Men: Approximately 2.5 million won over 6 months, Women: Approximately 1.75 million won over 6 months, Median for both men and women: Approximately 1.05 million won
Recently, among younger generations in both the United States and South Korea, "group gathering expenses" have emerged as a financial burden comparable to living costs.
This is because these expenses are now viewed not simply as spending on hobbies or leisure, but as essential costs for maintaining friendships.
US Millennials and Gen Z Spend 350,000 Won a Month to Meet Friends
According to a survey conducted by US internet-only bank AlliBank,
1,000 Millennials and Gen Z respondents reported spending an average of $250 (approximately 350,000 won) per month to maintain their friendships.
22% of respondents answered, "I am anxious because I am not sure if I can afford the promised expenses," and 25% said, "Rising prices have made activities with friends more difficult."
AlliBank analyzed, "Such spending negatively affects the financial health of the younger generation."
In fact, the situation was different just two to three years ago.
According to US credit management service Self Financial,
the average monthly gathering expense for Gen Z in 2022 was only $166.75 (about 230,000 won).
However, due to the recent effects of inflation, costs for meals and leisure activities have risen, and as a result, gathering expenses have naturally increased as well.
"Afraid of Being Left Out"... Maintaining Weekly Meetings
Interestingly, despite the financial burden, young people find it difficult to cut back on gatherings.
Sixty-nine percent of respondents said they try to meet friends at least once a week.
The reasons cited were loneliness and FOMO (fear of missing out).
Jack Howard, Head of Financial Management at AlliBank,
advised that "by honestly sharing your financial situation with friends, you can reduce unnecessary spending while still maintaining relationships."
The Solution? "Planning Gatherings" and "Financial Management"
Experts emphasize that "prior planning is necessary to protect both friendship and finances."
Reflect event expenses such as weekly brunch gatherings and birthday trips in the budget in advance
Share your 'financial situation' with friends to find alternatives together
This approach is considered a way to reduce burdens while not missing out on memories.
South Korea Is No Exception... Group Accounts & Home Parties on the Rise
South Korea is experiencing a similar trend.
According to Statistics Korea's "Consumer Price Trends for July 2025," the consumer price index last month was 116.52 (2020=100),
an increase of 2.1% compared to the same month last year, while dining out costs rose by 3.2%.
According to a Trend Monitor survey, respondents said they would cut back first on dining out expenses (40.4%, multiple responses), clothing (27.8%), and gathering expenses (26.7%).
'Group account' services are expanding, allowing members to collect dues in advance and reduce the burden of settling expenses later.
'Home party culture' is spreading, with people opting to cook and eat together at home instead of dining out.
In an era of rising prices and living costs, gathering expenses have become not just a form of consumption, but a cost for maintaining relationships.
However, what matters is not "how much you spend," but how you manage it.
Planned management of gathering expenses and honest conversations with friends are likely to become important financial habits for the younger generation going forward.
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Reporter Heo Midam damdam@asiae.co.kr
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Edit Kong Sumin hyunhj@asiae.co.kr
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