20/04/11 - Households to spend £267 celebrating the Royal Wedding
With the final countdown to the Royal Wedding well underway, new research from The Co-operative Bank highlights that households are set to spend an average £267 celebrating the occasion.
The findings show food and drink are expected to be the main areas of spending to commemorate the event, with a combined average spend of £126. However travel (£41) new outfits (£42) and decorations (£29) are also set to be other areas where people will be paying out.
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The research reveals that the vast majority of people, over two thirds (66%), have only started making plans for the event in the last two weeks.
And as the weather continues to hold out, the research also shows that the most popular celebration plan is to hold a barbeque (27%). However, a quarter of people are planning to mark the occasion by simply gathering round a TV (26%) and just under a fifth (16%) looking to visit a restaurant or pub.
When looking at more bespoke plans, the research shows just over one in ten people planning celebrations are looking to hold a street party (13%), and one in twenty (6%) are hoping to attend an organised event.
The research also uncovers that weddings in general are an area where people often end up spending more than planned with a third of wedding guests admitting to regularly overspending, by an average of £115 a time.
John Hughes, Director of Retail Banking at The Co-operative Bank, said: “Events like the Royal Wedding don’t come around every day and people naturally want to celebrate and mark the occasion. By ensuring that their spending is planned and budgeted for, people can ensure that they are spending within their means and can enjoy the excitement of the day, without worrying about a financial hangover in the aftermath”.
“Simple measures such as setting a budget, and sticking to it, will ensure that people remain in control of their bank accounts and finances over this period and avoid the overspending and resulting financial difficulties that this can cause”
Notes to Editors
*Research conducted by OnePoll.com questioning 2.000 UK adults in April 2011
For further information please contact
Catherine Laycock / Nuala Ryan
The Co-operative Financial Services Press Office
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About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Leek , London, Manchester, Plymouth, Skelmersdale and Stockport.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.