How much will you spend on wedding season as most popular date approaches?
Equifax infographic reveals the true cost of weddings for couples and guests
It has been revealed that the most popular day for a couple to get married between 1995 and 2015 was Saturday 2 September 1995.1 As the anniversary of this date fast approaches, a new infographic from Equifax reveals the true cost of being a wedding guest. Figures also show that weekday weddings have grown in popularity, which could mean that couples are trying to combat the rising costs of weddings; which sees nearly a quarter of guests spending between £250 and £500.2
Equifax’s research shows that 16% of couples felt that they overspent on their wedding, but nearly a third (29%) didn’t have a budget to keep their plans in check.3 The latest infographic from Equifax looks at the how much couples and their guests spend on weddings because getting an invitation can spell ‘cost’ as well as ‘confetti.’
“Whether it’s the bride, groom, parents, bridesmaids or best men and women, weddings can be an expensive business for everyone involved,” explains Lisa Hardstaff, credit information expert at Equifax. “Many couples fund their wedding with loans and savings, which could leave them in financial difficulties, especially if their circumstances change suddenly.
“Our research offers an insight into the financial pressures weddings put on guests, who have to pay for stag and hen dos, as well as gifts, travel, outfits and hotels. All of the costs can add up without realising. However, it’s important for newlyweds to recognise just how much debt their nuptials could cause and that it could take a long time to pay it off. We offer tips for couples on protecting their finances and spending without putting a damper on their wedding day.”
3 All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2039 adults of which 265 got married in the last 10 years. Fieldwork was undertaken between 20th-21st July 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+)
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Equifax Inc. (Equifax) is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,400 employees worldwide.
Equifax Limited is one of the Equifax group companies based in the UK.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.