For brides and grooms who plan to self-fund their weddings, 41.2% plan to make use of financial savings, 26.1% contemplate private loans, and the remaining 27.7% are undecided. (Representative picture)
Ahead of the marriage season, lending platform IndiaLends surveyed 1200 millennials to grasp their marriage ceremony plans and monetary dynamics.
42% of millennials plan to self-fund their marriage ceremony. Within the surveyed millennials, 60% of girls said they might self-fund their weddings, stated a brand new report.
Financial companies platform, IndiaLends, not too long ago launched ‘Wedding Spends Report 2.0.’ In an period marked by shifting societal norms and evolving monetary views, the report sheds gentle on the altering dynamics of how millennials take cost of their nuptials.
The survey was carried out amongst 1200 millennials between October and November 2023. The respondents, aged 25–40, have been positioned in 20 cities throughout India.
Key findings of the report;
The examine uncovered an rising development the place millennials imagine in funding their very own weddings and taking the burden and stress off their dad and mom’ shoulders to finance their marriage ceremony.
With over 35 lakh weddings taking place between November 23 and December 15, 2023, in keeping with the CAIT Research & Trade Development Society, the survey aimed to evaluate youth’s monetary statuses and views on weddings within the present period.
Wedding Budget
It was famous that 73% of people with an annual revenue of roughly 5–10 lakhs are spending not more than 7–10 lakhs on their marriage ceremony. It’s been reported that a mean center-class Indian spends roughly 15–25 lakhs on their marriage ceremony. This development is phenomenal and reveals millennials are extra aware of their cash and are making aware selections on spend it properly.
For brides and grooms who plan to self-fund their weddings, 41.2% plan to make use of financial savings, 26.1% contemplate private loans, and the remaining 27.7% are undecided. If taking a mortgage, most respondents (67.7%) plan to borrow between Rs. 1 and Rs. 5 lakh.
The survey additionally famous that there’s nearly an equal cut up between organized (50.4%) and love marriages (49.6%).
Last yr’s marriage ceremony report make clear a notable shift in marriage ceremony preferences amongst millennials, with a transparent inclination towards intimate celebrations. This development persists, as 58.8% of millennials go for a easy, intimate marriage ceremony. This choice for simplicity displays that millennials are altering the development by having a conventional but easy marriage ceremony and are shunning the concept of grand, extravagant ceremonies earlier, the report added.
Gaurav Chopra, founder and CEO, IndiaLends, stated, “We are witnessing a remarkable shift in the mindset of today’s youth. The trend of self-funding weddings highlights a sense of financial independence and conscious decision-making. Moreover, it’s worth noting that 26% of individuals choose the option of loans, challenging the long-standing taboo associated with wedding financing. This reflects a changing landscape in how we approach celebrations and signifies a growing openness towards financial choices and breaking barriers.”
Ankit Khurana, chief advertising officer, IndiaLends, added, “In the last five years, the youth’s sentiment towards wedding spending has been very dynamic. The growing mindfulness among today’s youth is what captures attention. It is particularly notable among women in metro and non-metro cities. It highlights a collective consciousness, showcasing how individuals increasingly prioritise mindful and sustainable choices in their approach to wedding planning.”
The survey contributors symbolize a various vary of age teams, with the bulk falling between 25 and 28 years (34.1%) and 29 and 35 years (30%). The gender distribution is cut up between 65% male and 35% feminine respondents.
The annual revenue distribution reveals that 32.5% earn lower than 3 lakhs, 47.5% earn between 3 and 10 lakhs, 12% earn inside the bracket of 11 to twenty lakhs, and eight% earn greater than 21 lakhs.
