Hongkongers must save up at least HK$360,577 for dream wedding in world’s most expensive city
- Hong Kong’s market for weddings was worth HK$18.7 billion last year
- Banquets – at an average of HK$178,368 – account for about 50 per cent of the average total cost
Hong Kong is the world’s most expensive city to live in, die in and – guess what – get hitched in. The average cost of getting married in the city rose by 10 per cent last year to HK$360,577 (US$45,982), according to online lifestyle media and e-business company ESDlife.
In a city where fewer people are getting married and having families, couples are also marrying later, because this allows them to pay for a wedding of their dreams. They are spending more on their weddings in pursuit of quality and unique experiences.
“As weddings are the definition of adulthood and a once-in-a-lifetime experience, people like to make sure the occasion will impress guests … [it should also] allow them to show off on channels like Facebook and Instagram,” says Kwok-Shing Chan, an associate professor of sociology at Baptist University in Hong Kong. “The young generation nowadays tends to chase after individuality and luxury when it comes to weddings. It is a form of experience consumption. In other words, they like to spend money in exchange for a unique experience.”
Parents are doing their bit. “Parents have higher expectations about the quality of the wedding banquet [nowadays], and they are more eager to compare their children’s weddings to the weddings of others,” says Adam Cheung, assistant professor of sociology at Baptist University.
According to the latest data by ESDlife, Hong Kong’s market for weddings was worth HK$18.7 billion (US$2.5 billion) last year.
