Brits spending less on wedding presents

Britons have cut the amount they spend on wedding presents for close family members by nearly 10 per cent since the credit crunch began but are continuing to spend the same amount on friends who are getting married, new research by Abbey General Insurance has revealed.

The research found that Britons are tightening the purse strings when it comes to wedding presents for close family members and are now spending an average amount of £64.79, a nine per cent reduction on the £70.43 that was being spent in June 2007, just two months before the credit crunch began in earnest.

Britons aged between 18 and 24 spend the least on wedding presents for close family members at £46.72, while those aged 65+ spend the most at £89.10.

However, spending on wedding presents for friends has remained steady at an average of £34 per gift, with those aged 25-34 spending the most at £35.92, highlighting the importance of their friends for ‘Generation Y'.

When it comes to wedding presents for acquaintances or distant family members, Britons spend an average of just £22.99, down one per cent on the £23.13 spent in 2007. Those aged between 18 and 24 again spend the least at £20.26, while those aged 65+ spend the most at £25.79.

Tony Beckwith, Head of Abbey General Insurance, said: "It's not surprising that in today's difficult economic environment, ‘gift thrift' is setting in but what's interesting is that Britons are reducing the amount they spend on wedding presents for close family members but not friends. While newlyweds might be receiving less expensive presents as a result of the credit crunch, most are lucky enough to still be starting their married life in comfort thanks to the generosity of wedding guests and the help of ever more comprehensive wedding lists.

"In all the excitement of planning for a wedding and honeymoon, it can be easy to overlook the importance of ensuring that your home insurance policy covers your wedding presents, the value of which can very quickly add up. Many home insurance policies don't offer a temporary increase on the value of home contents insured after a wedding and among those that do, many offer extra protection for just one month. However, Abbey's Peace of Mind home insurance lets you insure your contents for an unlimited total amount and allows any new items to be automatically added to your policy, removing the hassle for newlyweds of ensuring that all their wedding presents are insured."