How Much Should You Spend On A Wedding Gift?
Published: 11 June 2012 By Sunil Tinani Leave a Comment
Whilst many of us are trying to save money, the average amount spent on a wedding gift in the UK has actually increased from £47 to just over £51 in the last year – it could be an expensive wedding season this year for many.
Research from online bank first direct shows that the cost of giving that wedding present has increased year on year. With people in London looking to splash out some £80 on average, costs will be high for some.
The average UK wedding hosts 96 guests, giving a total gift value of £4,896 (i.e. £51 * 96) per wedding – a staggering £1.2billion wedding gift bill for UK guests over the course of a year.
Interestingly, those aged between 18-24 plan to spend the most, a huge £63 on each gift, whilst those aged 55-64 plan to spend just £46.
It seems too that you may want to invite more men to your wedding if you want to up your wedding gift values as men are far more ready to splash their cash – spending £61 on average compared with just £41 for women.
Bruno Genovese, Senior Savings Product Manager at first direct said, “We all know that paying for a wedding is expensive for the father of the bride, or the couple if they are paying for it themselves.
“However, it can also be expensive to be a guest especially when you take into consideration the cost of a new outfit, a stay in a hotel and drinks at the reception. If you’re lucky enough to have lots of friends and family getting married, now might be the time to start saving.”
MoneyHighStreet comments: “Receiving a wedding present is lovely, however, if you are a guest should your gift be cash, something from a wedding list or perhaps nothing at all?
“An interesting question.
“Recent research from first direct shows that most prospective newlyweds prefer to ask for money or vouchers as their wedding gift, although more couples are now giving their guests more choice by asking for a their own choosing. Almost 20% now though would prefer not to receive a wedding present at all.
“If you are planning your wedding no doubt you will have a wedding checklist to follow. Perhaps ideas for a wedding present will feature on it but so too will there need to be such as buying a wedding dress, buying wedding rings, organising a honeymoon and so on – take a look at the MoneyHighStreet Wedding checklist – it really might help.”