LONDON, July 3, 2013 /PRNewswire/ --
WeddingSite today announced findings about wedding budget spend having analysed purchasing behaviour of its 40,000 member base of engaged couples.
Top 5 wedding budget insights:
- The average UK wedding budget (excluding honeymoon) is £15,400
- Honeymoons are the biggest expense at around £4,760
- Derbyshire is the county with the biggest wedding budgets
- 53 % of brides and grooms-to-be now pay for their wedding themselves
- Parents in London & the Home Counties are most likely to foot the entire bill
Top 3 insights for wedding suppliers:
- Tightening of the purse strings mostly happens 5-6 months before the wedding
- The bride may be your main contact but build a relationship with the groom as well
- Craft sites like Etsy are very popular with our Brides, they're looking for new and original ideas so always offer them something different that they can't find themselves.
What's the Budget?
Wedding budgets and honeymoon spend in June 2012 and June 2013 are very similar in WeddingSite's view. Last year's budget average was £15,500, this year's research is £15,400. In comparison, SplendidInsights (March 2012) reported £15,797 with a sample of 2587 UK weddings.
You would think that wedding budgets would be in decline to cover the ever increasing living costs, but instead the trend appears to make budgets work harder, rallying friends and family to contribute skills and help out in the run up to the big day.
So how are brides and grooms going to fund the celebration of their lifetime?
In a recent study, WeddingSite saw a shift from the traditional financial support of the mother & father of the bride, paying for their daughter's big day, to sharing the cost burden with the couple's own savings as well. 53% of couples are now funding their wedding themselves (an increase of 7% since 2012). 51% of couples in London and the Home Counties' parents footed the entire bill, whilst brides and grooms-to-be in Hertfordshire are most likely to supplement their savings with loans in order to finance their dream day.
The most common question that rose from Wedding Planners and Suppliers was; "Who's making the purchase decision?" WeddingSite's panel research of 800 customers demonstrates increasing input from the groom, not just because they want to be involved but also as a result of their savings and loans going into the pot. Only 4% of WeddingSite weddings are being planned by the groom-to-be, in the most part financial decisions are made jointly.
Regional variations in wedding budgets are interesting, one might expect to see bigger budgets in London as salaries are often higher, however WeddingSite found the average wedding budget was highest in Derbyshire (£19,901), Surrey and Yorkshire. The lowest wedding budgets were found in Dorset (£6,929). For regional variations see WeddingSite's [June 2013 infographic].
Most published research on wedding budgets excludes the engagement ring and honeymoon costs, as does WeddingSite's data. Earlier this year, WeddingSite reported that the average cost for engagement and wedding rings combined was £3,204, with a whopping 22% of proposers in the Midlands spending over £7K on an engagement ring. See WeddingSite's [Jan 2012 infographic]
Pettrina Keogh, Managing Director at WeddingSIte, states; "We have little change in honeymoon budgets to report. This year budgets average at £4,760 compared to £4,446 in 2012. We will be reporting on trend shifts in honeymoon destinations at a later date."
Latest budget trends?
As an industry, it seems that weddings haven't been adversely affected by the recession and couples are still as extravagant as ever with the money they put towards their wedding day. SplendidInsights report that only 50% of couples said "staying within budget was very important to them", so couples are still ensuring their wedding day is an unforgettable one, as always.
Keogh continues; "The biggest trend we are seeing this year is "DIY": creating imaginative ways to put a personal spin on the big day without breaking the bank. Whether that means customising table decorations, making the bridal party hair accessories or working more closely with florists to create something bespoke; every bride wants a unique experience that can't be bought off the shelf."
NOTES TO EDITORS:
- Weddingsite live data: Based on a sample for 40,000 couples from April 2012 to June 2013 planning weddings on http://www.WeddingSite.co.uk
- WeddingSite Facebook Poll Oct 2012 (11,000 fans) https://www.facebook.com/WeddingSiteUK.
- Weddingsite customer survey Nov 2012. 800 respondents
- Splendid Insight 2011/12 Global http://www.splendidinsights.com
- Wedding Babylon by Imogen Edwards-Jones and Anonymous is published by Corgi
WeddingSite.co.uk was launched in April 2012 providing a suite of intuitive digital tools to aid brides & grooms-to-be with their wedding planning, ensuring couples stay in control & stress free.
Our business is built on data. We're intuitive, progressive and know our customers better than most because we're knowledgeable, responsive, engaged and most of all helpful.
With a new couple planning their wedding through WeddingSite every 9 minutes we're proud with our journey so far and excited about the product developments to come.
With robust research of over 40,000 weddings planned in the last 12 months, WeddingSite's data lab has unrivalled UK wedding industry insight.
WeddingSite is part of Archant Community Media Ltd, the same people behind Bride magazine & The Wedding Show: 13 wedding exhibitions and 52 wedding fayres covering the whole of the UK.
Business Development: Pettrina Keogh: email@example.com
Marketing & PR: Geeta Randev: firstname.lastname@example.org
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