- 05
- Feb
Those looking to propose to their loved ones are set to spend hundreds of pounds on making the day special, new figures indicate.
In research carried out by cahoot, it was revealed that some 1.8 million Britons are due to go down on one knee and ask for their partner’s hand in marriage this year. According to the financial services firm, some 1.5 million of such consumers will spend an average of 1,218 pounds on the perfect proposal. Overall, such expenditure is to total 1.8 billion pounds.
And with 2008 being a leap year, it was revealed that in the past 924,200 women have asked the big question on February 29th, in comparison to 269,000 men. This year some 703,000 females are set to get down on one knee, after being with their partner for an average of four and a half years.
The company also revealed that an average of 743 pounds will be spent by budding Romeos and Juliets in whisking their loved ones away to a special venue, with 573 pounds due to be splashed out on a special experience to mark the occasion. Meanwhile, the typical engagement ring costs 347 pounds, while 87 pounds and 39 pounds will be put towards overnight stays and transportation. In addition, those proposing will be set back by 18 pounds by flowers and 74 pounds on drinks. On the other hand, an estimated 16 per cent of “leap year lovers” plan to spend absolutely nothing on their proposal.
For those looking for an effective way to finance the cost of making the perfect proposal, taking out a low-rate personal loan could prove to be of assistance.
Commenting on the data, Matthew Timms, director of cahoot, said: “A massive 1.8 million singles are planning to make the most of the leap year by proposing to their partners. But proposals can be expensive, especially if you’re splashing out on a special event to mark the occasion. Of course we can’t guarantee that everyone will say yes, but a bit of careful financial planning should ensure that the proposal runs as smoothly as possible.”
Research from the firm also indicated that Wales and the south-west of England could see the highest number of weddings in the months to come. An estimated 13 per cent of single people from these areas are planning to propose, in comparison to six per cent of those living in the Midlands.
And while a UK personal loan may be an ideal way to help with the costs of setting a romantic mood for a proposal, when it comes to funding the wedding - the big day itself - getting a loan might once again prove to be a particularly wise decision. A recent study by Equifax revealed that the average wedding costs around 18,000 pounds with about half of couples set to apply for a cheap personal loan to help supplement their spending. Neil Munroe, external affairs director for the company, claimed: “Losing track of how much you are spending and the potential for unforeseen costs are common problems with weddings.” He added that planning ahead and creating a budget were key in ensuring “post-wedding day financial bliss”.
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