Gmarket, Weddings Go 'Small' and Dowries Go 'Big'... COVID-19 Changed the Wedding Landscape
[Asia Economy Reporter Lim Chunhan] Prospective couples are found to be holding smaller and more modest weddings due to the impact of COVID-19, while surprisingly opening their wallets wider for home appliances and furniture as part of their wedding preparations.
On the 30th, Gmarket analyzed wedding trends from January 1 to the 27th of this month and found that the average purchase price per customer for wedding furniture and home appliances increased by 22% compared to the same period last year. In contrast, the average purchase price per customer for small wedding items used in wedding preparations decreased by 36%.
Among wedding items, the increase in average purchase price per customer was especially notable for home appliances. For example, the average purchase price for TVs rose by 47%. This means that if customers bought a TV worth 1 million KRW last year, this year they purchased TVs worth approximately 1.47 million KRW. Drum washing machines (34%) and refrigerators (15%) also showed an upward trend. Investment in furniture also increased. The average purchase price for regular sofas rose by 18%, and recliner sofas by 6%. Beds and island dining tables each increased by 11%.
On the other hand, the average purchase price for wedding preparation items showed a downward trend. The average purchase price for wedding shoes decreased by 43%, wedding car decorations by 36%, corsages by 25%, and boutonnieres by 8%.
A Gmarket official said, “As social distancing measures have forced couples to downsize their weddings for over a year, there seems to be a tendency to invest more budget in wedding preparations rather than the wedding ceremony itself. Reflecting these wedding trends, we plan to continuously offer premium home appliance and furniture promotions.”
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Gmarket is launching aggressive marketing focused on home appliances and furniture. Until the 2nd of next month, they are holding the Samsung Kitchen Appliance Festa, offering discounts on kitchen appliances such as refrigerators. Additionally, from the 10th of next month, they will run the Big Smile Day, the biggest discount promotion of the year, for ten days in collaboration with Auction and G9.
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