Rise in popularity of destination weddings, rise in wedding
costs, and the growing acceptance of non-traditional weddings are
driving the growth of the wedding loans market.
PORTLAND, Ore., May 13, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "Wedding Loans Market by Type
(Local Wedding and Destination Wedding), Interest Rate
(Fixed Interest Rate and Floating Interest Rate), and Provider
(Banks, NBFCs, and Others): Global Opportunity Analysis and
Industry Forecast, 2024-2033". According to the report, the
"Wedding Loans Market" was valued at $11.63
billion in 2023, and is estimated to reach $23.26 billion by 2033, growing at a CAGR of
7.3% from 2024 to 2033.
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151 – Tables
48 – Charts
347 – Pages
Prime determinants of growth
The wedding loans market is driven by rise in popularity of
destination weddings, rise in wedding costs, and the growing
acceptance of non-traditional weddings. Destination weddings have
become increasingly popular in recent years, with couples looking
to create unique and memorable experiences for themselves and their
guests. Furthermore, the cost of weddings has been on the rise,
with the average wedding in the U.S. currently costing over
$30,000. This has led
to increase in demand for wedding loans, as couples look
for ways to finance their special day without incurring significant
debt. On the contrary, rise in digitalization and online
lending platforms offers a convenient and efficient way for
couples to apply for and receive wedding loans, which is expected
to expand the market reach in the upcoming years.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$11.63
billion
|
Market Size in
2033
|
$23.26 billion
|
CAGR
|
7.3 %
|
Segments
Covered
|
Type, Interest Rate,
Provider, and Region
|
Drivers
|
Increase
in popularity of destination weddings
Rise in wedding
costs
The growing acceptance
of non-traditional weddings
|
Opportunities
|
Rise in digitalization
and online lending platforms
|
Restraints
|
High-interest rates of
wedding loans
Lack of awareness
regarding wedding loans
|
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The local wedding segment to maintain its leadership status
during the forecast period
By type, the local wedding segment held the highest market share
in 2023, accounting for nearly four-fifths of the global wedding
loans market revenue and is estimated to maintain its leadership
status during the forecast period. This is attributed to high costs
associated with traditional weddings, as the expenses often exceed
the planned budget. However, the destination wedding segment
is projected to attain the highest CAGR of 10.9% from 2024 to 2033,
owing to rise in affluence of the middle class, the growing
popularity of destination weddings both within India and abroad, and availability of
more affordable travel options, which have contributed to
surge in demand for destination wedding loans.
The fixed interest-rate segment to maintain its leadership
status throughout the forecast period
By interest rate, the fixed interest rate segment held the
highest market share in 2023, accounting for nearly
three-fourth of the global wedding loans market revenue and is
estimated to maintain its leadership status during the forecast
period. This is attributed to the fact that it provides borrowers
with a clear understanding of their monthly payments and the total
cost of the loan. Predictability and transparency are important
factors for couples planning a wedding, as they can budget their
expenses more accurately and avoid any unexpected costs. However,
the floating interest rate segment is projected to attain the
highest CAGR of 9.6% from 2024 to 2033, as floating interest rates
are more cost-effective in the long run, especially if interest
rates decrease, allowing borrowers to capitalize at lower rates.
The interest rate of a floating loan adjusts according to market
conditions, which can result in lower monthly payments during
periods of declining interest rates.
The banks segment to maintain its leadership status
throughout the forecast period
By provider, the banks segment held the highest market share in
2023, accounting for more than two-third of the global wedding
loans market revenue, and is estimated to maintain its leadership
status during the forecast period. This is attributed to the
pandemic that brought about a surge in credit demand from retail
customers, with people borrowing money for medical expenses, daily
expenses, and weddings. However, the NBFCs segment is projected to
manifest the highest CAGR of 10.2% from 2024 to 2033. This is
attributed to their ability to provide a streamlined loan process
with quick approval and disbursement, making them highly convenient
for financial support in the event of a medical emergency, home
renovation project, or debt consolidation. Loans from NBFCs are
disbursed within 24-48 hours, which is a significant advantage for
borrowers who need quick access to funds.
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North America to maintain
its dominance by 2032
By region, North America held
the highest market share in terms of revenue in 2023, accounting
for more than one-third of the wedding loans market
revenue and is estimated to maintain its leadership status
during the forecast period. This is attributed to rise in
popularity of wedding loans as a financing option for couples
planning their weddings. However, Asia-Pacific is expected to witness the
fastest CAGR of 11.0% from 2024 to 2033, owing to the
convenience, speed, and tailored solutions offered by lenders that
have contributed to the growth of the wedding loans market in the
Asia-Pacific region. The
flexibility in loan amounts and repayment terms has made it easier
for couples to access funds to finance their dream weddings.
Stretch loans have become a popular substitute for
traditional wedding financing, offering an alternative perspective
on this traditional problem that appeals to various financial goals
and mindsets.
Leading Market Players: -
- Social Finance, LLC
- LendingPoint LLC
- Prosper Funding LLC
- Discover Bank
- HDFC Bank Ltd.
- LightStream
- Best Egg
- Achieve.com
- Tata Capital Limited
- Bajaj Finserv
The report provides a detailed analysis of these key players in
the global wedding loans market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market
segments, current trends, estimations, and dynamics of the wedding
loans market analysis from 2023 to 2033 to identify the prevailing
wedding loans market opportunity.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- The Porter's five forces analysis highlights the potency of
buyers and suppliers to enable stakeholders to make profit-oriented
business decisions and strengthen their supplier-buyer network on
the wedding loans market outlook.
- In-depth analysis of the wedding loans market segmentation
assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
wedding loans market trends, key players, market segments,
application areas, and market growth strategies.
Wedding Loans Market Key Segments:
By Interest rate
- Fixed Interest Rate
- Floating Interest Rate
By Provider
By Type
- Local Wedding
- Destination Wedding
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Italy, Spain,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
Australia, South Korea, Rest of Asia-Pacific)
- Latin America
(Brazil, Argentina, Rest of Latin America)
- Middle East and
Africa (Gcc Countries,
South Africa, Rest of Middle East
And Africa)
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