How to finance a Hong Kong wedding without breaking the bank11 January, 2016
Marriage can be a spontaneous thing. You can never really know when you’ll meet that special person or decide to tie the knot.
One thing that is certain, however, is that marriage doesn’t come cheap. Whether it be forking out on that diamond wedding ring, splurging on an extravagant event, getting that perfect wedding dress, or all of the above - your bank account will take a hit.
Monexo did some digging into the costs associated with weddings in Hong Kong. Let’s just say Hong Kong doesn’t fall on the list for the cheapest wedding locales.
Some of the stats
A 2014 Forbes article reported that Hong Kong couples spent an average of HKD311,887. You read that right.
The same study quotes that on average couples in the US spend only around HKD242,000 on their weddings. Moral of the story, whether it be geographical or cultural - it’s comparatively pretty expensive to tie the knot in Hong Kong.
In Hong Kong, family plays a big role in a wedding. You’re unlikely to get away with having one of those small affairs, with just the grandparents, parents, in-laws, and a couple friends. Chinese culture dictates that you must be extravagant! Chinese culture doesn’t factor in costs.
The typical wedding banquet cost, on average, HKD159,519 according to the Forbes report. And there’s no way you can have a banquet without making sure it’s sufficiently photographed, right? Well add on a cost of up to HKD 80,000 for a photographer (depending on who you hire) and that’s that.
Luckily, Sassy has you covered with these comprehensive guides for the top wedding planners and wedding photographers in Hong Kong.
A little more granular...
Below are a few figures borrowed from Moneyhero that breaks down the cost of a wedding into its various facets.
Engagement ring: HKD$6,000
Wedding / Event planner: HKD$15,000
Wedding Dresses: HKD$6,000
Hair & Make-up: HKD$7,000
Groom’s attire: HKD$1,000
Wedding ring: HKD$10,000
Reception venue catering: HKD$200,000
Reception Entertainment: HKD$10,000
Wedding Favors: HKD$2,000
When it’s all said and done a marriage can cost up to a whopping...
Needless to say, not everyone has the funds they need to make these magical moments a reality.
As Hong Kong’s first peer-to-peer lending platform, Monexo makes the process of taking a loan more affordable, easier, and more rewarding as we’ll work with you every step of the way. The last thing you have time for is to stand in line for a few hours to apply for a loan at bank as you juggle your wedding planning responsibilities with work. Apply for a personal installment loan of up to 6 times your monthly salary from Monexo from the comfort of your living room, and let us help you the rest of the way.
Taking on some debt can be daunting, but some things in life are worth it - and your wedding day is absolutely one of them.