Recs

0

How Much Should You Spend on Wedding Gifts?

Source: Pixabay.

A new Spectrem's Millionaire Corner consumer-spending trends survey of affluent households finds that spending on wedding gifts is in line with accepted gift-giving etiquette. Four in 10 affluent respondents (42%) said that between $101 and $200 is an appropriate amount to spend on a wedding gift for a close friend of family member, while nearly half (48%) said that up to $50 was appropriate to spend for a casual friend or business associate.

Fifty dollars is considered to be the wedding gift-giving threshold, according to The Knot, a website devoted to all things nuptial.

"Spend what you think is appropriate to your relationship with the couple, and also consider what's reasonable in your city," The Knot advises. "While a co-worker or firend may expect a gift in the $50-$75 range, someone in an urban market may have double the expectations."

Here, according to the website, is the ballpark for which you should be aiming:

  • Coworker and/or distant family friend or relative: $50-$75
  • Relative or friend: $75-$100
  • Close relative or close friend: $100-$150
  • Urbanite: $150-$200-plus

How do affluent individuals rate as wedding-gift givers? Three in 10 are comfortable spending up to $100 for a close friend or family member, while less than one-fourth (22%) think between $201 and $500 is appropriate, according to Millionaire Corner's consumer spending trends survey.

Women are more frugal than their male counterparts when it comes to wedding-gift spending. Nearly four in 10 (37%) are comfortable spending up to $100, compared with 26% of men, while a higher percentage of men think a $201-$500 gift for a close friend or family member is appropriate (24% vs. 18%).

Not surprisingly, married couples spend more generously than their single counterparts on wedding gifts for a close friend or family member, with singles way more likely to opt for the $100-or-less range (37% vs. 28%). Age, too, is a factor, with those under 40 most likely to spend $100 or less than their older counterparts.

When it comes a wedding gift for a casual friend or business associate, four in 10 (43%) believe that between $51 and $150 is an appropriate amount.

The household budget is the most significant factor in determining how much one should spend on a wedding gift, according to a 2013 Millionaire Corner consumer spending trends survey. Half of respondents were guided by the couple's gift registry or their financial circumstances. Only 15% said they based their wedding gift spending on a fear of appearing cheap.

How to get even more income during retirement
Social Security plays a key role in your financial security, but it's not the only way to boost your retirement income. In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of a little-known IRS rule that can help ensure a more comfortable retirement for you and your family. Click here to get your copy today.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 3035918, ~/Articles/ArticleHandler.aspx, 10/25/2014 6:51:23 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Millionaire Corner
MCorner

Millionaire Corner is published by Spectrem Group, the premier research and consulting firm in the wealth and retirement industry.

Today's Market

updated 21 hours ago Sponsored by:
DOW 16,805.41 127.51 0.76%
S&P 500 1,964.58 13.76 0.71%
NASD 4,483.72 30.92 0.69%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes


Advertisement