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​China's wedding industry to upgrade with higher quality

Xinhua Financein CFBOND
2018-12-05 16:32

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China's wedding industry is on the right path to provide higher quality services for tailored wedding ceremonies, as was shown at the latest China Wedding Expo held in Beijing last weekend.

According to the data from the Expo, over 136,080 people visited it for two days, and the trading volume reached 758 million yuan (110.9 million U.S. dollars).

Wedding banquets and hotel services crowned the event with a total trading volume of 196 million yuan (28.7 million U.S. dollars). Jewelry and wedding planning came in second and third with trading volumes of 186 million yuan (27.2 million U.S. dollars) and 123 million yuan (18 million U.S. dollars) respectively.

Wedding dresses and photography services followed with trading volumes of 89 million yuan (13 million U.S. dollars) and 81 million yuan (11.8 million U. S. dollars) respectively.

Statistics from the China Industrial Information Network run by a Beijing-based industrial data provider showed that China's capital consumption in the wedding industry continues to climb upward due to the higher-quality wedding services though the number of people in their marriageable age range had declined.

In 2017, consumption on wedding planning, photography, dresses and banquets reached nearly 1.5 trillion yuan (219.4 billion U.S. dollars), and the figure is expected to exceed 2 trillion yuan (292.6 billion U. S. dollars) in 2019 and 3 trillion yuan (438.9 billion U.S. dollars) in 2021, according to the China Industrial Information Network.

Younger generations are more keener on tailored and higher-quality wedding ceremonies and other wedding-related preparations.

For example, data from the China Wedding Expo said 60 percent of couples who were preparing for their wedding would purchase rings with insets, and 65 percent of those people would choose tailored loose diamonds.

"BAIC BJEV, one of China's largest new energy vehicle providers and Dazhong Electronics, a large home appliances provider, both collaborated with us this year to meet the multiple demands of new couples," said Xiao Changhong, deputy secretary general of the China Wedding Expo organizing committee.
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