Covid-19 changed the way people live their lives including the beautiful moment of a wedding. Now, that the virus has significantly subsided, one would expect Covid-19 trends to fall through. But, a survey by WeddingWire India suggests that Indians still prefer mid-scale weddings.
WeddingWire is the Indian counterpart of The Knot Worldwide, a weeding technology platform.
Out of those who took the survey, 43% said they prefer a mid-scale wedding with 250-500 participants. Simultaneously, 14% prefer large-scale weddings and 9% prefer intimate gatherings.
The survey aimed to examine evolving trends in wedding financing in India with a total of 530 participants.
These participants consisted of pre-engaged, engaged, and newly married millennials, the majority of them in the age-group 25-30.
When asked about how they plan to finance the wedding, 83% of the couples said they take loans to manage their expenses. Traditional banks remain the preferred lending source for 37% of millennials followed by instant loans and gold loans. Moreover, there has been an increase in small and mid-ticket loans than large ones.
“The tides are slowly shifting. While the essence of Indian weddings stays 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,” says Anam Zubair, Head of Marketing for the company.
Simultaneously, about 21.3% of the participants were willing to spend Rs.5-10 Lakhs on their wedding. On the other hand, there were also 18.5% of those who would spend Rs10-15 lakhs (exclusive of engagement ring and honeymoon). In the middle are couples (19.7%) who would sustain with Rs.5 Lakhs.
Lastly, the survey revealed that millennials like to prepare well ahead of time. 55% of the couples surveyed had already set aside a budget 6-8 months before the wedding.