According to a survey by Rong360 Jianpu Technology Inc. $JT, The Cost of Marriage in Shanghai Tops the Other First-tier Cities in China. #marriage #China

Jianpu Technology (NYSE:JT)

BEIJING, CHINA, October 31, 2019 /EINPresswire.com/ --
It is not easy for Chinese young people who have just achieved financial independence to bear the heavy burden of marriage. In China, most couples prefer to buy a home and a car before the wedding, which is widely considered to be the duty of the groom and his family.

In first-tier cities like Beijing, Shanghai, Shenzhen and Guangzhou, high housing prices discourage many young people from getting married. Apart from real estate assets, there are many other expenses to consider. Among such expenses are the dowry, wedding ring, wedding banquet, honeymoon and wedding photography…every item is costly.

In 2018, the marriage rate in China was only 7.2 percent per mille, the lowest figure in nearly 10 years, according to the Chinese National Bureau of Statistics (NBS) and the Ministry of Civil Affairs. Nationwide, the more developed a local economy is, the lower its marriage rates tend to be. The lowest rate stands at just 4.4 percent per mill in Shanghai.

The continuous decline of marriage rates in first-tier cities is partially due to a change in young people’s views on love and marriage brought about by rapid economic development, but is also due to the excessive economic pressure the prospect of marriage brings.

According to a recent survey by Rong360 Jianpu Technology Inc. (NYSE:JT), 47.39 percent of respondents' wedding expenditures were above 200,000 RMB ($28,300), which is over the three times the per capita disposable income of first-tier cities.

On the other hand, only 1.42 percent of respondents supported "bare marriage,” which implies a marriage without all the expensive wedding procedures and assets bases.

According to the Rong360 Jianpu Technology Inc. (NYSE:JT) survey, cost expectations for married and unmarried people are also quite different in China.

31.58 percent of people expected to spend between 100,000 and 200,000 RMB ($14,100-28,300) to get married in first-tier cities, 17.76 percent expected to spend between 200,000 and 500,000 RMB ($28,300-70,776), and 15.13 percent thought total expenditure would be above 500,000 RMB ($70,776).

However, the reality is hard and cruel. Real spending on marriage is much higher than the figures suggested by many respondents. According to the survey, only 17.54 percent of married respondents said their expenditure had ranged from 100,000 to 200,000 RMB, while 30.81 percent said it ranged from 200,000 to 500,000 RMB, contrary to the general expectations of unmarried people.

Among four first-tier Chinese cities - Beijing, Shanghai, Shenzhen, Guangzhou - Shanghai has the highest per capita disposable income, which was at 64,183 RMB ($9,085) in 2018, according to the NBS.

Using this income level as a reference, 47.39 percent of respondents' marriage expenditures were more than three times the per capita disposable income.

Still, many people think 200,000 RMB is still not enough. Mrs. Ye from Beijing had spent 200,000 RMB on her wedding, but she felt that it fell far short of her expectations.

"The wedding was just okay," she said. "My husband just bought a normal ring instead of a diamond ring for me. We borrowed the wedding dress from our relatives, and it was not the beach wedding that I had always dreamed about. We had just finished our degrees and did not have large savings."

The survey found that 45.4 percent of respondents in Beijing had spent more than 200,000 RMB on marriage, 57.1 percent in Shanghai, 52.5 percent in Guangzhou and 28.57 percent in Shenzhen.

This shows that marriage costs in Shanghai are generally higher, while those in Shenzhen are lower, and Beijing and Guangzhou fall somewhere in the middle.

From the perspective of age, those born post-80s and post-90s are the main groups of marriageable people in China. 40.26 percent of the post-80s group had spent between 200,000 and 500,000 RMB on marriage, and 22.08 percent had spent more than 500,000 RMB, much more than other age groups.

The post-90s generation has a more balanced expenditure distribution. 31.43 percent of respondents in this group said their marriage expenditure was between 50,000 and 100,000 RMB ($7,077-14,155), and about 20 percent of respondents spent 100,000 to 200,000 RMB, and another 20 percent spent 200,000 to 500,000 RMB.

Di Wang
Jianpu Technology
+86 10 8262 5755
email us here

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