As the world is recovering from recession, and consumer spending coming back slowly, this is the right time for retailers to concentrate on the bridal wear market. They are now focused on giving the prospective brides, a dress that would not cost the moon, but would catch the eyes.
Global Market for Bridal wear:
The industry is highly fragmented more than 1,000 retail outlets, and many designers involved in designing and manufacturing apparels and other bridal accessories. Most of them are small and privately owned companies who do not even publish annual returns. New entrants face a challenging situation, as they have to battle with global brands as well as the local designers.
Bridal attire manufacturers consider options in the Far East so as to compete in the UK market. Market is dominated by US, Europe, and Japan, constituting 88.42% of the market share. Australian and Japan markets are likely to see positive growth. Italy, Europe, UK, France, and Germany comprise around 63% of the market. US has a matured bridal wear market estimated to be around 45 billion USD. Dresses range from $99 and go up to an astonishing $12,000 to suit the need of every bride. Australian market is positive, and is estimated by analysts to grow and reach 840 million USD by 2015. Latin America is also expected to have 6.71% of the global market share.
Lead time between the order and delivery for designer bridal costume is too long.Innovations in merchandizing help in manipulating the demand. Mostly they reach high-end fashion houses. Retailers are using the power of internet marriage directories to expand their horizons. Both traditional and online vendors are using internet to penetrate deeper into the market.
Growth Drivers:
In the earlier times, a woman about to get married was probably 21 years of age, was staying at home, and wedding was planned by her parents. Now, the prospective bride is older, working and has adequate money and innumerable choices. Drastic changes in the living standards, increasing category of working women, dual income, and sophistication of brides fuel the growth of the industry. A keen sense of fashion trends, personal style, attitude of the present generation to marry in their late 20s, and at a time when they are financially strong leads to an increase in the wedding expenses.
Children of the aging baby boomers termed as 'millennials' dominate the market for bridal wear. They belong to a demographic group enticed with pomp, glamour, and cutting edge technology. Millenials are expected to power the growth of the bridal wear market. Fashion designers are also focused on the mind set, and preferences of these people. Trends spring up keeping in mind, the style, and color preferences of the millenials.
Key Players of the Bridal Market:
Global niche players in the bridal wear market are Alfred Angelo, Inc., Creations Bridal & Fabric Boutique, David's Bridal Inc., Harrods Ltd., Helen Rodrigues Bridalwear, Justin Alexander Limited, JLM Couture, Inc., Macy's, Inc., Paloma Blanca, and Pronuptia De Paris S.A. Paloma Blanca, and Pronuptia de Paris S.A. Brands such as Ann Taylor, and J Crew are well established in the global markets with chain stores.
Trends for 2011:
Requirements in the bridal market can be forecasted to some extent, but predicting trends are a bit difficult. The industry adopts the practice of designing more sophisticated gowns which has sustained in the market during the recent years. A soberness in the outfit combined with elegance, color, and tradition is usually favored. In markets such as UK, US, and a few more long white and flowing Cinderella type princess gowns with veils continue to rule the bridal preferences. Though final product is always a bit traditional, millenials prefer fashion forward, unconventional styles in bold colors. A bohemian look appeals to the professional women.
Contemporary trends with ultra feminine gowns, stylish cuts, plunging necklines, bare backs, and yards of elegant fabric are everlasting trends. Rich fabrics such as silk, satin, tutle, lace, and organza make their way into the bridal costumes. Outfits embellished with beads, rhinestones, crystals, and other semi precious stones are gaining immense popularity. Bridal attire for both men and women with hand embroidered Swarovski crystals decorated with intricate designs giving a glittering look are now a popular fashion.
Men's wear Market:
Most of the retailers are focused only of the female part of the market, and there are very few to cater to the men's side. Men's Wearhouse Inc is a leading provider of tuxedo rentals. Co-ordination can be done with the retailers who are involved in women's bridal wear to sell men's wear in the same outlet. Hues of cream, blue, and faint gold are most popularly used for men's costume. Golden embroidery, ribbons, gems, and stones, are used for embellishment.
Bridal Accessories:
No wedding is complete without jewellery, be it for men or women. Along with the bridal attire, designer bridal jewellery is also getting a boost. A back of the envelop calculation estimates the global jewellery market to be around 185 billion USD with a special place for diamond jewellery. A further growth of 4.6% is predicted by industry analysts on a year on year basis, and the industry is expected to reach 230 billion USD by 2015. Market for designer diamond jewellery is on high demand, and colored diamonds are much a craze among youngsters.
Wedding Expos:
Around 300-400 wedding exhibitions are conducted in the US for a year, and the trend is slowly picking up in the other countries as well. Mid level designers find this a good opportunity to create a recall among the public, while established manufacturers find this a good opportunity for up selling. Wedding expos are now found to be a more productive way of selling bridal costumes and accessories comparatively over other marketing options, and advertising. The industry is likely to witness a drastic expansion, with the trend spreading across to other smaller countries as well.
Retailers are now focused on offering value for money. It has become a thriving business all across the globe. Bridal wear market is an interesting segment, and retailers are now cornering a few pockets of excellence.
