For the most part, weddings in India are a gala affair. And Indian millennials no longer want to blow up their parents’ savings for this.
More and more young men and women in India are applying for loans to finance their own weddings. According to a report by IndiaLends, a platform for credit and credit card providers, between 2018-’19 and 2019-’20 there was an increase in the number of personal loans Indians took out for these expenses.
The Indian wedding industry is firmly entrenched $ 50 billion, second after the $ 72 billion industry in the USA. Indian families spend significant sums of money on the venue, decorations, outfits, jewelry and gifts for their relatives. As awareness of Instagram-capable trends grows, these costs rise when celebrity makeup artists and wedding photographers join.
But millennials seem to want anything with their own money. They overtook older generations of Indians in the number of these personal loan applications, which ranged from 2 to 30 rupees. “This self-made and confident generation believes in managing their own finances and doesn’t want to burden their family or friends to make their dreams and desires come true,” said Gaurav Chopra, CEO and Founder of IndiaLends.
This generation of Indians also seems to seek a sense of gender parity in order to pay the huge wedding bills.
Compared to 2018, metropolitan areas such as Delhi, Mumbai and Bengaluru saw a 46% increase in personal loans for weddings in 2019. In the smaller cities of India there was an increase of 18% over the previous year.
This article first appeared on quartz.