UK adults set to spend less on weddings this year

Cash strapped wedding guests are planning to dramatically reduce their spending on weddings this year, adding up to a total of £178 million less than before the recession kicked in, according to research by home and travel insurer LV=. On average, men plan to spend £62 on wedding gifts compared to women spending £40.

LV= research reveals that 11.1 million (23%) UK adults will attend a wedding this year.

However, the impact of the economic climate has resulted in 2.7 million (25%) of those attending saying they cannot afford to spend as much going to and buying gifts for the wedding as they would have otherwise, and a further 24% said the bride and groom are not expecting them to spend as much because of the recession. The average reduction in spend per person is £37.

Of the Brits set to attend weddings this year (61%) say that the recession has affected their attitude towards going. Nearly a third (31%) say they would be less willing to attend a wedding abroad this year if asked, 19% say they would be less willing to travel long distance in the UK due to the cost implications and a further 19% said they would avoid attending a wedding unless they were close to the people involved.

The research also reveals that the trend for weddings abroad is becoming increasingly popular. 2.8 million adults have attended a wedding abroad over the last 18 months, and 1.4 million plan to do so over the remainder of this year. One of the most common reasons cited for attending weddings abroad is that the bride and groom are trying to keep costs down in the current recession.

However, it is not all doom and gloom for those holding weddings this year, as even though guests are cutting down they still plan to spend an average of £50 each on presents for the bride and groom.

John O'Roarke, managing director of LV= home and travel insurance, commented: "Weddings are clearly an expensive affair - but not just for the bride and groom. Despite the recession this research shows that the average couple will spend over £300 per wedding they attend. People planning on attending or holding their own wedding, both in the UK or overseas, should have travel insurance in place so that if they do have to change their plans at the last minute they won't be out of pocket.

"In addition, much of this spend will be on wedding gifts so anyone planning their own wedding should check their home insurance policy to ensure it includes an automatic increase in contents insurance to cover wedding gifts. The LV= home contents insurance policy automatically increases the sum insured by 10%.

"Finally, gifts such as cash will not be covered on most insurance policies, so the bride and groom should make arrangements for any large amount of cash to be deposited somewhere safe rather than left in the house whilst they are on honeymoon."

To find out more about LV= home and travel insurance, visit lv.com.