17th October 2023
Macro trends impacting weddings in 2023
MAIN PRESSURES ARE RISING COSTS AND UNEXPECTED EXSPENSES FROM SUPPLIERS
The cost-of-living crisis, inflation and social media pressures are causing couples to go over budget on their special day. Rising costs and unexpected expenses from suppliers are the main reason for increased spending. According to new date, several macro trends have impacted weddings in 2023 .
Two-fifths (38%) of newlyweds, and brides-to-be and grooms-to-be are going over budget on their special day, with most of these couples citing the rising cost of living (51%) and suppliers being more expensive than they anticipated (44%) as the reason for this increased spend.
ADOPTING A MORE ECONOMICAL APPROACH
Over a third (36%) say they are overspending because they want to make the most of the once-in-a-lifetime event. On average, couples exceed their budget spending by an additional £5,034.
The data also reveals that one in five Britons spend over £25,000 on their wedding celebrations, with 7% spending more than £50,000. However, 17% of respondents are sticking to a budget of less than £5,000 by adopting a more economical approach. Some couples even decided to have a smaller wedding or make cutbacks to save money.
TOP WEDDING TRENDS AND COST-SAVING BEHAVIOURS IDENTIFIED IN THE REPORT.
More than 90% of couples take a DIY approach to at least one aspect of their wedding. This includes making their wedding stationery, decorations, and flower arrangements, and even asking friends or family members to officiate he ceremony.
PHOTOGRAPHY AND SOCIAL MEDIA
One in ten couples feel pressed to spend more on photography and videography due to social media influences. While some couples create a wedding hashtag and encourage guest to share images, others discourage social media posting on the day or even ban smartphones altogether.
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 the consumer confidence survey was carried out between 29th June and 10th July 2023 by Opinium Research on behalf of Barclays. 1,000 UK adult respondents were engaged or married in the last 12 months.