Millennials inclined to funding their own weddings

Mumbai: IndiaLends has laun-ched the ‘Wedding Spends Report 2.0’, shedding light on the changing dynamics of how millennials take charge of their nuptials. According to the survey conducted among 1,200 millennials between October and November 2023, 42 per cent of them plan to self-fund their wedding.

Interestingly, within the surveyed millennials, 60 per cent of the surveyed women stated that they would self-fund their weddings, taking the burden and pressure off their parents’ shoulders to finance their wedding.

For brides and grooms who plan to self-fund their weddings, 41.2 per cent plan to use savings, 26.1 per cent consider personal loans, and the remaining 27.7 per cent are undecided. If taking a loan, most respondents (67.7 per cent) plan to borrow between Rs1 to Rs 5 lakh. The survey further explored the type of marriage setup millennials are preferring. It was noted that there is almost an equal split between arranged (50.4 per cent) and love marriages (49.6 per cent).

“This preference for simplicity reflects that millennials are changing the trend by having a traditional yet simple wedding and are shunning  extravagant ceremonies earlier,”said the report.