The wedding season is just around the corner! What is normally a cause for joy can often become a financial strain for guests. Travel, outfits, gifts – the costs can quickly soar to unexpected heights.
This is also confirmed by a recent survey by Klarna*, the flexible choice for smart, secure payments: One third (36.4%) of those surveyed said they had declined wedding invitations in the past due to associated costs. Moreover, 30.2% of respondents said they have not attended a Stag or Hen party due to the expenses involved.
When Klarna asked how much budget guests think they should plan to attend each wedding event, opinions amongst Brits are divided: 41.7% feel they shouldn’t need to spend more than £100, while a quarter (27.4%) are willing to budget up to £250. A very few (2.5%) are willing to spend up to £1,500.
In the quest to celebrate love and keep costs down, many Brits turn to clever and resourceful methods to keep wedding expenses in check. Here are the most common savings methods Brits use in relation to weddings:
More than half (57.8%) seize sales opportunities and discount codes to save money.
To ensure they're getting the best deals, 21.2% make use of price comparison tools.
16.4% choose to rent their wedding attire, while a similar percentage (16.3%) borrow outfits from friends or family.
Nearly a quarter of individuals (22.5%) shop on second-hand marketplaces for wedding-related items, demonstrating a preference for cost-effective and circular shopping options
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TikTok Trend: Loud Budgeting instead of Quiet Luxury – also for the Wedding Season! The TikTok trend known as 'Loud Budgeting' is gaining traction by promoting transparency around personal finances. It underscores the notion that it's perfectly ok to acknowledge when something is beyond our financial means or simply not a priority for spending. Reflecting its growing popularity in the UK, TikTok videos tagged with #budget or #budgeting has amassed 75 million views collectively in the last 30 days.
"For 20% of Brits, setting a budget before spending their income is not a priority**. Therefore, during the wedding season, it can happen that invitations to weddings and bachelor parties are accepted without being clear whether one can actually afford these costs. For me, therefore, a financial overview is indispensable – and Loud Budgeting a good support. When we talk openly about what we do not spend money on and why, we realise how we benefit from it elsewhere. In this way, we can achieve our savings goals and smartly manage our lifestyle," says Karoline Bliemegger, Product Manager and Financial Expert at Klarna.
For those who want to start the wedding season well-prepared, Karoline Bliemegger from Klarna has three practical tips ready:
Sticking to a budget: Take control of your finances by creating a budget and monitoring your expenses. With apps such as Klarna, users can easily set monthly budgets and closely track their spending.
Time to compare: With Klarna's price comparison tool in the app, guests can find a great price on outfits, gifts, and other wedding expenses, thus making the most of their budget.
Drop it like it's hot: Thanks to the Price Drop Alert, users are informed when a desired product is available at a lower price. This way, they won't miss out on a deal!
About Klarna Since 2005 Klarna has been on a mission to accelerate commerce with consumer needs at the heart of it. With over 150 million global active users and 2.5 million transactions per day, Klarna's fair, sustainable and AI-powered payment and shopping solutions are revolutionising the way people shop and pay online and in-store, empowering consumers to shop smarter with greater confidence and convenience. More than 550,000 global retailers integrate Klarna's innovative technology and marketing solutions to drive growth and loyalty, including H&M, Saks, Sephora, Macy's, Ikea, Expedia Group, Nike and Airbnb. For more information, visit Klarna.com.
*Study conducted in collaboration with Appinio. 1,000 participants in the UK between the ages of 16 and 65 were surveyed. Conducted in March 2024. **Study conducted in collaboration with Nepa. 1,000 participants in the UK were surveyed. Conducted in August 2023.
