In South Korea, marriage rates are falling as tradition, family pressure drive up wedding costs
- Getting hitched in South Korea can cost nearly US$200,000, almost nine times what the average Korean in their 20s earns in a year
- As a result, marriage rates have dived as couples are put off by family pressure and having to fork out on a new home and lavish reception
But deciding to get married was not a straightforward decision. Lee, a 32-year-old real estate agent in Paju said there was some personality differences with his then-girlfriend but the biggest consideration was related to money.
“I was dating my wife when my business was just starting to stabilise, so financial worries were a big concern,” he said.
In South Korea, the average cost of getting married is 230 million won (US$196,000), the country’s leading marriage consulting business, DUO Info Corporation, found in a two-year study on 1,000 newlywed couples.
That is almost six times the amount the average South Korean in their 30s makes per year (US$32,900), and almost nine times what Koreans below the age of 29 make a year (US$22,152), according to Statistics Korea.
Another survey by the Korea Consumer Agency in 2017 found that the basic cost for a wedding was US$40,000 if housing was excluded.
And in recent years, marriage rates have fallen to their lowest level since data started to be compiled in 1970, with observers saying couples are increasingly put off by expectations that they must spend heavily on a new home and lavish wedding reception.