In a credit crunch – Love stands strong!!!
We may be in the centre of a financial crisis across the UK, but it appears we are a nation of romantics and love is standing strong. Is it the case that cash strapped Brits are being pulled together by love, after all is doesn’t cost a thing, does it??
In today’s climate yes! It is now commonplace to spend thousands on your dream wedding or civil partnership, with guests enjoying the celebration of a couple’s union from dusk to dawn.
Gone are the days when we would get married down at the local pub or town hall, the venues are now much more exquisite and the options and individuality available to match a couples personality is mind blowing. Gifts are more elaborate, bridal flowers more striking, the wedding dress beautifully designed and crafted â€“ dreams are in effect bigger than ever thought possible for every bride.
An article in The Telegraph in January 2009 revealed that despite the recession the rate of marriages in the UK has actually risen.
Experts believe that this trend may be the result of people seeking greater stability in a time of uncertainty.
So how much do we actually spend on our weddings?
It has been reported that couples within the UK find the overall cost of getting married to be Â£22,858* â€“ quite a significant sum in today’s negative financial climate. With the wedding industry not suffering and being bigger business than ever, and the number of ceremonies held up by 10% across the UK**, maybe love does cost a pretty penny – but showing that love to the world through a dream wedding seems common practice and unlikely to slow down throughout 2009!
Having said that, we are now much more commercially aware as to how we can get wedding related items at reduced costs, this is due to the rise of web based stores and an abundance of small suppliers. Taking this into consideration, how do we protect our dreams and indeed our finances in a dwindling economy?
A wedding is a huge financial commitment as well as a lifetime one. Sticking to a budget is essential and pulling upon the individual skills of friends, such as someone who can play the piano or bake a perfect cake, can add the personal touches, but save some vital money, leaving you more to spend on the honeymoon.
Unfortunately, even when sticking to a budget the unexpected can still happen. With many large corporations feeling the pinch as well as smaller business it would therefore make sense to take out insurance against such unfortunate circumstances such as your venue going into bankruptcy and no longer being able to hold your ceremony.
Although the wedding industry is booming it appears the hospitality industry is not doing so well.
New research by the Institute for Turnaround has revealed that the leisure, hotel and restaurant sector will be one of the hardest hit by the recession with those in London suffering the worst.
Even trade magazines such as Restaurant are reporting record falls in profits for the hospitality industry.
There is also a very real danger that smaller wedding and hospitality business may be grossly affected or indeed go bankrupt so surely it is better to be prepared just in case something unfortunate should occur.
Taking out wedding insurance can help you financially should something not go to plan. It covers things such as your supplier deposits, wedding attire and redundancy, as well as offering public liability cover as standard. E&L offer comprehensive wedding insurance from as little as Â£26, which is a one off payment and provides cover for 2 years.
Taking out a wedding insurance or civil partnership insurance policy with E&LÂ® is a comprehensive, yet low cost way to cover you financially when preparing for and on the wedding day itself, Leaving you to focus on the fun aspects of planning your big day http://www.eandl.co.uk/wedding
* Source : http://blog.theukweddingshows.co.uk, ‘2008 UK Wedding Industry Statistics’ and ‘Love is in the air’ â€“ 01/04/2009.