A wedding technology platform, connecting engaged couples with local wedding professionals, WeddingWire India conducted a consumer survey on wedding financing trends. The study saw participation from 530+ pre-engaged, engaged, and newly married millennials before the upcoming winter wedding season. The survey’s objective was to examine the evolving trends in wedding financing in India.
The survey saw maximum participation from people in the age group of 25-30 (58%), revealing insightful data on how young couples are gravitating towards organized wedding financing options such as wedding loans. The data shows that 83% of millennials choose to take wedding loans from third-party platforms like banks to finance their wedding. Traditional banks emerged as the preferred lending source for 37% of couples seeking wedding loans, followed by instant loans at 25% and gold loans at 13.5%. Most of them either applied for the loans together as a couple (24%) or individually (21%), while 16% revealed that they rely on family and friends for support.
The further insights of the survey are as follows-
Will Big Fat Indian weddings ever be in fashion again?
Contrary to public opinion, big fat weddings are no longer the go-to choice for Indian families and could only rake in a mere 14% popularity. While on the other hand, 43.3% want a mid-scale wedding with 250-500 guests. Intimate weddings (Less than 100 guests), on the other hand, have dropped off the popularity chart with only 8.8% of respondents opting for them.
The wedding budget: 21.3% of couples willing to spend only 5-10 lakh
There is a sharp increase in small and mid-ticket loans rather than the hefty ones. The survey revealed that 21% of couples are willing to spend 5-10 lakh as their wedding budget while 19.7% are keeping their budget up to 5 lakhs, followed by 18.5% of people who are spending 10-15 lakh (exclusive of engagement ring and honeymoon). It has been intriguing to see how the new normal has affected spending habits and there is a significant shift in big-fat Indian weddings.
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Anam Zubair, Head of Marketing, WeddingWire India, a part of The Knot Worldwide, says, “The tides are slowly shifting. While the essence of Indian weddings stays intact, millennials are increasingly choosing to celebrate their special day with close friends and family. They are opting to shoulder more responsibilities and in addition to that, they plan in advance which is significantly changing the wedding financing and planning ecosystem. We are excited to see how these shifting trends will impact the Indian wedding industry which stands $50 Bn+ strong."
Budgeting trends: The what, why and how of spending wedding budget
The survey revealed that millennial couples like to keep things planned ahead of time. Over 55% of participants had already set aside a wedding budget 6-8 months prior to the wedding. It also disclosed information regarding the allocation of the budget. Almost half the respondents accounting for a significant chunk revealed that the money they take as a loan goes toward the payment of photographers, music, and decor, followed by food and catering.
Growing affinity toward wedding loans
Weddings can be expensive, which is why modern couples who have and are planning to bear their wedding expenses themselves fully or partially, are turning to options like wedding loans and instant loans in addition to banking on their savings. 17% of participants’ families took out loans and 16% used their personal savings. Talking about the reason why they choose wedding loans over other financing options, couples divulged convenience and hassle-free process as the motivating factors.
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