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India leans towards smarter planning of wedding expenses

India leans towards smarter planning of wedding expenses
16 Mar 2017
  • A Tata-Capital Survey revealed that 58% Indians would prefer loans to finance their weddings, even if a significant number of respondents were unaware of such loans.
  • This survey points to changes in perceptions about wedding budgeting.
  • Interesting trends include less inclination to spend on jewellery and a propensity towards small weddings but grand-honeymoons.
  • Are Indians saying no to big, fat weddings? Let's find out.

  • Tata Capital Survey: Understanding Indian Wedding Finance
  • The survey intended to understand consumer preferences related to wedding finance in India.
  • Conducted online, the survey reached 2500 individuals across the nation, revealing preferences across age, gender, marital status and region.
  • Commenting on the survey insights, Govind Sankaranarayanan, COO Retail Business and Housing Finance noted that, "it helps them understand changing market trends enabling them to design better loan products."

  • Wedding Loans
    Wedding loans are personal loans intended to cover wedding expenses. Characterized by quick disbursal, shorter duration and smaller sizes, they enable couples to accommodate wedding-specific preferences that may otherwise fall outside the budget. They are offered by both banking and non-banking financial companies.

    Less bling, more substance
  • About half of the respondents were unaware of wedding loans, while 27% of them overshot their wedding budget. The average spending amounted to Rs. 10 lakh.
  • Marking a change in mindset, two-thirds preferred a simple wedding.
  • Over 66% of the respondents preferred to spend on emotional aspects such as honeymoon and spending time with family and friends, over details such as couture and jewellery.

  • Women don't stick to budget, men a tad more frugal
  • The survey revealed interesting results across genders. Both men and women were found to have a decreasing propensity to spend.
  • Only a fourth of women respondents preferred a grand wedding.
  • While 75% of men stuck to their wedding budget, only 63% of women managed to do so.
  • In comparison, men were found to be more frugal with respect to spending on hospitality and honeymoon.

  • Downsizing the big fat Indian wedding
    In a private bill in February 2017, MP Ranjeet Ranjan of the Congress proposed to cap marriage expenses at Rs. 5 lakh. According to this bill, 10% of the amount exceeding this amount is to be contributed to the wedding of girls from poor families.

    This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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