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Wedding Wear Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global wedding wear products market was valued at USD 103.5 billion in 2022 and is projected to expand at a CAGR of 5.3% from 2023 to 2030. The market is being driven by the rising disposable income levels and the increasing trend of destination weddings across the globe. Additionally, rising demand for light-weight and luxurious wedding wear has driven the market. The emergence of e-commerce platforms has also increased the accessibility of wedding wear products.
Furthermore, the growing trend of customizations in wedding wear has led to an increase in the demand for designer wear. As a result, leading fashion houses are launching their bridal collections with a focus on intricate details and luxurious fabrics. For example, in October 2021, Gucci launched its first-ever bridal collection. The collection features a wide range of gowns, accessories, and shoes inspired by the brand’s signature bold and eclectic aesthetic.
The rising demand for ready to wear wedding wear products is also boosting the market growth. Consumers are increasingly demanding ready-to-wear wedding wear for their convenience and ease of purchase. To capitalize on the trend, many market players are launching ready-to-wear collections. For instance, in December 2021, Prabal Gurung launched a new ready-to-wear bridal collection, featuring a range of gowns, jumpsuits, and accessories.
The rising trend of personalization and customization of wedding wear products is also driving the market. Designer labels are offering custom-made bridal wear, which is tailored to the individual’s body type and style preference. For example, in August 2021, the luxury fashion house, Ralph & Russo, announced the launch of their bridal customization service, allowing customers to customize their wedding dress based on their size, silhouette, fabric, and design.
In addition, the increasing demand for rental wedding wear is also providing an impetus to the market growth. Consumers are increasingly opting for rental services, which offer cost-effective wedding wear at a fraction of the cost. This has resulted in the emergence of numerous rental services, such as Rent the Runway, that offer a wide range of luxury wedding wear at affordable rates. Moreover, the growing trend of sustainability is also contributing to the market growth. Consumers are increasingly opting for sustainable wedding wear products, such as those made from organic fabrics and recycled materials.
Product Insights
The traditional wear segment led the market and accounted for a share of around 39.5% in 2022. Traditional wear is gaining traction among customers due to its classic designs, comfort, and luxury. According to an article published by Brides, in April 2020, designer wedding wear is becoming a major component of weddings, with more and more couples opting for custom-made wedding outfits. Furthermore, rising disposable incomes, changing fashion trends, and the emergence of various online platforms are some of the key factors driving the demand for traditional wear globally.
The western wear segment is anticipated to expand at the fastest CAGR of 8.4% over the forecast period. Increasing preference for western wear among the millennial population is fuelling the growth of this segment. According to an article published by The Knot, in February 2020, almost one-third of millennial couples are opting for western wear for their wedding. In addition, rising fashion trends, increasing glamour quotient, and increasing number of fashion-conscious individuals are some of the other factors driving the growth of the market.
Distribution Channel Insights
The department stores segment held the largest share of the global wedding wear market in 2020. Department stores provide an array of wedding wear products to customers. Moreover, they offer a wide range of products, such as accessories and bridal gowns, to customers. Furthermore, customers can avail of discounts and offers at department stores, which further drives their sales. Also, customers can touch and feel the products, which increases their purchase inclination. This has led to the growth of the segment.
The online segment is expected to expand at the highest CAGR during the forecast period. The highest CAGR is attributed to the growing prevalence of digital platforms, such as e-commerce websites, to purchase wedding wear. Additionally, customers can avail discounts and other offers through online platforms, which further enhances their purchasing experience. Moreover, customers can compare prices of different products on multiple websites and can avail of the best deals available. These advantages of online platforms have led to their growing popularity among customers.
Type Insights
The traditional segment accounted for the largest revenue share of 67.2% in the year 2022. The traditional segment dominates the market due to its strong cultural presence in many countries. The increasing trend of ethnic dressing for occasions, such as weddings, has been driving the demand for traditional wedding wear. For instance, in January 2021, the Indian apparel market witnessed the launch of Sherwani by designer Rohit Bal. This trend of traditional wear has been popular among men in the country in recent years.
