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Wedding Industry: 42% of young people are now willing to pay their own wedding expenses, so as not to burden the family, demand for marriage loans has increased by 20% in 2 years

  • Enhancing marriage with savings and loans, 68% of youth willing to take loan up to Rs 5 lakh

Indian weddings have become not just planning, but a grand celebration that lasts for a long time. Bollywood-style ceremonies and destination weddings are especially expensive. So, in order not to burden the parents more, the youth are now using the savings money and are also taking loans. A survey of 1,200 millennials from 20 cities across the country found that 42% plan to fund their own wedding.

According to Indialands' Wedding Spends Report 2.0 41% intend to spend money from their savings, 26% are considering taking a personal loan while 33% are undecided yet. According to the report, 68% of the youth are thinking of taking a loan of 1 lakh to 5 lakh rupees. The reason for this is the rising cost of wedding events. Wedding planner Wedmigood estimates that the average budget for a wedding this year has crossed Rs 36.5 lakh, while the average for a destination wedding is Rs 51 lakh. Which is 7% more than last year. Venue and catering costs have also increased by 10%. In such a situation, young couples are increasing their spending power by taking loans.

Recently, weddingloan.com, a dedicated platform for wedding loans, has been launched. In which IDFC, Tata Capital and L&T Finance are also partners in it. Mayank Jha of matrimony.com says 25 to 30% of personal loans are related to marriages. Their demand has increased by 20% in the last two years.

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The main attraction of wedding loans is their accessibility. As Axis Bank gives loan without security. ICICI Bank offers up to Rs 50 lakh, while IDFC Bank offers loans up to Rs 1 crore. Interest rates start at 10%. Experts say, Indians are increasingly ambitious and value experiential spending. As the economy grows.

Wedding industry expected to grow 28% this year According to wealth management experts, this wedding season is going to boost this trend. An estimated 48 lakh marriages are expected to take place in November-December alone. This is 38 lakh marriages (27%) more than last year. This year, the revenue from the wedding industry is estimated to be 6 lakh crore rupees. In 2023 it was Rs 4.7 lakh crore.

Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).

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