The wedding industry in China is booming, and everyone wants a piece of the pie.
With around 20 percent of Chinese being single, and the growing middle class, businesses from dressmakers to dating websites and marriage headhunters to real estate developers and travel agents are getting in on the action.
Weddings in China are already a $57 billion industry, and that is only expected to increase due to the rising wealth in the country, according to China Daily.
According to the China Wedding Industry Development Report, $12,000 is spent on average on each wedding, and with over 10 million weddings in the country each year, the industry could reach $120 billion.
“Parents will do anything for their one and only child, and a wedding is a once-in-a－lifetime occasion, so people are willing to spend big bucks tying the knot,” said Zhang Yun, the president of Qixi Group.
In fact, Qixi Group, a property development company that takes its name from the Chinese Valentine’s Day, showed how far its willing to go in attracting wedding revenue. The company spent 400 million yuan (US$64 million) to create a 30,000 square-meter “love manor” in Beijing’s Tongzhou district, which houses a wedding photo studio, a honeymoon resort, a banquet hall, a film production studio, and a commercial center. The company has also teamed up with one of China’s biggest online dating companies, Baihe, which has over 4.6 million users, in order to explore the Chinese online dating market.
“If you look at how much people are willing to throw away on their weddings, you can see that love and marriage are a big business in China,” Zhang said.
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