The rising cost of weddings

Rahib Bashar, business development manager from Deko talks about the rising cost of weddings and the financial options available to support your big day.

When it comes to tying the knot, the Office for National Statistics says that over 200,000 Brits say ‘I do’ each year. However, it has become a costly affair and more than half of us regret spending so much on our special day. This is unsurprising, with the average cost of a wedding now being over £25,000 according to Hitched.com – to some this could be a deposit on a small house!

Rising cost of weddingsThe ring

When the time comes to pop that big question, recent research shows that the average cost of an engagement ring now stands at £2,084, up 17.6 per cent from three years ago, with a ring being one of the top five things we Brits budget for when planning a wedding. However, as spending has tightened over recent years, we’ve waved goodbye to the three-month salary tradition for costing up a ring, with the average spend now standing at just over one-and-a-half months’ salary.

 

The savings

With the rising cost of weddings, it’s no surprise that couples wait nearly two years from saying ‘yes’ to saying ‘I do’ – what’s more, 73 per cent of married couples even consider eloping. Marriage is an expensive milestone and, with many Brits now living pay day to pay day and having very little in savings, forking out for a wedding seems pretty unrealistic. With wages remaining low, whilst costs fly up, maybe it’s time that love birds look into other financial possibilities in a bid to relieve the pressure of forking out on those high-cost purchases.

 

Wedding costsFinance options

Looking at monthly payment options is a great way to put the sparkle back into that special moment and allow you to deliver the perfect proposal with their dream rock, because diamonds are a girl’s best friend, not the groom’s! 65 per cent of our customers have told us that they only made a purchase because finance was available to them. In this day and age, people like options and being able to buy costly items on a payment plan is a choice that is rising in popularity. Splitting up payments can mean that you can have the big beautiful wedding without breaking the bank. Here are some brands that are already offering finance as an option:

1. Dower and Hall
2. Diamond Heaven
3. Alba Rose
4. Hatton Jewellers
5. Avanti Fine Jewellery

For more information on consumer finance options with the rising cost of weddings, visit www.dekopay.com

 

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May 11, 2018

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