Today, salaried employees who earn up to Rs 30,000 can avail apersonalised wedding loan ranging from Rs 1-10 lakh and payable over 12-24 months
Unlike the previous generation, which depended on their parents’ savings for their wedding expenses, millennials choose to walk adifferent path. Indian millennials, who are independent, financially sound and equipped with higher purchasing power, do things their own way and are ready to bear expenses for the valuethey derive from their leisure.
In a study, it was found that when it comes to handling the wedding related expenses 42% couples intend to contribute finances along with the help from their parents, while 26%would like to pay solely from their own savings. Only 32% millennialswould want their parents to pay for the extravaganza.
The cost of an average Indian wedding for 35% millennial couples is valued at Rs 10-25 lakh, 33% couples want to spend under Rs 10 lakh and 21% couples want to spend between Rs 25-50 lakh, and only 4% millennials spend over Rs 1 crore. The tight control on the costs illustrates ownership millennials are taking of the financial expenses for the big day.
However, there is a twist in the millennial wedding story.Now, Indian millennials even on the day of their weddings want to focus on their own leisure and preferences. While their predecessors concentrated on ceremonial rituals, millennials are adopting new practices such as cocktail parties and elaborate photo-shoots that are not an intrinsic part of the Indian culture.
An increased purchasing power coupled with leisure consciousness has empowered millennials to incur expenses so that their special day turns out exactly how they envisioned it. For instance, the size of the pre-wedding celebration economy in India is pegged at more than Rs 500 crore. Wedding planners estimate a total of 5 lakh pre-wedding parties take place each year.
While these elaborate bashes were not usual in the previous generation, this generation can’t seem to get enough of them. Such celebrations account for nearly 20% of the total revenue of most party planners’ businesses.
The ubiquity of the internet is another driver of the ‘LeisureConscious’ wedding. Since the leisure conscious Indian millennial spends a lot of time on the internet, often the wedding plans are also made online.
According to a research, 83% Indian millennials plan their wedding online – on mobile/tablet (42%)and desktop (41%). The research also states that 36% couples sendonline ‘save the date’ invites, 52% use the wedding planning app, 62% create a wedding website, 19% set up a group chat and 54% generate a wedding hashtag.
It was found that Indian millennials don’t mind spending on elaborate wedding trailersand photo-shoots that have high aspirational value and cost upwards of Rs 20,000.
A numberof millennials also opt for personal loans to meet their expenses.
Today, salaried employees who earn up to Rs 30,000 can avail apersonalised wedding loan ranging from Rs 1-10 lakh and payable over 12-24 months. Leisure Conscious millennials are not afraid to avail these loans.
The writer is founder & CEO, IndiaLends
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