The average wedding gift money in South Korea has risen to 90,000 won. (Image courtesy of Pexels/CCL)
SEOUL, Nov. 5 (Korea Bizwire) – The average wedding gift money in South Korea has risen to 90,000 won, reflecting a 23% increase since 2021, according to recent data analysis by KakaoPay of its digital money transfer envelope service.
The mobile payment provider’s analysis, released on November 4, shows a steady upward trend in wedding gift contributions, known as “chukuigeum”, from 73,000 won in 2021 to 80,000 won in 2022, and 83,000 won in 2023. The increase is largely attributed to rising wedding costs amid broader inflationary pressures.
Age-based analysis reveals distinct giving patterns across generations. While young professionals in their 20s typically give around 60,000 won, those in their 30s and 40s average 100,000 won, and individuals in their 50s and 60s contribute approximately 120,000 won. The data suggests that gift amounts tend to increase with career progression and financial stability.
A recent poll conducted by KakaoPay’s “Pay-worthy News” platform, which attracted 74,652 participants between November 1 and 3, found that 58% of users consider 100,000 won to be an appropriate amount for wedding gifts.
While this amount was the most popular choice across all age groups, those in their 40s were more likely to prefer 50,000 won, while respondents in their 30s – many of whom are either married or planning weddings – were more inclined to choose amounts exceeding 100,000 won.
“When I attend weddings, I usually give between 100,000 and 200,000 won depending on how close I am to the couple. If I can’t attend, I send about 50,000 won,” said Kim, a professional in their 20s. “As someone just starting their career, it’s difficult to give too much, even though I’d like to.”
KakaoPay’s digital money transfer envelope service, which mimics the traditional practice of giving cash in decorated envelopes, saw a dramatic 360% increase in usage between 2019 and 2023.
The platform offers over 50 design options for various occasions, including weddings, holidays, and special celebrations. Its popularity is attributed to the convenience of sending money without needing the recipient’s bank account information or using traditional banking apps.
“We developed this content to provide helpful and entertaining information to users during the peak fall wedding season,” a KakaoPay representative said.
“We hope our users continue to enjoy meaningful exchanges through our diverse selection of digital money transfer envelopes, which can be chosen based on personal preference, age, and circumstances.”
M. H. Lee (mhlee@koreabizwire.com)
