Households to spend £267 celebrating the Royal Wedding
With the final countdown to the Royal Wedding well underway, research from The Co-operative Bank highlights that households are set to spend an average £267 celebrating the occasion.
The findings show food and drink are expected to be the main areas of spending to commemorate the event, with a combined average spend of £126. However travel (£41) new outfits (£42) and decorations (£29) are also set to be other areas where people will be paying out.
Area of spending - Average spend per household
Drink £65.61
Food £60.30
Outfits £41.99
Travel £41.03
Decorations £28.67
Other £28.94
Total £266.54
The research reveals that the vast majority of people, over two thirds (66%), have only started making plans for the event in the last two weeks.
And as the weather continues to hold out, the research also shows that the most popular celebration plan is to hold a barbeque (27%). However, a quarter of people are planning to mark the occasion by simply gathering round a TV (26%) and just under a fifth (16%) looking to visit a restaurant or pub.
When looking at more bespoke plans, the research shows just over one in ten people planning celebrations are looking to hold a street party (13%), and one in twenty (6%) are hoping to attend an organised event.
The research also uncovers that weddings in general are an area where people often end up spending more than planned with a third of wedding guests admitting to regularly overspending, by an average of £115 a time.
John Hughes, Director of Retail Banking at The Co-operative Bank, said: "Events like the Royal Wedding don't come around every day and people naturally want to celebrate and mark the occasion. By ensuring that their spending is planned and budgeted for, people can ensure that they are spending within their means and can enjoy the excitement of the day, without worrying about a financial hangover in the aftermath".
"Simple measures such as setting a budget, and sticking to it, will ensure that people remain in control of their bank accounts and finances over this period and avoid the overspending and resulting financial difficulties that this can cause"