“Delayed gratification is better than borrowing which in turn makes you compromise on your other important goals. The current Indian wedding industry is over Rs 100,000 crore and advocates a growth of to 30 per cent annually. On the contrary, around 41.1 of bridal makeup artists responded that they did not change their pricing. Tonagatti said he’s seen many families who’ve made the mistake of not planning for their holidays and ended up relying on credit cards and personal loans which eventually landed them in a pool of debt. Vendors like wedding venues (70.4) wedding planners (58), decorators (66) and photographers (53) responded that they charged lesser for less than 100 pax weddings. While it’s true that millennials are spending on experiences rather than conventional goals, it is important to include these spends as a part of your financial plan. The season for extravagant Indian weddings has arrived.
They are spending the maximum on things they are keen about, such as higher studies, funding their own business, paying for their own wedding and travel expenses," said Gaurav Chopra, founder and chief executive officer, IndiaLends. Lot Of 1 to 150 Piece Indian Handmade Women's Embroidered Handbag Women's Silk Ethnic Bags Wedding favor bag Indian Gift Bag Gifts For Guest. Unlike the previous generation, which was prudent in spending, young Indians today do not believe in just making ends meet. Kashmir is one of the leading importers of essential commodities from Afghanistan, mainly dry fruits. In another interesting observation, 11% of the country’s young population borrowed to fund their own business and maximum applications (27%) for the same came from Bengaluru, the hub of startups. With trade between the two countries coming to a halt, several varieties of dry fruits are in short supply and prices have skyrocketed that too when the valley is witnessing the wedding season, Mehraj told Indiatimes. “Keeping in mind the current cost of living, which is high, it’s better to not spend too much on weddings and save the same money for more important goals such as retirement," said Tonagatti.
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You also need to budget for other costs like transporting your guests, professional photography, makeup artists, etc. Price of gold and diamond jewellery will be one of the biggest expenses in your wedding budget. Historical data shows that, gold price has grown at a CAGR of 12 over the past 20 years. If marriage is one such goal, you must save for it separately.Įven then, it's better not to go overboard. Gifting jewellery is an auspicious custom in Indian weddings. According to Basavaraj Tonagatti, Sebi-registered investment adviser and certified financial planner,once you start earning, you must jot down some basic goals for which you want to save. However, it may not be wise to borrow for lifestyle expenses.
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