April 08, 2014 12:39
Korean firms are eyeing opportunities in China's burgeoning wedding, beauty and laundry industries. The Korea International Trade Association on Monday cited an increase in the number of middle class households there, eased regulations on foreign firms, and low barriers to enter the market.
Prospects for the wedding industry are particularly bright, it added.
Some 13 million couples married in China in 2012 alone. Last year, the size of the Chinese wedding industry was estimated at US$20.6 billion, according to U.S. market researcher IBIS.
Couples spend 100,000 to 250,000 yuan on a wedding, it added. As young urban Chinese born after 1980 who benefited from the economic reforms reach marrigeable age, the wedding industry is booming.
Amid the recent popularity of Korean TV soaps in China, the new generation and the well-to-do there prefer Korean wedding companies despite higher costs.
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