Indian weddings are synonymous with grandeur, but for an increasing number of millennials and Gen Z couples, financing that perfect day now involves more than just family support. Many are turning to personal loans to fund Bollywood-style functions and destination weddings, driven by the desire to create Instagram-worthy moments without burdening their parents.
An IndiaLends survey of 1,200 millennials across 20 cities found that 42 per cent plan to self-fund their wedding. Of these, 41 per cent intend to dip into their savings, 26 per cent are considering personal loans, and the remaining 33 per cent are undecided, shows IndiaLends "Wedding Spends Report 2.0". Among those who plan to borrow, 68 per cent expect to draw loans ranging from ₹1 lakh to ₹5 lakh, finds the report, which is based on data collected between October and November 2023.
A key reason behind this trend is the rising cost of weddings. Wedding planner WedMeGood estimates that the average wedding budget has surged to ₹36.5 lakh this year, with destination weddings averaging ₹51 lakh—both figures representing a 7 per cent increase over 2023. Factors such as higher venue and catering costs, which have grown by 10 per cent, are driving these increases. For many young couples, borrowing money is becoming a solution to bridge the affordability gap.
The demand for loans—both by the couple-to-be and their families—has not gone unnoticed by financial institutions.
This story is from the December 06, 2024 edition of Business Standard.
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This story is from the December 06, 2024 edition of Business Standard.
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