North. A minority of big spenders, 4% of those in both the North East and North West, said even spending over £50,000 on their big day would be acceptable – a greater percentage than in any other region.

Couples in the South West are the least likely to pay over the odds with 17% considering less than £1,000 a reasonable amount to spend on nuptial celebrations.

Honeymoon contentment

When it comes to the honeymoon more people appear to be comfortable with the typical costs involved. The average cost of a honeymoon trip is estimated as £2,475 per couple.

Nearly half, 44%, of those questioned agreed that between £2,000 and £4,999 is a reasonable sum to pay for this expense.

One in five consider over £5,000 a more suitable figure. Whereas only a small minority (3%) think that it would be more reasonable to spend under £1,000.

Ian Corfield, head of Halifax Unsecured Personal Loans, comments: "Weddings seem to have been back in fashion in recent years and we have seen average costs increase dramatically."

"However, our survey suggests that there may be a change in opinion as to how much couples should spend. It may be that the costs typically involved have reached a level which is no longer considered reasonable."

"In contrast, people seem generally more comfortable with average honeymoon costs and do not see this level of expense as unreasonable or over inflated."

What do you think is a reasonable amount
to pay for a wedding?

Cost

Total (%)

£50,000+

2

£30,000-£49,999

2

£20,000-29,999

5

£15,000-£19,999

9

£10,000-£14,999

15

£5,000-£9,999

25

£1,000-£4,999

26

Less than £1,000

9

Don't know

7

What do you think is a reasonable amount
to spend on a honeymoon?

Cost

Total (%)

£10,000+

4

£5,000-£9,999

17

£2,000-£4,999

44

£1,000-£1,999

19

£500-£999

5

Less than £500

3

Don't know

8

 

 
 
     
     
 

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