SEOUL: The long-standing 50,000 won (US$33.50) wedding cash gift in South Korea is increasingly losing its status as the social norm, with more guests gifting 100,000 won amid prolonged inflation and soaring wedding costs, data showed Thursday (May 14).
According to an analysis by NH NongHyup Bank of 5.33 million wedding cash gift transactions made by 1.15 million customers between 2023 and 2025, the share of 50,000 won gifts steadily declined from 46.5 per cent to 42.3 per cent. Over the same period, 100,000 won gifts rose from 36.1 per cent to 39.7 per cent.
The average amount spent on wedding cash gifts also continued to climb, rising from 110,000 won in 2023 to 114,000 won in 2024 and 117,000 won last year — an increase of about 7 percent over two years.
Though 50,000 won has long been considered an acceptable standard gift, the amount is increasingly viewed as insufficient. Social pressure to give more has increased as inflation drives up the cost of meals, wedding halls and other ceremony expenses.
Another survey suggested that 100,000 won is rapidly becoming the new baseline.
In a poll of 844 office workers conducted by recruitment platform Incruit in May last year, 60.1 per cent of respondents said 100,000 won was an appropriate wedding cash gift for a coworker on the same team with whom they were not especially close.
The bank data also showed a notable increase in high-value cash gifts exceeding 10 million won, a trend the bank said may be linked to expanded gift tax incentives tied to marriage and childbirth.
According to the report, the share of 10 million won transactions rose from 0.22 per cent to 0.36 per cent between 2023 and last year, while gifts exceeding 10 million won also increased from 2.95 per cent in 2023 to 3.17 per cent over the same period.
Under a new tax deduction programme introduced in 2024, individuals can receive up to 150 million won in gift tax deductions for assets gifted by parents or grandparents within two years before or after marriage registration, or within two years after the birth of a child.
The report also noted that the average amount spent on wedding cash gifts was higher in Seoul, where costs associated with wedding preparations, such as venue bookings, dress shops and photo studios, are relatively high.
The average wedding cash contribution in Seoul stood at 134,000 won, followed by Busan at 128,000 won, Gwangju at 124,000 won and Incheon at 119,000 won. - The Korea Herald/ANN
