No more wedding gift thrift as Brits splash the cash on presents
Royal newly-weds Wills and Kate may have donated all their wedding gifts to charity but others getting married this summer may be in for a bumper bounty of presents. New research from Santander Credit Cards reveals that Brits have more than doubled the average amount they spend on wedding presents for close family members in just two years, and have collectively spent more than £1.36 billion on wedding gifts in the past year alone.
The findings reveal that Britons now spend an average of over £78 per present. But brides and grooms are reaping the rewards of their close family members' generosity more than anyone else, with these guests claiming to spend an average of £131 on gifts for their close relatives compared to just £65 two years ago - a 102 per cent increase.
People spend £43 on the average wedding gift for their friends, a 26 per cent increase on the £34 average two years ago. Acquaintances or wider family members are only deemed worthy of a £37 present, though this is a 61 per cent increase on the measly £23 average of 2009.
The research reveals that women spend more on their close family members than men do, splashing out an average of £148 compared to £113. But men spend more on their mates - an average of £48 compared to just £40 spent by women on their friends.
However, this profligate present purchasing doesn't come without a touch of reticence. The findings show that 15 per cent of Britons are trying to reduce the amount they spend on wedding gifts because they have less disposable income, and 4 per cent are holding back the pennies due to the sheer number of weddings they have in their social diaries.
Indeed, more than one in five Britons (21 per cent) often feel obliged to spend more money on wedding gifts than they would like to, according to the survey.
More and more couples are requesting cash gifts rather than traditional wedding presents, but though it is widely accepted, 22 per cent of wedding guests still say they would prefer not to be asked for cash presents, and 18 per cent say they would prefer not to be asked for honeymoon donations.
Rob Holt, Director, Santander Cards, commented: "Inflation and other economic concerns are having a real effect on people's expenditure, but our research suggests that wedding presents are bucking the trend. Weddings can be hugely expensive for guests if you have to factor in a stag or hen weekend, transport, and accommodation, but their gift-giving generosity seems to be greater than ever.
"For those who want to spend money on wedding gifts for their friends and family there are ways they can spread the cost, such as shopping around for the best credit card if they intend to make purchases on plastic. The Santander Credit Card offers 16 months of 0 per cent interest on all purchases, which could make a significant difference to the overall cost."