Wedding Industry Facts and Economics

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1 in 7 Couples Delay Marriage Due to Budget

A recent study by Experian has revealed that one in seven couples delay marriage in the UK due to the soaring costs. The average couple are now waiting one year and two months longer in order to save more money!

1 in 7 Couples Delay Marriage Due to Budget

The study unveiled that just over three quarters of couples (76%) just needed more time to save for their weddings, whilst a huge amount of couples (69%) decided to pay for their big day out of their personal savings. One in four (27%) use money to pay for their weddings from family and friends, and 7% were declined a loan that they had intended to use in order to pay for the once in a lifetime celebration.

The ONS suggested that around 1 in 10 weddings (12%) are held during the winter months as getting married during this time of year can save couples up to 25% of the cost compared to marrying during the spring, summer or autumnal months.

Further stats and figures on wedding budgets and finances below.

Delaying the Big Day

  • 14% of couples have had to delay their wedding because of cost considerations
  • Of those:
    • 76% needed more time to save
    • 9% needed to improve their credit scores
    • 7% were turned down for a loan so had to wait and reapply
  • Average length of delay is a year and two months

How much couples spend on weddings

  • In total: £6,627 (11% more than £10,000; 26% more than £5,000)
  • The dress: £735
  • Hair and make-up: £605
  • Venue: £1,151
  • Reception: £1,420
  • Rings: £795
  • Groom’s clothes: £631
  • Honeymoon: £1,290

Something old, something new, several things borrowed: How they pay for it

  • From savings: 69%
  • Money given by friends and family: 27%
  • Credit card: 9%
  • By getting elements as gifts: 7%
  • In instalments: 7%
  • A loan: 4%

Borrowing to hear the sound of wedding bells

  • Average amount borrowed: £1,362
  • But 14% borrow more than double that (£2,500+)

Until death us do part: How long it takes to pay off wedding loans

  • One in 20 married couples (4%) is paying off their wedding

Information provided by Experian.

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