Budgeting Tools: Wedding Costs
Brits spend £1.1 billion a year on wedding gifts, new research shows, highlighting how important it is for guests to save for the big day, as well as the happy couple.
The average amount spent on a wedding gift is £47, first direct reveals, and this is on top of the cost of a new outfit, the hotel or taxi costs.
Each UK wedding on average hosts 96 guests, which amounts to a total gift value of £4,512 per wedding – possibly amounting to £1.1 billion for UK guests over the course of a year.
“We all know that paying for a wedding is expensive for the father of the bride, or the couple if they are paying for it themselves,” said Richard Brown, first direct senior savings product manager.
“It can also be expensive to be a guest especially when you take into consideration the cost of a new outfit, a stay in a hotel and drinks at the reception.”
Those under 24 years old spend on average £58, while those over 55 years old spend £56 – the two groups who are the most generous with their wedding gift spending.
People aged between 35-54 years old typically spend the least, on average £39 per wedding gift.
Men are also more generous than women, with the average male spending £58 compared to £39 which is the typical for a female.
Regionally, Scots are the most generous, forking out on average £61 per wedding gift, while those in the East of England spend the least, just under £38.
Brides and grooms across the country are increasingly being seen asking for cash or vouchers as wedding presents, previous research by first direct showed.
This accounts for 35 percent of prospective newlyweds, who are struggling to meet the cost of living and would ask for money to help them get started instead of gifts.