The Royal Wedding of Kate Middleton and Prince William is costing the Queen a pretty penny– and the taxpayers of England. But some officials warn consumers not to overspend, just because they get carried away in the romance of the fairytale wedding. A new survey done by Co-operative Financial Services discovered that the average British household plans to spend roughly $400 on the event.
Some of that spending could end up on credit cards. Some financial experts believe overspending by consumers is likely during the Royal Wedding celebration because people will justify purchases on the fact that it’s a once in a lifetime event. The wedding day, April 29, is also a government holiday which means most people won’t be working. Instead of making money they’ll likely be spending it. More than a quarter of those surveyed say they’ll be having a barbecue while 13 percent say they’ll take part in a street party.
What will they be spending that money on? Experts say food, drinks, and commemorative items are most likely. “Events like the royal wedding don’t come around every day and people naturally want to celebrate and mark the occasion,” said CFS director of retail banking John Hughes. “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”.
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