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The average cash gift for weddings in South Korea has reached 90,000 won ($65), marking an increase of around 20 percent over the past three years, according to data released by Kakao Pay on Monday.
Based on transaction data as of September, Kakao Pay, the online payment service of Korean tech giant Kakao Corp., found that the average wedding gift money has increased 23 percent from 73,000 won in 2021 to 90,000 won in September. The amount has steadily risen in between, from 80,000 won in 2022 to 83,000 won in 2023.
The analysis is based on Kakao Pay’s envelope service, which allows users to send money in a digital envelope with various messages, including wedding congratulations, via their smartphones.
In Korea, it is most common to gift the wedding couple cash in envelopes, known here as “chuguigeum,” meaning congratulatory money. The cash gift is seen as a way to give financial support by offsetting the cost of the event. The increase in average gift figures is largely attributed to rising wedding costs amid inflation.
Breaking down the figures by age group, people in their 20s on average gave 60,000 won, while those in their 30s and 40s contributed 100,000 won. For people in their 50s and 60s, the average amount came to 120,000 won.
According to a survey of 74,652 users conducted by Kakao Pay Oct. 1-3, 58 percent considered 100,000 won the adequate amount for cash gifts at weddings. This figure was the most popular choice across all age groups.
