Brits splash out more than £8.2 billion attending weddings

Brits splash out more than £8.2 billion attending weddings

Wedding season is fast approaching, so it might be time to decide pick your outfit(s). But while you’re preparing, you’d better check your bank account too, as latest figures show that guests spend a small fortune celebrating with friends and family who tie the knot.

We Brits love a good knees up, and it seems weddings provide an excuse for many to throw any spending rules they may have out the window.

Guest spend average of £327

Research from Policy Expert reveals that, on average, each guest spends a whopping £327 on outfits, travel, accommodation, presents, parties and other associated costs.

As almost half (49%) of the UK population went to a wedding last year, according to the figures, which means revellers spent a grand total of £8.2billion.

And if you’re lucky enough to attend the stag or hen do as well, the average total spend rockets by another £249 to £576.

Are Brits generous gift-givers?

Of the total sum spent, a reasonably generous £59 is shelled out, on average, by guests sharing their ‘happiness’ for the couple.

If you’re in the wedding party, however, there’s a danger you’ll spend a lot more, with the average amount splashed out on gifts by those closest to the bride and groom coming to £150.

Most popular presents

When it comes to wondering what to give the happy couple, cash, as ever, proves the most popular gift (40%).

Plenty also take another easy option, with just over one-in-four (27%), sticking to the pre-approved gift list, the second most common choice.

Nearly one-in-five (19%) show their romantic side by opting to gift money for any honeymoon the newlyweds might go on.

The same number (19%) offer up gift vouchers instead, so the couple can splash out when they get home.

Only one-in-twenty (5%) of wedding guests choose the personal touch of a handmade or ‘quirky’ present.

Are all those gifts covered?

Adam Powell, COO at Policy Expert, points out that those set to walk down the aisle could, in theory, end up with thousands of pounds worth of gifts.

Powell suggests that if they’re not to potentially lose out big time if anything happens to those gifts, they should make sure they have the right home cover: “It’s important to check that gifts received from generous guests, as well as wedding rings and other valuables, are covered in your home insurance policy… The average gift costs £60, so even a modest wedding could bestow you with hundreds if not thousands of pound worth of presents.”

If you do decide you need cover, Policy Expert offers an additional 10% contents cover the month either side of your wedding as standard, meaning you can cross the threshold on your return from honeymoon without any nasty surprises.

Policy Expert

As an online insurance broker, we help our customers to compare products and find a policy that’s right for them. Customer care is at the heart of everything we do and we have a dedicated customer service team on hand by phone, email, twitter and instant chat. For more information, you can call our experts on 0330 0600 600 or visit www.policyexpert.co.uk/contact for more ways to reach us.

Published 21st March 2019


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