For years, there has been a steady spending on bridal gowns as they are considered a vital part of wedding dresses, witnessed in their substantial demand in traditional wedding salons. The demand for bridal gowns is rising, accentuated by the belief that wedding is once-in-a-lifetime experience for families and brides need to look magnificent. This has accelerated the global spending on bridal outfit. A burgeoning wedding market in various developing and developed countries is reflecting positively on the growth of the bridal gown market. In addition, the recurrent belief in the sanctity and institution of marriage among various cultures is a key factor bolstering the spending on wedding. The extensive launch of bridal gowns with exotic designs and innovative styles in recent years has helped brides get a harmonious, majestic look thereby bolstering their demand.
The bridal gowns market is projected to rise from a valuation of US$32,454.2 Mn in 2017 to reach US$43,502.8 by the end of 2024. The market is estimated to expand at a CAGR of 6.0% during the forecast period of 2017–2022.
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An elaborate assessment of various factors and trends impacting the growth of the bridal gowns market are:
The rising spending on bridal wear in various cultures world over and the marketization of marriages, fueled by lavish spending on wedding, are key factors driving the bridal gowns market. A large number of millennials constantly entering the marriageable age, combined with the rising spending on bridal outfits, is a key factor fueling the demand for bridal gowns world over.
The entry of online retailers in the market, supported by a burgeoning e-commerce, is expected to be a game-changing strategy for bridal as well as non-bridal companies as they seek to bridge the gap between mass markets and traditional salon experience. The rising relevance of online shopping experience for brides is attributed to some unique benefits they confers on them, such as in expediting the overall marriage planning process. To add to this, the presence of a centralized distribution facility of online retailers may in various parts of the world be an attractive proposition for buyers of bridal gowns. The launch of exotic bridal wear by online retailers is further providing a robust fillip to the market.
The influx of low-priced bridal gowns may hamper the revenue margins of various retailers. In addition, a growing number of cultures that dissuade lavish spending on weddings is a key factor impeding the demand for bridal gowns. Nevertheless, bridal gowns with innovative designs and styles are capturing the attention of a rising millennial population. This is expected to open up exciting avenues in the coming years.
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