Recession Hitting The Marriage Industry
Generally considered to be recession-proof, even the wedding industry is starting to feel the burn of the global economic crisis currently happening. Because weddings are generally considered a “once in a lifetime” experience, most people will go overboard on the spending. But recent reports are showing that people are spending less and less on this newly-labeled luxury.
I found an article from a Korean newspaper discussing this very phenomenon. In it, only the most luxurious wedding facilities still seem to be booked out. Most of the mid-range and more modest wedding venues are showing openings across the board, even on Saturday afternoons, a globally popular wedding time.
Interestingly, in Korea matchmaking industries are booming, as people look to marriage as a way to help stretch their finances. And 7 out of 10 women about to graduate from university have stated they’d consider a marriage over a job search in these times of economic crisis.
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