By IANSlife
New Delhi, Dec 14 (IANSlife): According to data from a recent national poll on wedding spending, 53 per cent of Millennials prefer a small wedding with fewer than 100 people, followed by 31 per cent who want a medium-sized wedding with between 100 and 250 attendees, and only 16 percent who choose a large wedding with more than 250 guests. Although theme and destination weddings are popular, the poll found that over 76 per cent of respondents from Tier 1 and Tier 2 cities preferred a traditional wedding.
IndiaLends, an online marketplace for loans and credit cards, and Betterhalf, an AI-based matrimony website, together conducted the poll in 24 Tier 1 and Tier 2 cities throughout the nation. The post-pandemic wedding study included around 2100 participants in the 21-35 age range, 93 per cent of whom were salaried employees and 5 per cent were self-employed.
In the years following the pandemic, young couples now prefer small, private weddings to big, fat Indian weddings. Couples can concentrate on creating a one-of-a-kind premium experience by splurging on personalisation, fancy locations, and several ceremonies when the guest list is reduced to family and close friends. The youth are shouldering most, but not all, of the financial burden on families, relying on their savings and also arranging additional funding from reputable lending sources. The pre- and post-wedding ceremonies, as well as the venue and food, photo shoot and filming, and even the honeymoon, can be paid for thanks to this.
IndiaLends Founder and CEO Gaurav Chopra said, "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. At the same time, it is heartening to see that a majority of the respondents in the 21-35 age bracket is focusing on financial stability before they decide to tie the knot and settle down.
"To me, this reflects their core values, as they do not wish to impose a financial burden on their families. Going forward, financing a wedding will become an important component of online lending platforms, thus giving the youth the financial freedom to own their dream wedding."
Interestingly, the results from the survey show how Millennials and Gen Z from both the salaried and non-salaried groups are shifting towards wedding financing options such as wedding loans. Some 54 per cent of the respondents said they would opt for mid-size loans of Rs 1-5 lakh; about 40 per cent of the youth are willing to invest up to Rs 10 lakh on wedding and related expenses; and 35 per cent don't mind spending Rs 5-10 lakh. Significantly, 57 per cent of the participants said they would consider digital-lending platforms over traditional banks for wedding loans.
In the above context, 68 per cent of the youth reported that financial stability was a top priority when it came to marriage and achieving other personal goals. The survey also revealed that self-funded weddings were becoming the next big trend, with over 70 per cent of Millennials and Gen Z saying they would plan and finance their own wedding.
Betterhalf co-founder & CEO Pawan Gupta said, "It was a pleasure to work with IndiaLends on our combined wedding-spending survey, which threw up many interesting facts about how the youth perceive a wedding. Any wedding ceremony, big or small, involves careful decision-making, planning, budgeting, and execution. I am glad to see that 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."
Intriguingly, the survey's findings demonstrate how Gen Z and Millennials in both the salaried and non-salaried categories are gravitating toward wedding loan choices. Approximately 54 percent of respondents said they would choose small loans of Rs 1 to 5 lakh; 40 per cent of young people said they would be prepared to spend up to Rs 10 lakh on weddings and related costs; and 35 per cent said they wouldn't mind spending Rs 5 to 10 lakh. An important finding was that 57 per cent of participants said they would prefer digital lending platforms to traditional banks for wedding financing.
According to 68 per cent of the young in the aforementioned context, gaining financial security was a top priority when it came to getting married and fulfilling other personal goals. The study also showed that self-funded marriages were getting more and more popular.