Millennial Consumers Are Challenging Traditional Wedding Retailers
Source：VOX
From：Taiwan Trade Center Chicago
Update Time：2019/01/17
Well known US bridal gown retailer, David’s Bridal, has recent filing for Chapter 11 bankruptcy which is a symptom of changes in the wedding market as a whole. Millennials are delaying or foregoing marriage altogether in numbers higher than previous generations. In 2017 the median age of people entering their first marriage was 29.5 for men and 27.4 for women, in 1970 the median ages for a first marriage was 23 for men and 20.8 for women. These demographic shifts have a very real impact on the wedding industry which is finding a smaller number of customers for wedding gowns and other wedding products. Another industry shift affecting retailers is a move towards customization for customers who are holding weddings. As customers are getting married later in life, they have developed stronger individual identities and they want these identities expressed through their weddings in ways not previously the norm in the industry. This move towards customization has increased business for nontraditional or “indie” wedding designers, but have left traditional retailers like David’s Bridal behind. Customers are not just moving away from traditional retailers to express their personalities; they are also unable to justify the large price tags. The modern bridal customer is more inclined to spend their money on unique venues and experiences for their guests, instead of paying large sums for a wedding gown. In this light, brides are turning towards nontraditional gowns or renting their gown through services like Rent the Runway who recently launched a wedding concierge program to meet this demand. This shows that companies are changing their models to meet the demands of millennial customers.
Source: Vox Media
https://www.vox.com/2018/11/20/18105000/davids-bridal-bankrupt-wedding-industrial-complex