New data shows that newlyweds spend an average of 270 million won when they get married, which represents a 40 million won increase compared to the average last year. (Image : Yonhap)
SEOUL, Feb.2 (Korea Bizwire) – New data shows that newlyweds spend an average of 270 million won when they get married, which represents a 40 million won increase compared to the average last year.
Wedding consultant company Duo Wed announced the results of a survey conducted on 1,000 men and women who got married within the past two years.
According to the report, the average amount of money spent by a newlywed couple was 274 million won, which was a 15.2 percent increase compared to the same time last year.
The vast majority of the costs were devoted to housing, with couples spending on average 191.7 million won or 70 percent of their total expenses on preparing a house to live in. Large sums were also spent on the wedding venue (20 million won), wedding jewelry (18.2 million won), wedding gifts from the bride (18.3 million won) and furnishings (16.3 million won).
An average of 5.35 million won was spent on the honeymoon, and 3.4 million won was spent on wedding photos, wardrobe (including the wedding dress) and makeup.
Housing expenditures were the driving factor behind the increased wedding costs this year, with a 13.9 percent increase compared to the 168.4 million won spent last year.
The younger the couple was; the more they spent on their house. Couples in their 20s spent 253.7 million won, 30-somethings spent 189.6 million won, and those in their 40s spent 183 million won on a house.
Individuals with higher education levels also spent more on their houses. Those with higher education than graduate school spent 246.4 million won, those with an undergraduate degree 185.8 million won, and those who had an education level under high school spent 175.7 million won.
Excluding the costs of housing, the wedding venue was the biggest expense, coming in at 25.2 percent (20.8 million won).
The bride and groom spent an average of 101.4 million won and 172.7 million won each, dividing the costs in a 40/60 split.
Officials at Duo Wed commented that the most important aspect of a wedding is a couple’s commitment to the marriage, not the amount of money that they spend on the event.
By Lina Jang (linajang@koreabizwire.com)
