Team L&M
IndiaLends, a leading online marketplace for credit products with a customer base of 18 million, of which over 80 per cent are millennials, has launched the Wedding Spends Report 2.0. In an era marked by shifting societal norms and evolving financial perspectives, the report sheds light on the changing dynamics of how millennials take charge of their nuptials.
The survey was conducted among 1, 200 millennials between October and November 2023. The study uncovered an emerging trend where millennials believe in funding their own weddings and taking the burden and pressure off their parents’ shoulders to finance their wedding. Also, 42 per cent of all millennials plan to self-fund their wedding. And, within the surveyed millennials, 60 per cent of all surveyed women stated they would self-fund their weddings.
The respondents, aged 25–40, were located in 20 cities across India. The survey participants represent a diverse range of age groups, with the majority falling between 25 and 28 years (34.1 per cent) and 29 and 35 years (30 per cent). The gender distribution is split between 65 per cent male and 35 per cent female respondents.
The survey further explored the type of marriage setup millennials are preferring. It was noted that there is almost an equal split between arranged (50.4 per cent) and love marriages (49.6 per cent).
Last year’s wedding report shed light on a notable shift in wedding preferences among millennials, with a clear inclination toward intimate celebrations. The trend persists this year with 58.8 per cent of millennials opting for a simple, intimate wedding. Millennials are having a traditional yet simple wedding and shunning the idea of grand, extravagant ceremonies earlier.
As for budget, 73 per cent of individuals with an annual income of approximately 5–10 lakhs are spending no more than 7–10 lakhs on their wedding. Average middle-class Indian spends approximately 15–25 lakhs on their wedding. This trend is phenomenal and shows millennials are more mindful of their money and are making conscious decisions on how to spend it wisely.
For brides and grooms who plan to self-fund their weddings, 41.2 per cent plan to use savings, 26.1 per cent consider personal loans, and the remaining 27.7 per cent are undecided. If taking a loan, most respondents (67.7 per cent) plan to borrow between Rs. 1 and Rs. 5 lakh.
Gaurav Chopra, Founder and CEO of IndiaLends, commented, “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 per cent of individuals choose the option of loans, challenging the long-standing taboo associated with wedding financing.”
