Wedding gifts cost Brits £1.1bn per year

While weddings may be expensive, it is not just the happy couple who have to fork out for their nuptials.

As we approach the wedding season, new research from online bank first direct reveals that the average amount spent on a wedding gift in the UK is £47.

With the average UK wedding hosting 96 guests, this is a total gift value of £4,512 per wedding. This could amount to a £1.1billion wedding gift bill for UK guests over the course of a year.

Those at the opposite ends of the age spectrum are most generous with their spending on wedding gifts as those aged under 24 spend an average £58 while those aged over 55 would spend £56. People aged between 35-54 would spend the least, an average £39.

There is also a sharp division between the genders, as men are far more generous than women when spending money on a wedding gift, spending £58 on average compared with just £39 for women.

Across the UK, Scots are the most generous wedding guests, forking out on average £61 for wedding gifts, while people in the East spend the least, at just under £38.

Richard Brown, Senior Savings Product Manager 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."

Average spend on wedding gift by region

Region - Average Spend
 
Scotland £61.10
London £57.30
Northern Ireland £56.40
North East £53.70
Wales £50.20
North West £49.10
South West £45.70
South East £41.60
Midlands £41.30
Yorkshire £40.00
East £37.90

UK Average £46.70