Weddings don’t have to break the bank

Canadians are thrifty when it comes to wedding gifts, with most spending $100 or less per person, whether giving cash or a gift, finds a survey by RetailMeNot.ca.

A third of respondents spend $51 to $100, while 17% fork out $50 or less.

Wedding planners and the newly engaged take note: 20% of respondents will spend less on a gift if there is no open bar, but two-thirds (66%) say a more lavish wedding will not coax them to increase their gift. Overall, 54% say that weddings are a financial burden for guests, and 18% have declined an invite because they couldn’t afford it. Further, 10% admit to re-gifting a present for a wedding.

Read: Help clients save for luxury

But before heading to Las Vegas to elope, brides and grooms should know 59% of those surveyed enjoy attending weddings, and 10% spend at least $200 per person for a gift, led by Ontarians at 16%. British Columbians trail all regions with only 5% willing to break the $200 threshold.

While guests are frugal, only 11% use coupons or discount codes when purchasing wedding registry gifts, but 54% say they buy wedding gifts on sale.

“While there are plenty of deals to be had, our research shows that nearly half of Canadians pay full price for wedding gifts,” says Christy Rabil, director of public relations for RetailMeNot, Inc. “To avoid busting budgets, guests should consider shopping weeks in advance so there is plenty of opportunity to find the latest deals, order gifts online and save with free standard shipping.”

Read: Many can’t afford dream weddings

Other survey findings:

• No thanks needed: While 72% of people aged 55 and over expect a thank you card, only 41% under 35 want one;
• I’d rather go fishing: 46% of men and 34% of women dislike attending a wedding on a summer long weekend;
• Just don’t outshine the bride: 47% of female guests buy a new outfit for the big day;
• I am the gift: 51% believe that if they travel to attend a destination wedding, brides and grooms shouldn’t expect a gift;
• Savvy Quebecers: 74% of Quebec residents buy wedding gifts on sale (as opposed to 54% for the rest of Canada) and are the least likely to re-gift; however, only 4% recycle wedding presents (versus 10% to 17% for all other regions); and
• Online shoppers: 10% have purchased a wedding gift online, and 14% have done research online before buying the item in-store.

Read: 4 tips for wedding budget success

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.