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.
Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.