ESDlife Unveils Survey Result of Hong Kong Wedding Spending 2020
- Hong Kong’s Number of Marriages Has Plummeted due to The Epidemic
- Wedding Market Expenditure Has Evaporated by Almost Half
- Average Wedding Expenses Slightly Dropped by 2% to HK$360,000
- Wedding Cash Gifts Amount Does Not Fall but Rises
- Sending Bakery Vouchers Double the Chance of Receiving Wedding Cash Gifts
[Hong Kong – 7 December 2020] ESDlife, Hong Kong’s No.1 wedding media, announces the results of Hong Kong Wedding Survey 2020. The COVID-19 epidemic has been raging around the world since the beginning of this year, making many couples who plan to get married or prepare for their wedding in the auspicious year of the Double Spring and Leap Month of 2020 very confused. This year, the online survey was carried out from 1,009 individuals who are getting married between 2020 and 2022, to understand wedding couples’ average expenditure budget and their wedding spending behavior.
Hong Kong’s number of marriages has plummeted by 45% due to the epidemic, the average wedding expenses slightly dropped 2% to HK$360,000
According to the Statistics and Census Department of HKSAR Government, the number of registered marriages between January and September 2020 was 17,117, a sharp drop of 45% from the same period last year. Although the repeated epidemic waves have made the economic recovery uncertain, according to ESDlife’s Hong Kong Wedding Survey 2020, the average budget for wedding expenses only dropped slightly by 2% to HK$360,545, returning to the 2018 level. (See Appendix – Figure 1) This figure reflects that even in the face of the gloom of the epidemic, the couples still expect that the epidemic will be under control, and intend to maintain their wedding expenses and create unforgettable memories for their once-in-a-lifetime event. 2020 was a traditionally auspicious year for wedding, but due to the global epidemic and Hong Kong’s social gathering ban, many couples who planned to get married this year did not tie the knot as scheduled. It is believed that after the epidemic, the couples will continue to prepare their wedding, and the number of weddings will rise sharply.
Wedding market expenditure is estimated to be 8.8 billion, evaporated by almost half from last year
The number of marriages in 2019 was 44,247. Based on the 45% YoY decrement of the number of marriages from January to September 2020, it is estimated the number of marriages in 2020 is about 24,360. Therefore, based on the survey’s average wedding expenses, the total value of the entire wedding consumer market in Hong Kong in 2020 is estimated to be HK$8.8 billion, a sharp drop of 46% from last year. Although Wedding Banquet’s YoY expenses slightly dropped by 3%, it still ranks top among all wedding expenditures, with an average expense of HK$179,849 per couple, and the total market consumption is estimated to be HK$4.4 billion, a 46% drop from last year. It was followed by Rings and other Jewelry, with a 7% increase in average spending to HK$77,396 and a decrease of 41% in the estimated total market consumption of HK$1.9 billion. Meanwhile, despite the sharp drop of 22% on average spending to HK$30,038, the third-largest spending is still Honeymoon. The total market value is estimated at a 59% drop to HK$0.7 billion. Pre-wedding Photography was down by 15% to the average expense of HK$20,443 per couple, the estimated total market consumption is halved to HK$0.5 billion. The top four spending translate into 86% of total wedding expenditure, of which only Rings and other Jewelry has a significant increase. (See Appendix – Figure 2 and 3)
Spending on Rings and other Jewelry rose 7%, becoming the couples’ choice of capital preservation
According to the survey, spending on Rings and other Jewelry rose to HK$77,396, a 7% increase. The price of gold continues to rise this year, setting a new record since 2011. The survey shows that couples are more willing to invest in value-preserving wedding jewelry and rings than other wedding items. Other items that recorded an increase include Wedding Ceremony / Banquet Videography, Wedding Gowns and Tuxedo and Others. It is believed that due to the epidemic, other expenses such as surcharge for rescheduling and purchasing additional anti-epidemic supplies is required. Under the social gathering ban, the couples may have to separate wedding registration and banquets for two days, which will increase expenses.
The percentage of couples who will not hold wedding banquet rises to double digits for the first time and hotel wedding banquets become the most popular choice
The wedding banquet is an important part of the wedding, and the survey results found that for the first time, more than 10% of couples (12%) choose not to hold wedding banquet. At the same time, the number of couples who choose to hold a wedding lunch exceeded 20% (21%) for the first time, and the number of couples who choose to have a banquet in the evening fell from 76% last year to 63% this year. In terms of wedding venues, couples who choose to have wedding lunch or dinner in Chinese restaurants are showing signs of decline; on the contrary, regardless of lunch or dinner, over 40% of couples choose to hold their wedding banquet in hotel, making it the most popular wedding venue choice. On the whole, the number of couples who choose to hold wedding banquets in the hotel has continued to rise. (See Appendix – Figure 4)
Wedding cash gifts amount for premium hotel hit a new high, rise for two consecutive years to $1,500
Although the wedding budget and total expenses of couples have been slightly lowered this year, the wedding cash gifts amount has not fallen but risen. Wedding cash gifts amount for premium hotel has increased for two consecutive years, from HK$1,400 to HK$1,500. The median of wedding cash gifts amount for special wedding venue has a 25% jump, from HK$800 to HK$1,000, equal to the median of standard hotel and private club. (See Appendix – Figure 5)
Hong Kong people are more likely to give wedding cash gifts and presents when receiving bakery vouchers
The survey also asked how the respondents will express their blessing if there are different wedding arrangements. For example, if the couples “only notify you about their marriage but not invite you to the wedding ceremony or wedding banquet”, 12% of the respondents said that they will still give cash gifts, and 25% would give presents; if the couples “only send bakery vouchers but not invite you to the wedding ceremony or wedding banquet”, respondents who will give cash gifts or presents rose to 28% and 35% respectively. If they are invited to the wedding ceremony and cocktail party, although most people will give wedding cash gifts (72%), there are 7% who will not give presents or will just treat the couples a meal. It reflects that if one is not invited to the banquet, sending a bakery voucher double the chance of receiving cash gifts. (See Appendix – Figure 6)
Honeymoon is still the third-largest wedding spending despite the sharp drop of 22%
Affected by the epidemic, 71% of the couples decided to postpone (64%) or cancel (7%) their honeymoon. The main reason for canceling their honeymoon is that 82% of the couples want to avoid compulsory quarantine; secondly, 70% are fear of infection, and 59% are forced to cancel due to destination prohibits entry / flight cancellation; only 14% are intent to cut costs. (See Appendix – Figure 7) Due to the epidemic, the couples expect that the prices of tourism products will fall, making honeymoon expenses the largest drop. However, the couples still reserve an average of more than HK$30,000 for their honeymoon travel budget. It can be seen that even if the couples cannot have their honeymoon as scheduled, honeymoon is still expected after the epidemic.
Figure 1: Past 5 Year Trend of Average Wedding Expenditure
Figure 2: Comparison of Wedding Items Expenditure in 2020 and 2019
Figure 3: Estimated Total Market Spending on Wedding Items in 2020 and 2019
Figure 4: Upward Trend of Holding Wedding Banquet in Hotel
Figure 5: Hong Kong Wedding Cash Gifts (Median Value)
Figure 6: How Hong Kong People Express Their Wedding Blessings
Figure 7: Reasons for Canceling Honeymoon