How much do you spend on special occasions? - Money - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

How much do you spend on special occasions?

How much do you spend on special occasions?

Category: Money

Updated: 29/04/2016
First Published: 29/04/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

We all like to splash out a bit on loved ones when marking a special occasion, but just how much to do you spend? Well, according to research from American Express, it could all depend on how long you've been with your other half.

The research, which coincides with the Duke and Duchess of Cambridge's fifth wedding anniversary (which is today!), shows that spending ramps up when couples approach the 40-year milestone, with the average anniversary spend standing at £468 for the Ruby (40-year) anniversary and £695 for the Gold celebration (50 years), while the Diamond wedding anniversary (60 years) sees couples spend an average of £689.

In contrast, couples spend an average of £56 on each other when celebrating the five-year milestone and £50 after the first year, which goes to show that spoiling each other isn't just for the newly married – if anything, it only escalates as the years go on.

Of course, this isn't the only thing that the Royal couple will be celebrating this weekend, with Princess Charlotte turning one on Monday (2 May). A child's birthday is another thing that deserves a bit of a celebration, and as such, additional research from the credit card provider found that parents typically plan to spend an average of £545 to celebrate.

This typically comprises a mix of gifts (£122), entertainment (£94), party food (£91), party venues (£90), new outfits (£85) and party bags (£62), with the cost quickly adding up. It isn't just parents of the child in question who can find it a costly affair, either, as being a guest at a child's birthday can ramp up, too: the figures show that parents spend an average of £32 on presents and a further £28 on new party outfits for such an occasion, making it a pricey celebration for all concerned.

"From cakes and new clothes to clowns and bouncy castles, there are plenty of fun options on offer when planning your child's birthday, but this does mean that costs can soon add up," said Catherine Prentke of American Express. She recommends that you maximise the money you spend on such occasions by using a card that offers cashback or rewards on your purchases, and this can apply to those anniversary gifts, too. That way, you can get something back as you treat your loved ones – it's win-win all round!

What next?

Compare cashback credit cards

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?
 
Close