£1.00 in 1980; what is it worth today?

Question

We spent £2000.00 on our wedding in 1980 and wonder what the equivalent cost would be today

Answer 1

Not as simple as the previous answer, it's a case of just finding out inflation (3.09) and multiplying. By this definition, your wedding would have cost around £6000.

There are micro and macro economic changes to take into to consideration. A bundle of goods (as we say in economics) would have cost 'more' in 1980, not because of the value of the pound, but for the cost to buy the good.

there are many measures of determining the 'value' of a £1 between years:

Consumer Price Index

GDP deflator

consumer bundle

unskilled wage

nominal GDP per capita

relative share of GDP

Take your pick.

My estimate would be around £12-15000.

Answer 2

last i heard its 3 times as much

Answer 3

About three times as much

Answer 4

£1.00 in 1980 should be £3.09 today.

Answer 5

You would probably spend £20,000 on a wedding today, so a £1 has ariund 10-20 times more value than 20-odd years ago.