Guests cut back on wedding spends

11.1 million UK adults will attend a wedding this year, but recession hit wedding guests are planning to cut back on their wedding spending, according to research by insurer LV=.

The report reveals that Brits will spend a total of £178 million less than before the recession began. Of those, 2.7 million (25%) of those attending weddings this year believe they cannot afford to spend as they would have before the recession, with a further 24% stating that the said the bride and groom are expecting them to spend less. The average reduction in spend per person is £37, with men now likely to spend £62 while women plan to spend £40.

And the recession isn’t just having an effect on the value of gifts, it’s putting some people off going altogether. Of the Brits set to attend weddings this year, 61% stated that the recession has affected their attitude towards going, while 31% said they would be less willing to attend a wedding abroad, if asked.

John O’Roarke, managing director of LV= home and travel insurance, said:

“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.”

“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.”