Wedding budgets to fall in 2018
A huge shift looks likely next year, with wedding budgets set to fall for the first time in 10 years.
Wedding budgets have been going up for the last decade, with millennial and generation X-ers embracing tradition and splurging on friends and family to put on the biggest of big days; in fact, by the start of 2017, the average wedding budget in the UK was almost £27,000. The last few months of 2017 have already seen a downturn in this amount, with couples tightening their purse strings for the first time in a decade. The survey, which was carried out by online services provider Bidvine, collected data from over 2,000 wedding services companies, such as caterers and photographers.
Why are weddings so expensive?
One of the reasons wedding budgets have gone up does not necessarily correlate with a higher disposable income; in fact, it is thought that the high spend is more trend-driven than anything else. Many venues only allow their own caterer, for example, which means the couple can’t shop around, and documentary-style photography costs more than a 30-minute photography shoot. Another trend is an increase in fine dining. These trends have dictated the increase in budget for weddings that we have experienced in the last decade.
The Brexit effect
The reason for this downturn in budget could be down to the Brexit effect. As inflation has risen and wages stuck, people have less money in the bank at the end of the month, making it harder to save for a wedding. Brexit also means economic uncertainty. Wedding budgets always fall during such times, as people realise that it makes more sense to save for the future. Of those surveyed, almost two-thirds (65 per cent) predict that wedding budgets will fall in 2018.
How to save on your wedding
The internet is full of ideas that can help you to decrease your wedding budget and still put on a great day. This includes guest-chosen playlists, old-style hot buffets using equipment such as gastronorm cabinets from suppliers.
We will have to wait until 2018 to see whether this prediction comes to reality; however, for a while at least, there may be a hiatus for the extravagant 21st century wedding.