The gap between the desire to have a grand wedding and the financial readiness to achieve it has significantly widened, reaching 5.4 this year
In a country that is traditionally known for its culture of big fat weddings, the aspiration for a big wedding still lingers in the minds of many Indians, especially in the wake of high-profile celebrations like that of Ambanis. Yet, a recent report by Bank Bazaar, titled ‘All-India Aspiration Index’ suggests that, for most, the dream of having a grand wedding is becoming increasingly elusive.
The study is based on responses from 1,529 working professionals across metros and Tier 2 cities, aged 22 to 45, who are re-evaluating their life goals amidst changing financial pressures.
Marriage has always been seen as a significant cultural milestone in India across religions and communities. It is often perceived as a reflection of social status, traditionally tied to the grandeur associated with the kind of wedding family organised, not just for the couples, but as showmanship for friends and relatives.
The aspiration index shows that the desire to have lavish weddings has steadily diminished among people over the past seven years. Fewer people today rank it among their top five goals, even those who maintain this aspiration often acknowledge the challenge of realising it. Most cite a growing gap between their desires and preparedness to hold something of that scale as a discouraging factor.
The trend isn’t surprising, considering how the pandemic has reshaped attitude towards the ‘scale and type’ of weddings Indians pursue. In 2022, after COVID-19-induced restrictions such as the lockdowns and social distancing were lifted, there was a brief spike in the desire for grand celebrations, as people sought to make up for the lost time and scale.
However, the report notes that such enthusiasm ended soon enough, replaced by a more radical outlook. The gap between the desire to have a grand wedding and the financial readiness to achieve it has significantly widened, reaching 5.4 this year. This is a stark indicator that shows the difficulty young Indians face today in turning their aspirations into reality.
The recent wedding of Radhika Merchant and Anant Ambani was nothing short of a ‘grand celebration’. It set a new benchmark for extravagant weddings in India wherein international celebrities were featured, luxury pre and post-functions were held, and designer dresses were all around making headlines. In a striking contrast, for the average Indian, a display of even a fraction of such extravagance is getting increasingly out of reach.
The Aspiration Index notes many challenges that limit the Indian citizenry today. Many rank high living costs at 52 per cent, family responsibilities at 48 per cent, and limited savings (45 per cent) as major barriers that restrict them from achieving set aspirations, including the dream of a grand wedding. As urban cities face surging expenses, young Indians are juggling their way through the need to support families, manage housing costs, and save for future goals like education and retirement.
The struggle is most evident in metro areas where 54 per cent of respondents say the cost of living is their primary concern, while in non-metro, the challenge of limited savings takes centre stage.
Despite such challenges, the aspiration for a grand wedding is not vanished. For most has just become harder to attain. This paradox could partly be associated with societal expectations, often influenced by glamorous celebrity weddings or induced by relatives. Weddings in India have always been thought of as a personal milestone and a communal affair where you get to display status and fulfill societal obligations. The Ambani wedding has low-key magnified such pressures, creating a perception that anything less than a grand celebration is inadequate.
The report notes that the desire for grand weddings is more visible in non-metro cities where traditional expectations still remain strong. However, the gap between aspiration and reality is also wider in these areas showing a contrast of cultural aspirations and financial realities.
Meaning, though most young Indians desire a lavish wedding, they are acutely aware of the financial strain it would have on their budget.
The data in this report states that 22 per cent of respondents have adjusted their aspirations, deciding to lower their expectations. The number has improved compared to last year, when 26 per cent did so. Moreover, 42 per cent of people plan to delay their dreams by 6-8 months, down from 56 per cent the previous year. This shift shows a growing optimism among young Indians though it doesn’t necessarily extend to their wedding aspirations.
A parallel narrative can be seen where the desire to ‘fast-track’ certain life goals, with 18 per cent of respondents stepping up their plans regardless of rising costs and uncertainties shows that the optimism reigns high. When it comes to weddings, this could translate into intimate celebrations that focus on simplicity and personal objectives rather than the sheer size and scale of the celebration.