Editor’s Note
This article examines how South Korea’s rising marriage rate since 2022 is fueling a “wedding boom” in the department store industry, with targeted fairs and membership benefits driving consumption of gifts, home appliances, and furniture. Combined with strong demand from foreign tourists, this trend is expected to push annual performance to record highs.
Customers are browsing wedding rings at a Lotte Department Store jewelry counter in Jung-gu, Seoul. (Photo courtesy of Lotte Department Store)
[Newsworks = Reporter Jin So-young] As the marriage rate has been rising since 2022, the department store industry is actively capitalizing on a ‘wedding boom.’ By aggressively targeting engaged couples through wedding fairs and expanded membership benefits, consumption of wedding-related items such as gifts, home appliances, and furniture is picking up. With the department store industry already enjoying a boom due to surging demand from foreign tourists, the added wedding special is expected to easily push this year’s performance to record highs.
According to the National Data Office on the 13th, the number of marriages last year was 240,326, an 8.1% increase from the previous year (222,412). Compared to 192,000 in 2022, this represents a 25.2% rise over three years. Notably, the number of marriages in April this year was 20,622, a 9.0% increase year-on-year, marking the highest figure for that month in a decade.
With the increase in marriages, sales of wedding-related items at department stores have also significantly risen. Lotte Department Store, Hyundai Department Store, and Hanwha Galleria, all of which operate wedding mileage programs, have seen sales growth in related product categories. Demand is expanding for luxury jewelry and watches, which are considered traditional wedding gifts, as well as wedding items like home appliances and furniture.
Hyundai Department Store reported a substantial increase in sales of wedding-related product categories last month. Luxury goods, driven by demand for proposal gifts, rose by approximately 35%; high jewelry, which has a strong gift-giving nature, increased by about 55%; and home appliances saw a roughly 49% rise. Lotte Department Store also saw home appliance sales in April increase by about 15% year-on-year, furniture sales by about 20%, and premium watch and jewelry sales by approximately 50%.
Having confirmed the increase in sales of wedding items, department stores are also becoming busy. They are holding wedding fairs to strengthen purchase benefits for wedding goods and operating services such as wedding mileage accumulation and gift giveaways, accelerating efforts to secure wedding demand in the second half of the year.
In particular, the wedding mileage program, a department store reward system where customers can receive a certain amount back in gift certificates or points based on their wedding item purchases, is attracting attention from engaged couples. Lotte Department Store has significantly increased gift certificate benefits by recognizing a purchase of 5 million won worth of goods as a 10 million won purchase.
A customer is having their body measurements taken at a men’s suit section in Shinsegae Department Store. (Photo courtesy of Shinsegae Department Store)
Lotte Department Store recently held a ‘Summer Wedding Fair,’ offering the year’s largest benefits to Wedding Members customers. During the event, they operated a double-accumulation event for wedding mileage, recognizing up to double the purchase amount from participating brands, and provided benefits for over 160 brands, including luxury goods, jewelry, watches, furniture, and home appliances.
Galleria Department Store is holding ‘The Galleria Wedding Fair’ at its luxury hall in Seoul until the 19th. During the event, customers who sign up for wedding mileage will receive up to 250% mileage accumulation on purchases from participating brands, including luxury goods, high jewelry, fashion, cosmetics, and home living, with benefits also provided for customers purchasing home appliances and furniture.
Hyundai Department Store is also operating its ‘Club Wedding’ service. It offers up to 5% of the purchase amount in H-points and provides point accumulation benefits for purchases of formalwear brands. The company stated that it is also considering expanding discounts on wedding items and mileage benefits in the future.
Department stores are also offering differentiated benefits. Hyundai Department Store provides a 50% discount on cultural center courses, while Hanwha Galleria offers limited-edition premium tableware to customers purchasing wedding rings or watches. Lotte Department Store has arranged affiliate-linked events, such as providing Lotte Hotel accommodation vouchers and Signiel mango bingsu. The industry expects that as the marriage rate continues to rise, competition in wedding marketing will persist for the time being.