References:
1) yourweddingcompany.com
2) financialexpress.com
3) thehindubusinessline.com
4) nmoa.org
Forall the couples pondering to bind their lives, this is the right time to seal the deal. Global bridal wear market is now gearing up with new trends, and prices to suit the expectation and financial requirements of every prospective bride all across the globe. Though traditionally a money spinning market meant for the creamy layer of the society, bridal wear market is currently shaping upto the relief of the middle, and the upper middle class segment.
Global Market for Bridal wear:
The industry is highly fragmented more than 1,000 retail outlets, and many designers involved in designing and manufacturing apparels and other bridal accessories. Most of them are small and privately owned companies who do not even publish annual returns. New entrants face a challenging situation, as they have to battle with global brands as well as the local designers.
Bridal attire manufacturers consider options in the Far East so as to compete in the UK market. Market is dominated by US, Europe, and Japan, constituting 88.42% of the market share. Australian and Japan markets are likely to see positive growth. Italy, Europe, UK, France, and Germany comprise around 63% of the market. US has a matured bridal wear market estimated to be around 45 billion USD. Dresses range from $99 and go up to an astonishing $12,000 to suit the need of every bride. Australian market is positive, and is estimated by analysts to grow and reach 840 million USD by 2015. Latin America is also expected to have 6.71% of the global market share.
Lead time between the order and delivery for designer bridal costume is too long.Innovations in merchandizing help in manipulating the demand. Mostly they reach high-end fashion houses. Retailers are using the power of internet marriage directories to expand their horizons. Both traditional and online vendors are using internet to penetrate deeper into the market.
Growth Drivers:
In the earlier times, a woman about to get married was probably 21 years of age, was staying at home, and wedding was planned by her parents. Now, the prospective bride is older, working and has adequate money and innumerable choices. Drastic changes in the living standards, increasing category of working women, dual income, and sophistication of brides fuel the growth of the industry. A keen sense of fashion trends, personal style, attitude of the present generation to marry in their late 20s, and at a time when they are financially strong leads to an increase in the wedding expenses.
Children of the aging baby boomers termed as 'millennials' dominate the market for bridal wear. They belong to a demographic group enticed with pomp, glamour, and cutting edge technology. Millenials are expected to power the growth of the bridal wear market. Fashion designers are also focused on the mind set, and preferences of these people. Trends spring up keeping in mind, the style, and color preferences of the millenials.
Key Players of the Bridal Market:
Global niche players in the bridal wear market are Alfred Angelo, Inc., Creations Bridal & Fabric Boutique, David's Bridal Inc., Harrods Ltd., Helen Rodrigues Bridalwear, Justin Alexander Limited, JLM Couture, Inc., Macy's, Inc., Paloma Blanca, and Pronuptia De Paris S.A. Paloma Blanca, and Pronuptia de Paris S.A. Brands such as Ann Taylor, and J Crew are well established in the global markets with chain stores.
Trends for 2011:
Requirements in the bridal market can be forecasted to some extent, but predicting trends are a bit difficult. The industry adopts the practice of designing more sophisticated gowns which has sustained in the market during the recent years. A soberness in the outfit combined with elegance, color, and tradition is usually favored. In markets such as UK, US, and a few more long white and flowing Cinderella type princess gowns with veils continue to rule the bridal preferences. Though final product is always a bit traditional, millenials prefer fashion forward, unconventional styles in bold colors. A bohemian look appeals to the professional women.
Contemporary trends with ultra feminine gowns, stylish cuts, plunging necklines, bare backs, and yards of elegant fabric are everlasting trends. Rich fabrics such as silk, satin, tutle, lace, and organza make their way into the bridal costumes. Outfits embellished with beads, rhinestones, crystals, and other semi precious stones are gaining immense popularity. Bridal attire for both men and women with hand embroidered Swarovski crystals decorated with intricate designs giving a glittering look are now a popular fashion.
Men's wear Market:
Most of the retailers are focused only of the female part of the market, and there are very few to cater to the men's side. Men's Wearhouse Inc is a leading provider of tuxedo rentals. Co-ordination can be done with the retailers who are involved in women's bridal wear to sell men's wear in the same outlet. Hues of cream, blue, and faint gold are most popularly used for men's costume. Golden embroidery, ribbons, gems, and stones, are used for embellishment.
Bridal Accessories:
No wedding is complete without jewellery, be it for men or women. Along with the bridal attire, designer bridal jewellery is also getting a boost. A back of the envelop calculation estimates the global jewellery market to be around 185 billion USD with a special place for diamond jewellery. A further growth of 4.6% is predicted by industry analysts on a year on year basis, and the industry is expected to reach 230 billion USD by 2015. Market for designer diamond jewellery is on high demand, and colored diamonds are much a craze among youngsters.
Wedding Expos:
Around 300-400 wedding exhibitions are conducted in the US for a year, and the trend is slowly picking up in the other countries as well. Mid level designers find this a good opportunity to create a recall among the public, while established manufacturers find this a good opportunity for up selling. Wedding expos are now found to be a more productive way of selling bridal costumes and accessories comparatively over other marketing options, and advertising. The industry is likely to witness a drastic expansion, with the trend spreading across to other smaller countries as well.
Retailers are now focused on offering value for money. It has become a thriving business all across the globe. Bridal wear market is an interesting segment, and retailers are now cornering a few pockets of excellence.
References:
1) yourweddingcompany.com
2) financialexpress.com
3) thehindubusinessline.com
4) nmoa.org
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