Women outpace men in self-funding their wedding: IndiaLends Wedding Spends Report 2.0

0
245
Women outpace men in self-funding their wedding: IndiaLends Wedding Spends Report 2.0
Women outpace men in self-funding their wedding: IndiaLends Wedding Spends Report 2.0

~Ahead of the wedding season, lending platform IndiaLends surveyed 1200 millennials to understand their wedding plans and financial dynamics~

 December 01, 2023: IndiaLends, a leading online marketplace for credit products with a customer base of 18 million, of which over 80% 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 1200 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. It was noted that 42% of all millennials plan to self-fund their wedding. A great fact to note here is how the trends are shifting among women. Within the surveyed millennials, 60% of all surveyed women stated they would self-fund their weddings.

The respondents, aged 25–40, were located in 20 cities across India. With over 35 lakh weddings happening between November 23 and December 15, 2023, according to the CAIT Research & Trade Development Society, the survey aimed to assess youth’s financial statuses and perspectives on weddings in the current era.

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%) and love marriages (49.6%).

Last year’s wedding report shed light on a notable shift in wedding preferences among millennials, with a clear inclination toward intimate celebrations. This trend persists, as we saw in this year’s findings, that 58.8% of millennials opt for a simple, intimate wedding. This preference for simplicity reflects that millennials are changing the trend by having a traditional yet simple wedding and are shunning the idea of grand, extravagant ceremonies earlier.

Speaking of the budget, we are also seeing a major shift here. It was noted that 73% of individuals with an annual income of approximately 5–10 lakhs are spending no more than 7–10 lakhs on their wedding. It’s been reported that an 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% plan to use savings, 26.1% consider personal loans, and the remaining 27.7% are undecided. If taking a loan, most respondents (67.7%) 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% 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 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.”

The survey participants represent a diverse range of age groups, with the majority falling between 25 and 28 years (34.1%) and 29 and 35 years (30%). The gender distribution is split between 65% male and 35% female respondents. The annual income distribution reveals that 32.5% earn less than 3 lakhs, 47.5% earn between 3 and 10 lakhs, 12% earn within the bracket of 11 to 20 lakhs, and 8% earn more than 21 lakhs.