LV= Reveals UK Adults Set To Spend £178 Million Less On
Weddings This Year
Released
on: June 29, 2009, 6:24 am
Author: Emma Holyer
Industry: Financial
Research
by home and travel insurer LV= reveals that cash strapped wedding
guests are planning to reduce their spending on weddings this
year, adding up to a total of £178 million less than before
the recession kicked in. On average, men plan to spend £62
on wedding gifts compared to women, who plan to spend £40.
LV=
research reveals that 11.1 million (23%) UK adults will attend
a wedding this year. However, the impact of the economic climate
has resulted in 2.7 million (25%) of those attending saying they
cannot afford to spend as much going to the wedding and buying
gifts as they would have otherwise. A further 24% said the bride
and groom are not expecting them to spend as much because of the
recession, with the average reduction in spend per person being
£37.
Of
the Brits set to attend weddings this year, 61% said that the
recession has affected their attitude towards going. Nearly a
third (31%) said they would be less willing to attend a wedding
abroad this year if asked while 19% would be less willing to travel
long distances in the UK due to the cost implications. A further
19% said they would avoid attending a wedding unless they were
close to the people involved.
The
research also reveals that the trend for weddings abroad is becoming
increasingly popular. 2.8 million adults have attended a wedding
abroad over the last 18 months and 1.4 million plan to do so over
the remainder of this year. One of the most common reasons cited
for attending weddings abroad is that the bride and groom are
trying to keep costs down in the current recession.
John
O'Roarke, Managing Director of LV= home and travel insurance,
commented: "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 home
contents insurance to cover wedding gifts. The LV= home contents
insurance policy automatically increases the sum insured by 10%.
"Finally,
gifts such as cash will not be covered on most home 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."
– ends –
Notes to editors
Opinium Research carried out a survey of 2,141 people between
16 and 20 Jane 2009. All population figures based on ONS statistics:
48,315,000 UK adults.
About
LV=
LV= offers home, car, pet, travel and home
insurance direct to consumers online and from its offices
in Bournemouth, Croydon and Bristol.
LV= employs more than 3,800 people, serves more than 3.5 million
customers and members, and manages around £7bn on their
behalf. We are also the UK's largest friendly society (Association
of Friendly Societies Yearbook 2006/2007, total net assets) and
a leading mutual financial services provider.
LVFS
is authorised and regulated by the Financial Services Authority
and entered on the Financial Services Authority Register No. 110035.
LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address:
County Gates, Bournemouth BH1 2NF.
For
further information please contact:
Emma Holyer
Press Office
LV=
69 Park Lane
Croydon
CR9 1BG
0208 256 6714
www.lv.com
2012
