~ Anushka Sengupta & Shrishti Sharma
While the wedding season has kicked in and over 35 lakh weddings are happening between November 23 and December 15, 2023, according to the CAIT Research & Trade Development Society, a recent survey of 1200 millennials revealed the changing dynamics of how millennials take charge of their nuptials.
Millennials today believe in funding their weddings and taking the burden and pressure off their parents’ shoulders to finance their wedding. About 42 percent of all millennials plan to self-fund their wedding. Out of this, 52 per cent men want to self-fund their wedding. The trends are also shifting among women. Approximately 60 per cent of all surveyed millennial women stated they would self-fund their weddings, revealed the latest insights from IndiaLends.
In terms of budget, approximately 73 percent 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 shows that 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.
The period post 1990s is what marks the phase of the emergence of big fat Indian weddings, while these ceremonies earned global admiration, it also became a status symbol for the families and hence a measure of their repute.
The trend peaked for a good long duration and there is a new approach towards sustainable practice in wedding ceremonies too. The report suggests that 58.8 per cent of millennials opt for a simple, intimate wedding.
Marriage being a highly regarded institution in India, from extravagant venues to the finest dining, Indian families take it on themselves to push the boat out. This paradigm has seen a shift where brides and grooms take charge rather than the family.
“It’s worth noting that 26 per cent of individuals choose the option of loans, challenging the long-standing taboo associated with wedding financing,” said Gaurav Chopra, Founder and CEO, IndiaLends.
The refreshing idea of coming out of the financial barriers and setting examples rather than fitting in is a breakthrough we as a society needed. Not only this, there is a stark contrast between what marriages meant for women in older times to what it is today. With the departure from traditional financing norms, this generation is redefining the meaning of matrimony in India.
