Classic Wedding

Indian millennials opting for mid-scale weddings: Survey

NEW DELHI: Mid-sized weddings will continue to be in favor, even as the pandemic subsides. According to a survey, by WeddingWire India, the Indian subsidiary of The Knot Worldwide, a wedding technology platform, about 43% of respondents said they prefer a mid-scale wedding with 250-500 guests.

About 14% will go for large-scale weddings and about 9% will opt for intimate gatherings. The survey saw participation from about 530 pre-engaged, engaged, and newly married millennials ahead of the upcoming winter wedding season. The objective was to examine evolving trends in wedding financing in India.

A majority of those who participated were in the age group of 25-30 (58%). The data said that 83% of millennials will take loans from third-party platforms like banks to finance their weddings. 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, about 24% or individually, about 21%, while 16% said they rely on family and friends for support.

The budgets vary though. About 21.3% of couples are willing to spend 5-10 lakh and there is a sharp increase in small and mid-ticket loans rather than hefty ones. About 19.7% are keeping their budget up to 5 lakh, followed by 18.5% of people who are spending 10-15 lakh (exclusive of engagement ring and honeymoon). The survey said 17% of participant families took loans and 16% used their personal savings.

Anam Zubair, head of marketing for the company, said, “The tides are slowly shifting. While the essence of Indian weddings remains 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.”

The survey revealed that millennial couples like to plan 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 towards payment of photographers, music, and decor, followed by food & catering.

Although largely unorganized, the Indian wedding market was estimated at 3.68 trillion in 2016, according to a KPMG report titled Market Study of Online Matrimony and Marriage Services in India.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

More Less

.