Importance of Marriages in Building Healthy Societies Coupled With Innovations in Style & Fabrics to Drive the Global Bridal Wear Market
The
global market for Bridal Wear is projected to exceed US$73 billion by 2024,
driven by continued importance of marriages in building healthy societies; demographic
shifts in population the world over guaranteeing plenty of millennial weddings
over the next few years; high amounts of spending on lavish weddings, and innovations
in fashion, style and fabrics.
The wedding industry globally remains buoyant owing to
unwavering demand and increasing number of millennials attaining the
marriageable age. Growth opportunities await the bridal wear market in the
coming years as the professionally and personally mature millennium generation
attains ripe ages for matrimony. Estimated at $300 billion, the global wedding
industry holds lucrative business opportunities for bridal brands. While
majority of wedding celebrations globally are economical, others have
considerable budgets. The bridal wear market, constantly driven by beauty and
fashion, capture the magnificence and outgoing, youthful spirit of the modern
bride, within the frills, fancies, fabrics and styles of the wedding
gowns. Increased focus by women
on achieving the ‘perfect’ personal appearance on the wedding day constitutes the
primary factor driving market growth. Driven by definite trends, dedicated
fashion events, and the availability of a wide range of choices enabling
consumers to choose bridal dress and jewelry that complement their personal
traits, the market steadily evolved over the years. Bridal dresses with themes
revolving around sophistication, elegance, sensuality, femininity, mischief,
playfulness, and roguishness, introduced over the past few years, spurred
further growth in the market. The bridal market also received a notable impetus
from legalization of same-sex marriage across 26 countries that significantly
extended the customer base. Various couples planning same-sex marriage are
older and mature, and characterized with higher wedding budgets.
Future growth in the market will be driven by the ongoing
digital transition and social media proliferation in the wedding industry that
has transformed how brides get inspired for their wedding, how a venue for the
wedding is found, and how couples and wedding vendors connect with each other
thus enhancing the cost, efficiency and selection of bridal wear. Social-media
influencers, by posting and marketing awe-inspiring and beautiful wedding
pictures, are attracting many loyal followers for bridal brands. Instagram
Influencers are essaying an increasingly dominant role in the way weddings are
planned and executed where couples planning to get married are under immense
pressure to have a wedding that is worthy of being shared on Instagram. Surging
popularity of online wedding apparel boosted by the growing prominence of e-commerce;
the untapped potential offered by plus-size
bridal wear; continued influence of celebrities and actresses bridal dress;
growing demand for innovative and novel wedding jewelry; increasing focus on
targeting engaged couples; and innovative and distinctively designed bridal
wear being launched each season are some of the major factors expected to benefit
market prospects in the coming years.
As stated by the new market research report on Bridal
Wear, the United States represents the
largest market worldwide, followed by Europe. Although these two markets continue to dictate and heavily influence
fashion trends in the global market as the finest connoisseurs of bridal wear,
the already matured market profile, limited growth in population, changing cultural
values and the growing threat of “deinstitutionalization” of marriage” present
key challenges to growth. Rest of world, comprising the Middle East and African
markets, represents the fastest growing market with a CAGR of 6.1% over the
analysis period, supported by rising affluence, increase in the number of high
net worth individuals, and a parallel increase in wedding spends.
Key players in the market include Allure Bridals, Inc.,
David's Bridal Inc., Elie Saab, Harrods
Ltd., Helen Rodrigues, JLM Couture Inc., Justin Alexander Limited, Macy's,
Inc., Monique Lhuillier, Morilee LLC, Naeem Khan, Paloma Blanca, Peter Langner,
Pronovias Fashion Group, Pronuptia de Paris SA, Sophia Tolli, Temperley London,
Theia Couture, Vera Wang, Watters, Winnie Couture, Yumi Katsura International
Co., Ltd., and Zuhair Murad, among
others.
The
research report titled “Bridal
Wear- Market
Analysis, Trends, and Forecasts ”
announced by Global
Industry Analysts, Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections in value for the US, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, Scandinavia, and Rest of Europe),
Asia-Pacific (Australia, China, and Rest of Asia-Pacific), Latin America
(Brazil, and Rest of Latin America), and Rest of World.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose
CA 95138, USA, All Rights Reserved.
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