Debt management could help keep wedding plans intact
Debt management could help keep wedding plans intact
Tuesday 23rd June 2009
The reduction in money spent on an occasion synonymous with 'no expense spared' has dropped by £178 million over the past year according to LV=.
The drop is a very clear representation of the extent to which consumers' pockets have been affected by the recession.
With better debt management however, people's weddings could be exactly how they had originally planned.
The research conducted by LV= found that 59 per cent of people attending a wedding this year, of which there will be 11.1 million, have changed their plans in some way due to economic circumstances.
The wedding day alterations include everything from the changing of gifts to the wedding venue.
One in eight couples due to marry this year have asked for cash donations from guests rather than opt for the traditional wedding gift list.
John O'Rourke, managing director of LV= home and travel insurance, said: "Weddings are clearly an expensive affair - but not just for the bride and groom.
"Despite the recession this research shows that the average couple will spend over £300 per wedding they attend. Much of this spend will be on wedding gifts."
A number of people are moving their wedding abroad to save on costs, with 2.8 million adults having attended a wedding overseas in the last 18 months.
However, despite the cost-cutting factor of moving the event abroad, 31 per cent said they would still be less willing to attend the day even if it was abroad due to financial constraints.
The average wedding still costs £224 per person.
News article brought to you by Debt1 – UK debt management specialists.
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