Cost of Loving Crunch: Getting Married is Getting More Expensive
Newlyweds and engaged couples are feeling the pinch as wedding costs rise due to inflation and unexpected expenses, a recent report from Barclays UK reveals. The study delves into how macroeconomic trends, social media pressures, and creative cost-saving measures are shaping the landscape of weddings in 2023. Let’s look at some of the bigger trends in the money of marriage.
The Budget Breakers
Around 38% of couples tying the knot this year find themselves exceeding their wedding budget, with factors like the cost of living crisis (51%) and higher-than-expected supplier charges (44%) taking the lion’s share of the blame. An additional 36% admit they’re overspending to make the most of their special day, racking up an average of £5,034 beyond their budget.
The survey also highlights the spectrum of spending. One in five Brits (20%) are pouring over £25,000 into their nuptials, while 17% are sticking to a budget of less than £5,000. Meanwhile, 11% are actually spending less than initially anticipated, often opting for smaller celebrations or cutbacks.
Crafty Weddings: DIY Takes Center Stage
The “do it yourself” mentality is sweeping across wedding plans. Over 90% of couples are adopting a DIY approach for at least one aspect of their big day. Homemade stationery, decorations, floral arrangements, and even photography are part of this trend. Around 14% of couples are going so far as to have a friend or family member officiate their ceremony.
Social Media’s Influence and Impact
The power of social media is undeniable, impacting weddings from proposals to celebrations. About 11% of couples feel pressured by social media to spend more, often on photography and videography. Additionally, 11% are creating unique hashtags for their weddings. But, interestingly, a quarter of couples discourage guests from posting on the actual day, with 12% outright banning smartphones.
Sustainability isn’t just a buzzword; it’s infiltrating weddings. Approximately 11% of couples are embracing eco-weddings, turning to paperless invites, renting decorations, and even buying second-hand wedding attire. About 15% of couples are aiming to be single-use plastic-free, with 20% opting for flower petals or natural confetti.
Savvy Spending Strategies
Weddings come with a financial burden, but couples are finding ways to lighten the load. Nearly one-third of couples prioritize spending on music, with 71% opting for DJs or live bands. Additionally, financial help from parents (31%) and extended engagements (30%) are common strategies to manage costs.
Catering to the Cost-Conscious
The culinary aspect of weddings isn’t immune to cost-saving measures. While 29% of couples are opting for buffet-style dinners, 16% are providing an open bar, and 17% encourage guests to bring their own alcohol. In an unexpected twist, 6% of couples are even hosting dry weddings.
Expert Advice for Budget Bliss
To help keep costs in check, couples should identify their top priorities and allocate their budget accordingly. While weddings are important, finding the right balance between celebrating a special day and managing costs is crucial.
Be Mindful with Your Money
As weddings evolve to adapt to economic challenges and personal preferences, the classically extravagant affair is being infused with creativity, resourcefulness, and a keen eye for value.
For more details on the changing landscape of weddings in 2023, including spending breakdowns and expert insights, visit the Barclays Consumer Spending Index and hear from industry experts.
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