UK Wedding Spend Drops for the Second Year in a Row
New figures released this week by CompareWeddingInsurance.org.uk show that the average amount
being spent on a UK wedding has fallen for the second year running.
Leeds, United Kingdom, May 03, 2012 --(PR.com)-- Figures released this week reveal that in the UK the
average amount of money people are spending on their wedding has dropped for the second year in a row.
A decrease from last year of 10% means that on average people are spending less than £14,500. The
figure is based on the data from over 1,600 wedding insurance policies bought by customers through
CompareWeddingInsurance.org.uk to cover weddings taking place in 2012.
The basic cost of the average wedding is now £11,441, and with the average honeymoon costing
approximately £3,000 this brings the total average cost of a UK wedding in 2012 to £14,441. As in
previous years the biggest single cost is the reception, totalling approximately £4,000. Other major
purchases include the photographer and the bride's dress.
Looking closely at the statistics released by CompareWeddingInsurance.org.uk it would appear that
average expenditures across the country are still varying as they have done in previous years. Couples in
London on average are spending approximately 42% above the overall UK average, with the cheapest
weddings being in Northern Ireland costing approximately £12,666, 16% below the UK average.
Managing Director, Adam Leyton, says, "With the increased financial pressures faced by couples wishing
to get married in the UK at the moment, it is evident that many people are starting to shop around much
more to get the best deals, as well as opting for the DIY route in order to save on their wedding."
The recent revelation that the UK has now entered a double dip recession for the first time since the early
1970s reflects the growing financial pressure on those who wish to plan a wedding. Although the average
expenditure has dropped slightly, it is still a very significant sum of money, but the good news is that the
data also revealed that couples are purchasing their insurance policy sooner than ever - 9 months before
the big day on average.
But it is not just families and those wishing to get married who have been facing financial pressures, and
in the last few years a worrying number of wedding venues, photographers, florists and other service
providers have had to close their businesses. In many cases this has inevitably passed additional financial
burdens on to couples who may have already committed funds in terms of either a deposit or an advanced
payment. It is for this reason that taking out a wedding insurance policy, which start from around £20, is
an increasingly important aspect in planning a wedding.
"Couples who elect not to take out a wedding insurance policy are taking an enormous risk, and that risk
is growing as the U.K.'s economy continues to shrink," said Mr Leyton.
"In speaking with our customers we understand that many people believe that should things go wrong,
their existing insurance policies, such as home insurance and health insurance or perhaps Section 75
Credit Card protection, will provide them with the safety nets they need. Unfortunately this is invariably
not the case, meaning that many thousands of pounds are still at risk."
Contact via Email
Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/410028