According to the report, the average cost of a wedding in South Korea has risen by 270 percent since 1999, while inflation grew by 45.5 percent during the same period.
The average annual household income though is just around 48.3 million won ($42,400), causing many young South Korean couples to be forced into borrowing from their parents or taking out bank loans if they wish to get married.
Related: South Korea Economy
One 27-year-old woman working in the financial industry said that her parents paid nearly 90 percent of her $122,900 wedding costs.
Kim, a 30-year old kindergarten teacher, added that her husband, had to take out a $39,800 loan from the bank, in addition to financial aid from their parents, in order to pay for a wedding with 600 guests.
But the ceremony alone takes up just a small portion of the money. South Korean cultural traditions for instance dictate that a groom must fork over money to provide a home before a couple can get married. With housing prices more than 2.5 times higher than it was in 2000, 70 percent of the total cost of a wedding goes into purchasing a house.
Additionally, families of the wedded couple are expected exchange pre-wedding gifts before the ceremony can take place. Traditionally, these gifts tend to be just good silk for new clothes or simple jewellery, but this has since extended into items such as mink coats and diamond rings.
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