As Prices Rise and House Prices Fall, 'Changed Marriage'... MZ Generation Says "Only Jeonse, No Wedding Gifts"

Interview with 7 MZ Generation Members on 'Wedding Preparation Plans'
No Engagement Gifts, Wedding Presents, or Pyebaek Ceremony
Also Purchasing Refurbished Home Appliances

[Asia Economy Reporter Jang Sehee] Recently, as high inflation and falling housing prices continue, more MZ generation (Millennials + Generation Z) are cutting costs on wedding preparations.

On the 21st, Asia Economy asked seven MZ generation individuals about their 'wedding preparation plans,' and all preferred jeonse (long-term lease) over buying and intended to omit extravagant ceremonies such as wedding gifts (yedan).

Se-yeon Oh (33) is currently looking for a jeonse near Gwanak-gu, Seoul, due to the high uncertainty in the real estate market and many analyses predicting housing prices will fall over the next three years. Jeong-won Lee (35), who works in the financial sector in Yeouido, said, "I feel uneasy because housing prices seem likely to drop further, and with rising interest rates, taking out a loan is also a burden," and is looking for jeonse near Sindorim Station in Seoul. Junho Park (36) also said, "I chose jeonse aiming for the 3rd New Town subscription," adding, "I participated in wedding fairs and signed contracts at affordable prices."

In fact, apartment prices in Seoul have fallen for 16 consecutive weeks. According to the weekly apartment price trend announced by the Korea Real Estate Board on the 15th, based on September 12, Seoul apartment prices dropped 0.16% compared to the previous week. With forecasts that housing prices will fall further in the second half of the year, people are seeking jeonse. The inflation rate in August was still high at 5.7% compared to the same month last year. Jeong-hyun Lee (36), who decided to find jeonse in Gangdong-gu, Seoul, said, "Interest rates have risen a lot compared to before, so it was burdensome to suddenly buy a house with a loan."

They said they use workplace wedding halls or skip some parts of the process. So-young Kang (34) decided to use the wedding hall at the Korea Military Academy located in Nowon-gu, Seoul, to save on wedding costs. To save on housing costs, she plans to stay in military housing for the time being. Yoon-jung Na (27) decided to omit wedding gifts (yedan) from both families' relatives.

To save on wedding expenses, they decided to purchase refurbished (refurb) home appliances, which are products that have been returned due to defects or damages and are repaired and sold at a lower price than new products. Ms. Oh also decided to omit 'wedding gifts and yedan' and not to tailor hanbok separately to reduce spending burdens. Ji-yul Kim (32) decided not to hold the traditional pyebaek ceremony at the wedding. They simplified yedan by exchanging only one gift from each family.

Regarding this, Professor Eun-hee Lee of Inha University's Department of Consumer Studies analyzed, "The MZ generation has the perception that 'what matters is that we get married and live well.' They omit gifts for both families that were traditionally part of the patriarchal marriage system," adding, "The spread of consumption information through the internet has also partly influenced this."

This content was produced with the assistance of AI translation services.