Ahead of the wedding season, lending platform IndiaLends surveyed 1200 millennials to understand their wedding plans and financial dynamics.
IndiaLends, a prominent online marketplace for credit goods having 18 million customers (mostly millennials), has just released the "Wedding Spends Report 2.0”. This report provides some interesting insight into the ways in which millennials are planning and financially managing their weddings. During this transition period where social mores and financial outlooks are changing, the outcomes of this report shed a light on emerging trends.
According to the report, based on a poll involving 1200 millennials between October and November of 2023, there is a growing trend to finance one’s own weddings. They do not want to put a financial burden on their parents. The survey found out that 42% of millennials are ready to pay for their marriage cost. An interesting observation came from the trend involving women on how their perspective has changed in this regard. A whopping 60% of the women in the survey said they would pay for their own weddings.
The respondents of this survey were aged between 25 to 40 years and lived in 20 different cities in India. The CAIT Research & Trade Development Society estimates that over 35 lakh weddings would take place between November 23 and December 15, 2023. The purpose of the poll was to evaluate young people's financial situations and attitudes on marriage in the modern period.
The survey also looked into the kind of marriage arrangement that millennials are drawn to. It was observed that the percentage of arranged weddings (50.4%) and love marriages (49.6%) was nearly similar.
The wedding report from the previous year revealed a significant shift in millennials' preferences for small-scale ceremonies. This pattern continues, as according to this year's data, 58.8% of millennials choose to a small, personal wedding. This penchant for minimalism shows that the millennial generation is bucking the trend by adopting a conventional but uncomplicated wedding and are rejecting the notion of opulent, lavish ceremonies in the past.
In relation to the budget, there has also been a significant change. It was found that 73% of people whose yearly income is between 5 and 10 lakhs are not spending more than 7 to 10 lakhs on their wedding. An Indian middle-class couple is said to spend between 15 and 25 lakhs on their wedding. This remarkable trend indicates that millennials are becoming more frugal with their money and are choosing their spending carefully.
Of the brides and grooms who intend to finance their own weddings, 41.2% intend to draw from savings, 26.1% are thinking about taking out a personal loan, and the remaining 27.7% are unsure. Of those who answered, the majority (67.7%) said they would borrow between Rs. 1 and Rs. 5 lakh.
IndiaLends' founder and CEO, Gaurav Chopra, said, "We are witnessing a remarkable shift in today's youth's mindset." Self-funding weddings are becoming more and more popular, which emphasizes financial independence and thoughtful planning. It's also important to note that 26% of people select loans, which goes against the long-standing stigma around financing weddings. This illustrates how our approach to celebrations is evolving and shows that we are becoming more accepting of financial options and breaking down barriers."
Ankit Khurana, Chief Marketing Officer of 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 prioritize mindful and sustainable choices in their approach to wedding planning.”
Participants in the survey span a wide range of age groups; the majority are between the ages of 25 and 28 (34.1%) and 29 and 35 (30%). Three quarters of the respondents are female, and the remaining 65% are male. According to the annual income distribution, 32.5% of people make less than 3 lakhs, 47.5% between 3 and 10 lakhs, 12% between 11 and 20 lakhs, and 8% more than 21 lakhs.