New Delhi, June 25 (IANS): Indian weddings have always been a grand affair and now, an Indian family is spending, on average, more than Rs 12 lakh (nearly $14,500) on ceremonies which is five times the GDP per capita ($2,900) and more than three times the average annual household income of Rs 4 lakh, a new report has revealed.

Touted as the largest wedding destination worldwide, at least 80 lakh to 1 crore weddings are happening in the country every year, according to global brokerage Jefferies.

In fiscal 2023-2024, the Indian wedding market reached a whopping $130 billion (around Rs 10 lakh crore), second only to the food and grocery sector in the overall $681 billion retail market.

The report said India's wedding spending-to-GDP ratio is significantly higher than that of other countries.

"Weddings have a deep cultural significance in India and drive large consumption spending, often disproportionate to income levels," according to the report.

Wedding-related spending, in fact, is sized at $130 billion, spread across a wide range of products and services including jewellery, apparel, event management, catering, entertainment, etc, the report mentioned.

According to Jefferies, India's wedding market is nearly double the size of the market in the US ($70 billion), but still smaller than that of China ($170 billion). The spending contrast underscores the deep cultural significance placed on weddings, where lavish celebrations are often seen as a cultural and societal expectation, it noted.