News

Average Wedding Expenses Fall 2% to HK$410,079 After Two Years of GrowthEvening
Banquets Continue to Rise; Over Half of Newlyweds Opt for Hotel Venues
Cash Gift Remains Unchanged for 5 Years; Nearly 80% of Newlyweds Prefer “Electronic Cash Gift”
Yet Over 90% of Guests Stick to Traditional Gifting Methods
Fertility Intentions Decline Over 20% in a Decade; Only 60% Planning to Have Children Post-Marriage

[Hong Kong – November 27, 2024]  ESDlife, Hong Kong’s No.1 wedding media, has announced the results of Hong Kong Wedding Spending Survey 2024. Conducted between September and November 2024, the survey gathered responses from 806 couples planning to marry between 2024 and 2026 and 511 wedding guests. The research explores total wedding expenses, spending patterns, and guest participation habits and preferences when attending weddings or banquets.

Average Wedding Expenses Decline 2% to HK$410,079 as Banquet Costs Rise While Other Expenses Drop

The survey reveals that the average spending per couple has declined by 2% to HK$410,079 after two consecutive years of growth (see Table 1). The decrease reflects the cautious budgeting mindset of couples amidst an uncertain economic climate.

The most significant expenditure remains “Wedding Banquets”, where average spending rose by 10% to HK$187,758, driven by the increasing popularity of evening banquets. Conversely, spending on “Wedding Jewelry and Rings” fell by 17% to HK$94,542, influenced by rising gold prices and decreasing diamond prices. Honeymoon spending dropped 8% to HK$43,924 as couples opted for closer destinations due to economic challenges. The expenses of “Pre-Wedding Photography” dropped slightly by 3% to HK$26,499 (see Table 2). Overall, the four major wedding categories accounted for 86% of total expenses.

Total Wedding Market Value Estimated at HK$ 17.3 Billion, Down 5% from Last Year

Government data indicates 47,723 registered marriages in 2023. Based on the number of marriages registered throughout the first three quarters of 2024, projections suggest a 3% drop to 46,293 for 2024, potentially due to the inauspicious “blind year” compared to 2023’s favorable “double spring and leap month” (see Table 3). Based on projected marriage numbers and average spending across categories, the total wedding market value is estimated at HK$17.3 billion, down 5% from 2023 but 14% higher than pre-pandemic levels in 2019. The “Wedding Banquets” category leads with an estimated market value of HK$7.75 billion, up 8%. Meanwhile, “Wedding Jewelry and Rings” declined 20% to HK$4.21 billion; “Honeymoons” dropped 10% to HK$1.89 billion; “Wedding Photography” fell 6% to HK$1.17 billion (see Table 4).

Nearly 90% of Newlyweds Host Banquets; Evening Banquets on the Rise with Over Half Opting for Hotel Banquets

The survey shows that 56% of couples chose evening banquets, up from 51% last year. Meanwhile, the proportion opting for lunchtime banquets has fellen from 32% to 28%, and only 11% of couples plan to forgo hosting any banquet this year, down from 12% in 2023 (see Table 5).

Cash Gifts Remain Unchanged for 5 Years; Guests and Couples Mostly Aligned Except for Wedding Cocktails

Despite rising banquet costs, gift money amounts have remained stable for 5 years, with median contributions unchanged across venues. Cash Gift median for wedding banquet at Premium and Standard Hotels remains at HK$1,500 and HK$1,000 respectively; HK$1,000 remained the benchmark median for attending wedding banquet at Clubhouse and Special Wedding Venue; for wedding banquet at Chinese Restaurant, Wedding Lunch, Western Restaurant and Wedding Cocktail, the Cash Gift median steadily stood at HK$800. For guests who are “only being invited to attend a wedding ceremony at the marriage registry/ church”, or wedding couples who “only send bakery voucher, no invitation to the wedding ceremony/ wedding banquet” to family and friends, respective Cash Gift median were on par at HK$500 and HK$300 respectively.

Additionally, a new guest survey was introduced to gather insights into guest habits and preferences regarding wedding attendance. Except for “Wedding Cocktail”, the results indicate that expectations for wedding gift prices between newlyweds and guests are basically consistent, with newlyweds expecting HKD$800 for cocktail parties, while guests estimate it at HKD$600, a difference of approximately 30% (see Table 6).

Regarding Betrothal Money, the median amount has stabilized at HKD$ 68,888 this year, following three consecutive years of increases since 2021. This amount does not impose additional financial pressures on newlyweds and is also seen as a symbol of “good fortune” and “prosperity”, symbolizing best wishes for the couple’s future (see Table 7).

Mismatch in “Electronic Cash Gift” Preferences: Couples Embrace It, While Guests Hold Back

As electronic payments become increasingly prevalent, the survey reveals that 79% of newlyweds prefer receiving “Electronic Cash Gift” (see Table 8), citing convenience (73%), the avoidance of the need to deposit cash, cheque, or gift vouchers (36%), ease for guests who are unable to attend (26%), and reduced risk of theft (26%) as primary reasons (see Table 9). The preferred methods for receiving Cash Gift include FPS (Fast Payment System) (63%), Cash (57%), PayMe (46%), and Alipay or WeChat Pay (20%), while only 16% and 12% prefer cheque or bank vouchers, respectively.

However, guests expressed differing views, with 74% indicating they would not consider using “Electronic Cash Gift”, primarily due to the lack of ceremonial significance (68%) and a desire to personally present gifts in red envelopes (60%). As a result, 97% of guests continue to rely on traditional gifting methods. Only a small number of guests chose to send Cash Gift electronically, with 5% using FPS and PayMe respectively, and just 2% using Alipay or WeChat Pay, highlighting a gap in expectations between guests and newlyweds (see Table 10). The survey indicates that newlyweds are open to receiving “Electronic Cash Gift”. If guests better understand the newlyweds’ preferences and adopt a more open attitude toward electronic payment methods, “Electronic Cash Gift” could become a prevailing trend. This shift would not only simplify the process for newlyweds but also reduce the reliance on traditional red envelopes, cheques, and bank vouchers, making weddings more environmentally friendly.

Declining Desire for Parenthood; 64% of Newlyweds Plan to Have Children Within Two Years of Marriage

Amid a global decline in birth rates, Hong Kong’s birth rate has reached the lowest level in the world for two consecutive years. Following the introduction of the “Newborn Baby Bonus” scheme in last year’s policy address, recent discussions among legislators about ways to encourage childbearing. Suggestions include government-led initiatives to foster a pro-birth atmosphere, such as increasing the display of baby photos in government offices and organizing youth social events within departments. Despite these efforts, the survey indicates that the intention to have children among newlyweds has decreased from 83% in 2014 to 61% in 2024, representing a decline of 22 percentage points over the past decade. The proportion intending to have more than one child has also decreased from 49% in 2014 to 28%, representing a decline of approximately 20%. Both the intention to have children and the desired number of children are significantly lower than ten years ago (see Table 11). Among those planning to have children, 64% intend to do so within two years of marriage, indicating that many newlyweds plan to expand their families shortly after tying the knot.

Photo captions

1. Mr. Tony Ma, CEO of ESDlife announces “2024 Hong Kong Wedding Survey” results in “Bridal Award 2024” Ceremony.

2. Mr. Tony Ma, CEO of ESDlife, artist Ms. Kenix Kwok Ho Ying, Mr. Frankie Lam Man Lung, Ms. Amber Tang Cheuk Yan, Mr. Arnold Kwok Tsz Ho and Ms. Casey Chow, Head of Media Business of ESDlife, toast to congratulate the awarded companies at the Bridal Award 2024 ceremony.