08/06/2012

Average Cost Of A UK Wedding Drops

The average cost of a wedding in the UK has continued to decline for the second year in a row, dropping to less than £14,500.

This represents a decrease of 10% on last year's figures, and is based on a survey of over 1,600 wedding insurance policies purchased through CompareWeddingInsurance.org.uk to cover weddings taking place this year.

Figures show that the average cost of a 2012 wedding is now £11,441, with an additional £3,000 being spent on the honeymoon, bringing the total cost of a wedding in the UK to £14,441. Of this sum the biggest expenditure is the reception, costing around £4,000, with the bride's dress, the rings, photographer and flowers all adding large sums to the overall cost.

Analysis of the figures released by reveal that couples in London are still spending significantly more, at around 42% above the national average, with those in the North spending up to 12% less than the average. The lowest cost weddings are currently in Northern Ireland where the average spend is 16% below the average at £12,666.


Adam Leyton, Managing Director of said: "Couples are still wanting that dream wedding, and we're seeing a greater number of people now being more savvy than before, either shopping around for the best deals or even going down the DIY route and crafting some things themselves."

With the UK's economy continuing to place growing pressure on families, and with the threat of a double dip recession, it is perhaps hardly surprising that so many people are cutting back on their wedding plans.

The good news though is that more people planning their wedding are now taking out wedding insurance earlier than before. The average time when most people purchase their wedding insurance policy is now 9 months before the wedding day itself, which given the present unsettled financial and business climate is essential.

As many venues, photography services, florists, dress makers and caterers have been forced out of business during the past few years as a result of the long term economic downturn, it is a positive sign to see so many more people now opting to include wedding insurance on their wedding planning list. With a basic policy starting from around £20 and covering virtually every aspect of the wedding, it is a sensible option to consider when investing in what for most people is the third most expensive purchase in their lifetime.

"Without wedding insurance most couples have no backup plan should unforeseen costs or problems occur," said Adam Leyton.

"Many people believe that credit card protection schemes, home insurance and health insurance policies will help rescue the day should things go wrong, but experience has shown that this is certainly not the case, with only a very small proportion of the costs involved covered by such policies."

(GK)

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