More couples are choosing honeymoons over house deposits

The annual National Wedding Survey released by Hitched.co.uk reveals that after a difficult period during the pandemic years, weddings were well and truly back with a bang in 2022. The exclusive report shines a light on the latest trends, insights and cost of weddings and honeymoons, thanks to a survey of more than 2,400 newlyweds across the UK.

Post-Pandemic Honeymoon Trends 

The report revealed that the average cost of a honeymoon is now £3,800, up 23% from 2021, as fewer couples opt for UK-based staycations for their honeymoons now that travel restrictions have been relaxed after a turbulent few years. The wedding experts at Hitched can also reveal that three quarters (75%) of newlyweds said they had a honeymoon in 2022, compared to only 62% who said the same the year before.

Beach holidays were once again the most in demand honeymoon type, as more than half of couples chose to spend their honeymoons by the beach, compared to 44% who preferred a luxury honeymoon, and the 35% who chose to go all-inclusive for their honeymoon. 

Zoe Burke, leading wedding expert and editor of Hitched.co.uk says: “It makes total sense that after a long period of time with so many restrictions in place that couples want to get out there and start married life in the best way possible: on a beach, on their dream honeymoon!

“There’s plenty of time to save up for a house or start a family - if that’s even something that’s even important to you - but only a limited window where you can celebrate your wedding and have the dream honeymoon. Our data shows that today’s couples are focusing on that as their priority now, and we love that for them.”

Honeymoons over House Deposits

The research also revealed what other financial goals couples had while they were planning and paying for their weddings. While the average cost of a wedding currently stands at £18,400, the majority of respondents (89%) said there was at least one other financial goal they were prioritising alongside this spend, with more than half (58%) saving for a big trip or honeymoon alongside paying for the wedding itself.

With the average cost of a house deposit revealed to be between £33,600 (in Wales) and £115,000 (in London) across the UK, there’s no surprise couples are choosing to spend on honeymoons over house deposits as less than a third of newlyweds (32%) said that saving for a house was one of their financial priorities after the wedding. 

One in ten respondents also revealed that they didn’t yet live together before marriage. Despite this, a quarter of those surveyed (27%) noted that they were still saving towards family planning costs, as data revealed that 31% of last year’s newlyweds already had at least one child under the age of 18 at the time of the wedding.

Paying off debt was another key point for many, with 29% saying this was one of their biggest priorities, alongside a fifth (22%) who were simultaneously paying into an ‘emergency fund’, and 18% who were also planning to pay off student loans.

Verena Hallam, personal finance expert at Surviving to Saving says: “Covid has taught us that anything can happen and tomorrow isn’t promised, which has caused a lot of people to consider whether they have enough of a balance between long term goals and enjoying life now.

“For many, a honeymoon is a once in a lifetime holiday, and with the realisation that none of us will ever be as young or healthy again as we are today, now may feel like the perfect time to head to your dream destination with the one you love.

“More people are also waking up to the fact that in our current economy, renting isn’t throwing money down the drain like we were taught by older generations who bought property in a very different time. There are a lot of perks to renting such as flexibility and no unexpected repair bills, and many can actually end up financially better off in the long run by continuing to rent and focusing on building up retirement funds, depending on their location and housing costs.”

For the full report from the National Wedding Survey, please visit: https://www.hitched.co.uk/wedding-planning/organising-and-planning/average-uk-wedding/