Wedding bells ‘ring up’
Research from Sainsbury’s Bank into the cost of a wedding has revealed that couples who have married in the past five years claim to have spent on average £13,200(2) on their wedding, and those younger hitchers aged between 18-34, who are more likely to be first-timers are spending an average of £21,109.
Analysis of Sainsbury’s Bank’s loans data shows that the average amount borrowed for a wedding, according to borrowers is £8,936.(3)
However, the true cost of the wedding is closer to £52,000(1), when all the expenses – including those incurred by the guests are added together.
On average, guests can spend up to £423(2) on attending a wedding – when all the following expenses are calculated.
|Transport to / from the wedding||£50|
|Hair / beauty treatments||£37|
For those who attend the stag or hen do, an average of £92 can be added to this total, bringing the full wedding-guest experience to over £500.
With the average number of wedding guests now put at around 92(4), this could mean that the true cost of a wedding is well over £52,000 – not including any stag or hen festivities. This is almost four-fold the reported average wedding cost.
Simon Ranson, Head of Banking, Sainsbury’s Bank says: “Our research shows that weddings are expensive for guests as well as the hosts, so planning ahead and budgeting is a must for anyone planning or attending one.
”Loans are a popular way to fund a wedding but credit cards provide another option. For example, there are cards available offering no interest on purchases – including ours which offers 27 months(5). If you take out one of our cards, make sure you pay the balance off in the promotional period to avoid paying any interest.”
The research(2) showed that paying off a wedding takes on average, four months, rising to a mean of 10 months for 18-34 year-olds. However, 4% of those who had married took one-two years to pay of their wedding, and 3% took two to three years.
Sadly, 6% of those who got married became divorced or separated whilst they were still paying off their wedding, though for 29% who got married then split up, at least the wedding had been paid off by this time. Happily, most respondents were still together.
To find out more about Sainsbury’s Bank loans and credit cards visit www.sainsburysbank.co.uk
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers. Rates and information correct as at 04 October 2016.
Notes to Editors
(1) Average of 92 guests @ £423 = £38,916 + £13,200 (average cost of a wedding in past five years according to our survey).
(2) Sainsbury’s Bank commissioned Opinium Research to survey 2,001 nationally representative UK adults aged 18+ between 20th – 24th May 2016. Opinium Research is a member of the British Polling Council and abides by its rules
(3) Sainsbury’s Bank loans book data from 1 July 2015 – 31 July 2016; average amount advanced when ‘wedding’ cited in application
(4) Information from You and Your Wedding January 2015
(5) Sainsbury’s Nectar Purchase Credit Card: 0% interest on purchases for the first 27 months and 0% interest on balance transfers for the first 18 months. 3% balance transfer fee applies. Minimum £3 at all times. At the end of the promotional period the rate of interest will be 18.9% p.a. variable. Representative example
|Purchase rate is||With a representative||Assumed credit limit|
|18.95% p.a. variable||18.9% APR variable||£1,200|
Customers’ interest rate and credit limit will vary depending on their individual circumstances. To keep their promotional rate, customers must pay at least the minimum payment by the due date and stay within their credit limit.
About Sainsbury’s Bank
To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre at www.sainsburysbank.co.uk/media
Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.
Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).