Most young Indians want financial stability before marriage, according to a survey. As many as 68% of youth, who participated in the survey on wedding spending by India Lends and Betterhalf, reported that financial stability was a top priority when it came to marriage and achieving other personal goals. The survey further revealed that self-funded weddings were becoming the next big trend, with over 70% of Millennials and Gen Z saying they would plan and finance their own wedding.
More than 2100 respondents belonging to the 21-35 age group participated in the post-pandemic wedding survey. Following are some interesting findings from the survey:
- Millennials and Gen Z from both the salaried and non-salaried groups are shifting towards wedding financing options such as wedding loans.
- Some 54% of the respondents said they would opt for mid-size loans of Rs 1–5 lakh; about 40% of the youth are willing to invest up to Rs 10 lakh on wedding and related expenses, and 35% don’t mind spending Rs 5–10 lakh.
- 57% of the participants said they would consider digital-lending platforms over traditional banks for wedding loans.
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Fat Indian weddings lose charm
As per the survey, small-scale, intimate weddings, rather than large, fat Indian weddings, have become the preferred choice for young couples in the post-pandemic era.
The report said that the reduction in the guest list to only family and close friends allows couples to focus on creating a one-of-a-kind premium experience, splurging on personalisation, fancy locations, and multiple ceremonies.
The survey revealed that 53% of Millennials prefer a micro wedding with under 100 guests, followed by 31% choosing a mini wedding with 100–250 guests, and only 16% opting for a grand ceremony with 250+ guests.
Traditional weddings in demand
Theme and destination weddings are on trend, but the interesting fact that comes out of the survey is that over 76% of the respondents from Tier 1 and Tier 2 cities want a traditional wedding.
“Tradition and culture have always been an intrinsic part of India and Indian families, as evident from our wedding-spend survey, which shows how the youth of today still want to celebrate their big day with family and close friends in traditional style with pomp and splendour, yet keeping it intimate. It is heartening to see that a majority of the respondents in the 21–35 age bracket are focusing on financial stability before they decide to tie the knot and settle down. To me, this is a reflection of their core values, as they do not wish to impose a financial burden on their families,” said IndiaLends Founder and CEO Gaurav Chopra.
“Any wedding ceremony, big or small, involves careful decision-making, planning, budgeting, and execution. Millennials are not just aware of what a wedding entails, but they are also willing to take financial responsibility for the nuptials. Our survey findings also indicate that the youth still dream of having a traditional, albeit self-funded, wedding. This will pave the way for new financial products and services tailored to wedding needs,” Pawan Gupta, Betterhalf co-founder & CEO, added.