Most young Indians want financial security before their marital vows and prefer traditional self-funded weddings, shows a nationwide survey.
The study, jointly conducted by IndiaLends, an online marketplace for loans and credit cards, and Betterhalf, an AI-based matrimonial website, in 24 Tier 1 and Tier 2 cities across India, found that 68 per cent of young Indians want financial stability and personal goals fulfilled before marriage.
About 70 per cent of more than 2100 millennials and Gen Z respondents said they want traditional self-funded weddings, one of the major emerging trends observed in the study. The participants were in the age group of 21-35 and comprised 93 per cent salaried people and 5 per cent self-employed.
Interestingly, the research also showed that both salaried and non-salaried millennials and Gen Z groups are open to 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 are willing to invest up to Rs 10 lakh on their wedding, and 35 per cent stated they wouldn’t mind spending Rs 5–10 lakh.
Significantly, 57 per cent said they would consider digital-lending platforms over traditional banks for wedding loans. Furthermore, small-scale, intimate weddings are the preferred choice for most young couples.
Major Trends
The IndiaLends-Betterhalf study noted that small weddings, which limit the guest list to only family and close friends, have been growing in popularity because they allow couples to focus on “creating a premium experience, splurging on personalisation, fancy locations, and multiple ceremonies”.
To ease the financial pressure on families, young Indians are taking charge of their wedding expenses and arranging additional funds from trusted lending sources to cover pre- and post-wedding ceremonies, like venue and catering, photoshoot and videography, and honeymoon, the survey reveals.
Fifty-three per cent of millennials prefer a micro wedding with under 100 guests, 31 per cent would go for a mini wedding with 100–250 guests, and a small 16 per cent said they would opt for a grand ceremony with 250+ guests.
While theme and destination weddings are on trend, the survey noted that the choice of a traditional wedding among more than 76 per cent of the respondents in Tier 1 and Tier 2 cities has emerged as an “interesting” shift.
Commenting on the findings, IndiaLends founder and CEO Gaurav Chopra, in a press release, said, "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.
Chopra highlighted the respondents' desire for financial security before marriage: "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 financial freedom."
Betterhalf co-founder & CEO Pawan Gupta said the study indicates that "the youth still dream of having a traditional, albeit self-funded, wedding". He said it would pave the way for new financial products tailored to wedding needs.
