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The wedding industry is generally regarded relatively risk-free, even in times of economic recession, along with businesses targeting children and senior citizens. Because marriage is traditionally an once-in-a-lifetime event, young couples tend to spend generously on their weddings no matter what. However, this no longer seems to be the case.
According to the National Statistics Office, around 27,000 marriages were reported in November 2008, falling nearly 20 percent from a year ago.
The wedding industry is becoming increasingly polarized due to the economic crisis. Some hotels providing luxurious wedding services still boast full reservation lists. However, local, more modest wedding halls are struggling to make ends meet. Some have no reservations even for Saturday afternoons, usually the most preferred time for Korean weddings.
On the other hand, matchmaking companies are prospering, as people are inclined to tackle their financial difficulties through marriage, a similar phenomenon to what happened during and after the economic crisis 10 years ago.
According to a survey by a recruiting site in November last year, seven out of 10 female university students said they have thought of choosing marriage instead of job searching in times of hardship.
(englishnews@chosun.com )
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