The Latest Report Of The Global Wedding Market: The Scale Is Close To 80 Billion Dollars.

Wedding dress

According to the latest prediction by Global Industry Analysts, the global wedding market will exceed US $80 billion by 2020.

This is a highly profitable market, and consumers are very willing to spend money on their wedding. But at the same time, the wedding market is facing some problems:

The decline in the global marriage rate;

The market is highly dispersed.

Competition with fast fashion;

As a tradition rooted in tradition

How can the market attract young consumers in the future by digitalization?

In May 19th, Prince Harry of England will have a royal wedding with his fiancee Meghan Markle. The popularity of the princess brings a strong "Meghan effect".

According to data from Springborad, a market research firm, this grand ceremony increased the retail sales in Britain for four months from May 2018 to August by 195 million 500 thousand.

Reuters predicts that sales of British brands will soared by 500 million, thanks to the promotion of royal wedding to tourism.

(see "ornate ambition" related report: Prince Harry's wedding is expected to create a sales income of 150 million pounds for British Fashion Retailing).

This royal wedding bridal dress is the most heated topic of the British people. This high-profile wedding dress will undoubtedly decide the fashion trend of the next wedding. London wedding dress week, New York wedding dress week, Paris wedding dress week, Dusseldorf wedding dress exhibition Interbride Messe Gmbh, Milan Wedding Trade Exhibition S SposaItalia and Barcelona wedding fashion week (hereinafter referred to as "BBFW") will be affected by this "wedding dress".

Barcelona wedding fashion week

In from April 25th to 30th, there were 20 thousand BBFW participants from over 90 countries. The number of participants increased by 6% over the same period last year, and the record of the exhibition was refreshed.

Another notable figure is that the number of major buyers has increased by 1000, an increase of 17% over the same period.

Half of the exhibitors are from European countries outside Spain, as well as buyers from Italy, Britain, France, Germany, Portugal and Belgium.

In this wedding fashion week, a total of 27 designer brands have launched the latest works on the stage, including: Amsale, Carlo Pignatelli, Peter Langner, Sophie et Voil, Pronovias, Reem Acra, Pronovias, and so on.

BBFW has shown more than 28 thousand wedding dresses and accessories, including 370 brands, 68% of which are international brands, and the number of exhibitors has increased by 20% over the same period.

(see "ornate ambition" related report: millennial marriage tide, Barcelona wedding fashion week opening soon)

In addition, four hundred guests attended the Elle International Bridal Awards International Wedding award ceremony held at University of Barcelona.

This year's winners include well-known brands: Carolina Herrera, Reem Acra and Viktor & Rolf.

Best advertising award winner Pronovias best Star Award winner Sophie et Voil.

BBFW participant, wedding dress company Kleinfeld co owner Mara Urshel commented: "I believe that royal wedding wedding industry will usher in a major opportunity.

Meghan is a very fashionable lady. She will influence many girls who are going to enter the marriage hall to choose the wedding dress and the creation of more wedding designers.

Future Keywords: Digitalization and multi-channel

In BBFW's latest research report, "the Millennium wedding dress store" commissioned by Professor IESE Business School professor Jose Luis Nueno, pointed out that the main challenge of the wedding industry in the future is to adapt to the rapidly changing market through innovation, and to achieve multi-channel retail and digital strategy with the core concept of "future stores".

BBFW staff Maria Laruccia said that the millennial brides were the first generation of brides born in the digital age, and digitalization overturned their shopping methods.

"They are used to browsing information online and shopping in physical stores.

But the traditional entity stores must adapt to the new changes.

Data show that the current wedding market 10% of sales from the online, 90% from offline; this proportion is expected to change in the next ten years: online 30%, 70% of the line.

Jose Luis Nueno said that people born after 80s, including the millennial generation and the Z generation, will become the main consumers of the wedding dress market by 2025.

To this end, the entity wedding shop must make reform and adopt the new business mode.

According to his research, the number of brides who browse wedding dresses online, the proportion of online registration has been 75%, 50% of which has been patronized in physical stores, and 35% has been tried on wedding dresses, but only 13% of those actually bought.

In order to improve the conversion rate of shopping, the report suggests adding new technologies in the physical store experience, such as video wall, interactive digital signage, smart clothes mirror and virtual product catalog.

At present, only 6% of the Wedding Dress Companies in Spain, the United States, Britain, Italy, France and Germany have adopted the digital strategy.

Jose Luis Nueno believes that the focus of wedding dress retailers can no longer be limited to sales points, but must be innovative in all aspects to catch customers until they complete the trial purchase.

The reform measures are as follows:

Set up showroom to expand the space for display products.

Online channels as pre selection tools before purchase, experiential multi-channel entity stores to complete the purchase;

Logistics will enhance the efficiency of online ordering and offline delivery.

Retail stores combine various modes of online, flash and discount stores.

Highly dispersed market

Every year, there are more than 10 million married couples in China. The output of Chinese wedding dress is far beyond domestic demand, and 72% of the output is used for export.

Maria Laruccia introduced that Spain is the only western country with higher wedding dress production than domestic demand.

The Spanish wedding market has an annual sales volume of US $1 billion 300 million, which is the second largest exporter in the world after China. Spain's 755 thousand wedding dresses are far from comparable to that of China.

In this decentralized market, there are many different business models, from large international companies to small and medium-sized family businesses and small studios.

Compared with other categories, the production of wedding dresses is slower, the process is more complex, the cost is higher and the profit is more substantial.

In terms of price, the uniqueness of each wedding dress makes it more flexible in pricing.

According to data from trade publisher Bride2b of Zankyou, in Spain, half of the brides are willing to pay up to 1750 euros for their wedding dresses, while the average cost of British respondents is 750~1250 euros.

The budget for brides in Italy is even higher, and 40% of the bride's budget exceeds 2250 euros.

In some countries, the market is now trying to get out of the economic crisis of the past few years. Many popular fashion chain retailers are beginning to dabble in wedding dress business and launch new fast, low cost but outdated products to attract young consumers who are keen to buy fast fashion products online.

For example, Kiabi, Asos and H&M brands have launched their own wedding dress series.

The famous Wedding Dress Companies in the European market include: France Pronuptia and Cymbelline, Italy Nicole, Germany Lohrengel, British Ellis Bridals, Spain Pronovias and Rosa Clar.

America

The famous wedding dress company has American David 's Bridal and Justin Alexander.

By 2020, North America will have the largest growth potential, followed by Brazil, Mexico, Argentina, Peru, Columbia, Saudi Arabia, Kuwait and the United Arab Emirates.

Lebanese designer Zuhair Murad, Reem Acra and Elie Saab are leading the trend of the wedding market in the Middle East market.

More brides are concerned about the trend of the European wedding market, which brings many opportunities for Western brands.

At the same time, many European wedding dress companies will focus on strategic positioning in the US.

According to Wedding Report data, the average cost of each wedding in the United States is 25764 dollars.

In order to succeed, the wedding dress company must become the leader of the industry to increase market share.

To this end, diversify the product line, including gowns, men's suits and

And the more popular products line and integration online became the key to the success of many wedding companies.