“You’ll get flak for giving 50,000 won as a wedding gift”: Seoul wedding venue costs soar, with meal prices nearing 90,000 won

[Financial News] The average contract price for wedding venues nationwide rose by more than 11% in a year, new data show. In Seoul, the per-person meal cost at wedding venues is nearing 90,000 won, and guests are expected to face a greater burden from wedding gifts.

According to News1 on the 12th, the average wedding venue contract price in October this year, compiled by Champrice at the Korea Consumer Agency, was 17.88 million won, up 1.82 million won (11.3%) from 16.06 million won in October last year.
The median wedding venue contract price also rose over the same period, from 14.2 million won to 15.2 million won, an increase of 1 million won (7.0%).
Wedding venue contract prices increased markedly in terms of both the average and the median.
Over the same period, the average contract price for the so-called studio, dress and makeup package declined, but the rise in wedding venue contract prices far outstripped that decrease.
The average contract price for the studio, dress and makeup package was 3.24 million won in October this year, down 160,000 won (4.7%) from 3.4 million won in October last year.
The median contract price for the package also fell, from 3 million won to 2.94 million won, a decrease of 60,000 won (2.0%).
As a result, the combined average contract price for wedding venues and the studio, dress and makeup package stood at 21.12 million won in October this year, up 1.66 million won (8.5%) from 19.46 million won a year earlier.
The burden on couples planning to hold their wedding a year from now is expected to grow further.
The combined average contract price for wedding venues and the studio, dress and makeup package is projected to reach 22.14 million won next October, up 1.02 million won (4.8%) from this October. Compared with October last year, that would be an increase of 2.68 million won (13.8%) over two years.

Meal costs for wedding guests rose, particularly in the greater Seoul area.
According to Champrice’s latest statistics, as of last August the nationwide median per-person meal cost at wedding venues was 60,000 won, unchanged from the same month last year.
In Seoul, however, the median per-person meal cost rose 3,000 won (3.9%) in a year, from 77,000 won in August last year to 80,000 won this August. Over the same period, it also increased in the Gyeongin region, from 60,000 won to 62,000 won, a rise of 2,000 won (3.3%).
With wedding venue contract prices and meal costs on the rise, the burden is expected to grow for guests as well as prospective couples.
[email protected] Ahn Ga-eul Reporter