Wedding budgets set to decrease in 2018?
11 Oct 2017
Recent research suggests that wedding budgets are now in decline as Brexit paves an uncertain future for the British economy
Online local services marketplace, Bidvine.com, has released research on how wedding trends have changed in the last decade, highlighting that budgets are set to decrease going into 2018.
Surveying more than 2,000 of its service providers in wedding photography, catering and entertainment, the research revealed that while spending on weddings has become more extravagant since 2007 this is set to dwindle as we enter 2018.
Bidvine.com unveiled that the current average UK wedding cost is £26,989, an ever-increasing amount partly due to customer demands that require their suppliers' services for longer. Bidvine wedding photographers state that the documentary style of photography that is being requested more than ever before - which is a more immersive and subsequently, time-consuming service - has contributed to a 25% increase in charges since 20017 (from £1,200 on average to £1,600).
Yet 65% of Bidvine suppliers predict that couples will be more cautious with their wedding budgets as we enter the New Year due to the uncertainty of the economy moving forward after Brexit. Suppliers claim to have already seen a drop in the amount of money couples are willing to spend in the last few months.
Russ Morgan, co-founder of Bidvine.com said: “It’s always interesting to find out how weddings change over the years, they still play a massive part in society and many couples spend years saving up for them. We’re not surprised that there’s a direct correlation between the extravagance of the trends over the last 10 years and the overall price of services, however it looks like weddings are set to become more refined affairs with smaller budgets.”