Tuesday, April 7, 2009

Only in China: Weddings account for 10% of GDP

Weddings still big business

How good was business at last week's Beijing Wedding Expo?

The ATM machines ran out of money.

"I didn't bring enough cash," lamented 26-year-old Wang Lin, attempting to console his fiancee, Zhao Yue, as they waited in line at one of the few machines that was still operating.

"I never thought we'd make so many spur-of-the-moment decisions," said Wang, an IT worker, as he and Zhao leafed through brochures for gifts, photo albums, clothing, banquets and honeymoons.

They were not alone. An estimated 34,000 couples mobbed the Expo over three days. They spent an estimated $29 million, 30 percent more than last year, as more than 1,000 merchants promoted everything from Lincoln Limousines to tours of France.

Weddings have always been big business in China, and this year is no exception.

More than 10 million people marry annually in China. Expenditures totaled $220 billion, or 13.36 percent of GDP, in 2006, the last year for which statistics are available, according to the Ministry of Commerce and the China Wedding Industry Investigation and Research Center.

Read the rest of the story here

2 comments:

Shi Chuan said...

It's Chinese tradition that wedding and funeral are the most important events in a person's life.

In ancient times, people spent all their savings for events like this. It's like a 'face' thing, to get attention and make them look good.

Unknown said...

Thanks, Shi Chuan. I've heard largely the same thing from students. A fellow teacher told me that here in Tianjin, most young people (particularly the son) expect parents to give a house, apartment or at least down payment to get a house or apt. as a wedding present. In your experience in Tianjin, is this true?