With the amount of money borrowed for weddings plummeting, is it only celebrities that have those all-singing, all-dancing nuptials?
Personal finance experts at moneyguru.com have revealed that the amount of credit taken out for that big day has plummeted over the past 12 months.
Couples borrowed over £18,000 on average towards their big day in 2016 – but in 2017 this dropped to just under £15,500.
With a recent survey also revealing that more than half of married Brits say they regret spending so much on their wedding; is the age of the fairytale wedding over?
Wedding experts predict that in 2018 we will see weddings getting smaller, with just one maid of honour and two bridesmaids making up the bridal party.
Party time: With the amount of money we spend on weddings declining, it may be just the celebs that have a blowout day
Still spending: Stag and hen dos like Mark Wright’s trip are still just as popular
This thrifty outlook even extends to the latest Royal couple. Prince Harry and Meghan Markle’s ceremony is no doubt going to be an exciting affair on the 19th May, but even this celebration is slightly more subdued to those we have seen in the past.
Snubbing St Paul’s Cathedral and Westminster Abbey, the chosen venues of his parents and brother, Prince Harry will instead wed in an intimate ceremony at St George’s Chapel, Windsor Castle, with a fraction of the guests that a royal wedding would usually expect.
So what are we borrowing towards? The study also uncovered that Brits are taking out more credit for family and special occasions, which could include hen and stag parties, with a rise of over £1,000 in the average amount borrowed from 2016 to 2017.
In 2017 GoHen.com found that while groups are getting smaller it would appear that individually we’re spending more on our accommodation, nightlife and activities while away.
The average spend per group for a stag party was 50% more in 2017 than 2013, with hen parties are spending 28% more per group in 2017 compared to 2013.
It may seem impossible, but it is possible to get married without breaking the bank. Remembering the reasons why you agreed to marry, cutting out unnecessary expenditure, doing much of the organising yourself and using the talents of your friends and family will all keep costs to a minimum.
Check out how to get married for under £1000 and rediscover the path to financial enlightenment here