The modern segment is anticipated to expand at the highest CAGR of 9.8% over the forecast period. The demand for modern wedding wear is increasing due to the increasing emphasis on comfort and convenience. Moreover, the increasing number of destination weddings is expected to drive the demand for modern wedding wear, such as destination-inspired gowns and dresses. For instance, in April 2021, Pronovias, a Spanish wedding dress designer, launched its “Destination” collection for destination weddings.
Regional Insights
Europe accounted for the largest share of the market in 2022. Growing demand for luxury wedding wear, as well as increasing disposable income levels, are the main factors driving the growth of the market in the region. Moreover, changing wedding trends and fashion preferences among young couples is also contributing to the growth of the market. For instance, in May 2021, the British designer brand Stella McCartney launched the ‘Made With Love’ collection for the 2021 wedding season.
Asia Pacific is expected to witness the highest growth rate in the coming years. Growing popularity of bridal fashion shows, increasing digitalization of the fashion industry, and growing awareness of the latest trends in wedding wear are some of the key factors driving the growth of the market in the region. For instance, in June 2021, the fashion house Anita Dongre hosted a five-day virtual bridal fashion show, showcasing her wedding collection.
Financial Projections
In this part of the wedding wear products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your wedding wear products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a wedding wear products business comes from sales of wedding dresses, tuxedos, accessories, bridal party attire, and other related products. Here you will find a list with a description of each of them and other possible sources of profit such as special occasion wear, custom-made garments, alterations, and dry cleaning services.
Projecting Expenses
In this section, all the regular expenses related to keeping the wedding wear products business running will be described. The list of operating expenses includes rent and utilities, advertising, inventory, wages, taxes, and insurance policies.
Key companies & market share insights
Some of the key companies operating in the wedding wear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Ralph Lauren launched a bridal collection for its customers. The collection includes wedding dresses, bridesmaids dresses, and accessories.
– In May 2022, French fashion designer Elie Saab launched a bridal collection for its customers. The collection includes bridal gowns, veils and accessories.
– In July 2022, Vera Wang launched a new bridal collection for its customers, the collection includes wedding dresses, bridesmaids dresses, and accessories.
Some of the prominent players in the wedding wear market include:
– Ralph Lauren
– Elie Saab
– Vera Wang
– Marchesa
– Monique Lhuillier
– Oscar de la Renta
– Reem Acra
– Carolina Herrera
– Zac Posen
– Pnina Tornai
Global Wedding Wear Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global wedding wear products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Bridal Wear
– Groom Wear
– Bridesmaid Wear
– Flower Girls Wear
– Other Accessories
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Department Stores
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Customized
– Ready-to-Wear
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major End-Use Applications of Wedding Wear Products?
[A]: Wedding wear products are mainly used in wedding ceremonies, receptions, and other related events. The wedding wear products market is driven by the increasing demand for wedding dresses, suits, and other wedding apparel in both traditional and modern styles. Traditional wedding wear products include sari, lehenga, sherwani, and kurta. The modern wedding wear products include gowns and tuxedos.
[Q]: What are the Key Factors Driving the Wedding Wear Products Market?
[A]: The wedding wear products market is driven by the increasing trend of destination weddings, the rise in the number of celebrity weddings, and the growing demand for designer wedding wear products. The growing disposable income of consumers, the popularity of online shopping, and the increasing trend of customization are also driving the market.
[Q]: Who are the Key Players in the Wedding Wear Products Market?
[A]: Key players in the wedding wear products market include Vera Wang, Alfred Angelo, Alfred Sung, Justin Alexander, David’s Bridal, Mon Cheri Bridals, Allure Bridals, and Stella York.
[Q]: Which Region Offers the Largest Opportunity for Sales of Wedding Wear Products?
[A]: Asia Pacific is expected to be the most lucrative region for the wedding wear products market. This is due to the large population, increasing disposable income, growing trend of destination weddings, and rising demand for designer wedding wear products.
[Q]: What are the latest trends in wedding wear products?
[A]: Some of the latest trends in wedding wear products are the use of bold colors, the rising popularity of traditional wedding wear, the introduction of sustainable fabrics, and the growing demand for designer wedding wear.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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