Scottish wedding guests face forking out more than ever before to watch their loved ones tie the knot, new figures have revealed.
According to the American Express annual study, it now costs an average of £391 to attend a wedding – up £88 from an average spend of £303 in 2018.
As a nation, it is anticipated that attending weddings will cost guests across the UK a staggering £5.5bn in 2019.
With wedding season in full swing guests are often expected to cover the cost of gifts, travel, accommodation, outfits – and let’s not forget the stag or hen do – to help their nearest and dearest celebrate the special occasion.
Each big day comes with a big price tag attached, with the research showing that the biggest cost of attending a wedding is the hotel at £72. This is followed by outfit costs at £68, £66 for a wedding present and then the hen and stag parties at £58.
Meanwhile average travel costs come in at £57, drinks £45 and hair and beauty at just £25.
Wedding attendance on the decline
Interestingly, the study also found that on average people will attend one wedding ceremony in 2019, down from three celebrations last year. It is suggested that the decrease is a contributing factor as to why guests are planning to spend more this year with increased budgets set aside for the milestone moment.
Speaking of the results, American Express director Stephen Steinhardt said: “It’s a huge compliment to be asked to celebrate a couple’s special day but the costs can soon add up.
“Therefore, it’s important to get your finances in order so you can focus on having fun at the wedding, rather than worrying about the cost of attending.”
Happily ever after
Helping friends and family celebrate their wedding day needn’t cost a fortune. Here we shine a light on simple money saving tips to help make sure you and your finances live happily ever after long after the confetti has settled.
1. Set a budget
Budgets aren’t just a great way to keep on top of everyday payments – they’re a good way to plan for special occasions. Planning ahead is a simple way to make sure you don’t overspend as your loved ones say, ‘I do’. A little mental arithmetic goes a long way. By adding up the costs of your hotel stay, transport, gift and wedding attire well in advance of the wedding will allow you to put a little extra cash away each month.
2. Make travel arrangements early
The early bird doesn’t just get the worm, it gets the best value on transport deals. The sooner you begin searching for transportation to a wedding, the more money you’re likely to save. As soon as you stick the save the date card on the fridge, you should consider and plan the best way for you to make your way to and from the venue.
3. Timing is everything
Weddings, more often than not, take place during the holiday season or around the time of another special occasion which can put an additional strain on finances. Is your friend celebrating a milestone birthday you’ll need to buy a gift for? Do you have a family holiday just around the corner? Factor time-related elements into your wedding budget from day one so you won’t blow all of your disposable cash.
4. Consider a joint gift
Did you know that more than a third of wedding guests (34 per cent) admit they feel pressure when it comes to gift-giving? If you’re worried about finding the perfect present, team up with a fellow guest when buying a gift. Going halves on a present will mean you can buy the happy couple a more expensive gift without exceeding your budget.
5. Shop the sales
Almost half (48 per cent) of wedding guests buy their outfit in the sales, figures from American Express reveal. A little savvy shopping can save a fortune – especially if you have a wedding later on in the year. Be sure to sign up for sales notifications so you don’t miss out on a bargain.
6. Cut stag and hen costs
There’s nothing quite like helping a friend or family member bid a fond farewell to their single years at a hen or stag party, however, they’re often costly affairs. If you’re worried about the cost of pre-wedding celebrations, don’t be afraid to pick and choose the activities you take part in.
7. Points make prizes
If you have a bank or credit card that earns rewards, it’s always worth checking your balance and putting them towards wedding costs. This can be especially fruitful when looking at travel or accommodation costs.
If wedding season has left you worried about your finances, give one of our friendly advisrors a call on 0800 043 1320.
