A recent study reveals a significant surge in revenue for wedding venues. (Image courtesy of Yonhap)
SEOUL, Mar. 11 (Korea Bizwire) – In recent years, as marriage rates have fallen, the number of wedding venues across the nation has seen a consistent decline. However, a recent study reveals a significant surge in revenue for these venues, a trend uncovered through a comprehensive analysis of the national wedding market utilizing big data.
According to findings released on March 9 by the big data market analysis firm Finda, the average revenue per wedding venue last year reached approximately 530 million won, marking a 23.8% increase compared to the previous year’s 428 million won.
This revenue is more than double the amount recorded in the first year of the COVID-19 pandemic in 2020, which was 210 million won, and also surpasses the pre-pandemic level of 2019 by two-fold.
The sharp rise in average revenue for wedding venues is attributed to an increase in overall sales driven by higher wedding costs, coupled with a reduction in the number of venues.
The total revenue of wedding venues has shown resilience and growth, bouncing back from 2.22 trillion won in 2019 to 2.12 trillion won in 2021 after a dip to 1.66 trillion won in 2020 with the onset of the pandemic. The upward trend continued with 3.2 trillion won in 2022 and 3.9 trillion won in 2023.
Conversely, the number of wedding venues is on a downward trajectory. Data from the National Tax Service indicates that the number of venues nationwide last year was 733, a decrease of 17 from the previous year’s 750. The count has been steadily declining over the past five years, from 890 in 2019 to 828 in 2020 and 783 in 2021.
Regionally, except for Sejong, where revenue saw a 13.8% decrease, all 16 metropolitan cities and provinces reported growth. The capital region, comprising Seoul, Gyeonggi, and Incheon, accounted for 77% of the revenue, with Seoul alone making up over half of the national wedding venue revenue.
The increase in revenue was particularly prominent in the Honam region, with South Jeolla, North Jeolla, and Gwangju showing notable growth rates of 188%, 124%, and 66%, respectively.
Despite the booming wedding venue market, the rising cost of weddings is contributing to a decline in the number of marriages.
According to the “Population Trends for December 2023″ report from Statistics Korea and the Korean Statistical Information Service (KOSIS), last year’s provisional marriage count was 193,673, a 40% decrease from 323,807 in 2013.
Surveys from 2022 indicated that a significant percentage of individuals in their 20s, 30s, and 40s cited “lack of funds for marriage” as the primary reason for not getting married.
M. H. Lee (mhlee@koreabizwire.com)
