Wondering how much you will need to spend on your wedding? We've done a bit of homework and found some statistics from Australia, UK and the USA on what you may look to spend on average for your wedding. This is the most recent data collection available and we believe it still to be rather accurate to date.
This is what you *may* look to spend on average in Australia:
$18,683 - Food, Alcohol & Venue
$4,271 - Wedding Clothing & Accessories
$3,983 - Photography
$2,896 - Entertainment
$2,869 - Flowers
$941 - Ceremony
$2,534 - Other
TOTAL COST: $36,200
In contradiction to these statistics, Bride To Be Magazine did a study, which showed that a wedding could cost up to $60k on average in Australia. That is a HUGE amount of money and has risen from the $54k it was a few years ago.
The study also said that couples in fact budgeted for less than half of what they would need to finally pay. Couples are not adequately advised on how to put together a realistic budget from the start.
43% - Stayed within their budget
35% - Blew their budget
18% - Didn’t have a budget
18% - Used credit cards
56% - Contributions from parents
60% - Got a loan
82% - Used their savings
It is also common for young couples to foot the total wedding and honeymoon bill or completely blow their budget. As a result, many start their married life in a pool of debt. There isn’t a one size fits all.
If you are interested in the international stats, one of the Wedding industry's largest annual study shows that the cost of weddings is on the increase. More than 18k American bride and grooms were seen to have spent almost UA$33k (approx. AUD $44k) in 2015. This was up approximately 5% from the previous year. The most expensive place was Manhattan where couples spent a whopping US$82k (approx. AUD $108k).
One of the main reasons couples were spending more was because they wanted to have bespoke and personalised weddings rather than package deals.
In the UK, couples have been known on average to spend:
Wedding Venue - £2790
Reception Venue - £3919
Catering - £3959
Photography - £1,046
Flowers - £638
Cake - £300
Entertainment - £773
Dress - £1,378
Shoes - £161
Veil/Headdress - £138
Grooms Outfit - £439
Beauty - £301
Engagement Ring - £3,037
Wedding Rings - £809
Other Jewellery - £176
Honeymoon - £4,413
Gift - £2,400
Mother Of The Bride Outfit - £349
Attendants' Outfits - £436
TOTAL - £30,111
If you are struggling to work out your wedding budget and keep up with the rising costs, we'd suggest you pick one area that will make your day just that bit extra special. It might be you want to go all out on flowers and forget about fancy stationery and cut back in other areas. It's how you set your priorities and balance it out across different areas.
If you are concerned about your budget, give our consultants a call.
These figures were provided by The Australian Securities & Investment Commission and Brides Magazine UK. These are not exact amounts that a couple might use, this is simply a guide.
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