WEDDING DRESS MARKET REPORT OVERVIEW
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The global wedding dress market size is anticipated to be worth USD 3645.6 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a robust CAGR during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Wedding dress is a huge part of the wedding industry. Different cultures have different types of different wedding dresses. These dresses have many components to them like veil, gloves, and shoes. It occupies a major share in the apparel and fashion industry.
Several fashion trends like gloves, capes, veils, bows, and colorful wedding dresses are being introduced in the market. This is considered as the latest trend in the market.
Celebrity weddings are having a positive effect on the market share. Availability of customization in these dresses are accelerating market growth. These factors have helped in the rapid development of wedding dress market.
COVID-19 Impact: Decrease in Number of Wedding Ceremonies During Pandemic Decreased Market Share
The outbreak of pandemic of COVID-19 changed the dimensions of many industries. Several new changes were witnessed in the market due to the spread of infectious virus. As a measure to bring the virus under control, government of all the countries took initiatives to impose lockdowns and social distancing norms.
Social gatherings with huge number of people were not allowed as this could lead to a rapid spread of the virus. As a result, the number of functions, parties, and wedding ceremonies witnessed a drop during the pandemic. With a reduction in the number of wedding ceremonies, the demand for wedding dresses also experienced a decline in the market.
LATEST TRENDS
"Introduction of Several Fashion Trends in Wedding Outfit Sector to Increase Market Growth"
Fashion industry, is flooded by several trends every now and then. Wedding outfits are also subject these fashion trends. New types of wedding outfits are being introduced in the market by some of the top fashion designing companies. A lot of events like New York Bridal fashion week present before the consumers variety of options available in wedding outfits.
Some of the prominent trends that are seen recently in the market include introduction of colorful wedding fits. A few decades ago, wedding outfits were available in one lighter shades like white. But now colorful wedding outfits are also available. Feather embellishments, capes, gloves, ruffles, bows, and, strapless necklines are some of the emerging fashion statements in the wedding dresses market. This can be considered as the latest trend in the market.
WEDDING DRESS MARKET SEGMENTATION
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- By Type:
The market can be divided on the basis of type into the following segments:
General purchase, and, customized purchase. The general purchase segment is anticipated to dominate the market during the forecast period.
- By Application:
Based on application, the market share is bifurcated into the following segments:
Wedding dress renting service, photographic studio, personal purchase, and, others. The wedding dress renting service segment is expected to dominate the market during the forecast period.
DRIVING FACTORS
"Advertisement Campaigns by Popular Celebrities to Amplify Market Growth"
One of the major strategies employed by fashion designing companies include promotion of their products with the help of popular celebrities. Advertise campaigns have gained a lot of popularity. Similarly wedding outfits are also promoted by celebrities. This is bound to have a positive effect on the minds of the consumers, convincing them to buy such dresses. This is considered as a factor increasing market share.
Many expensive brands conduct fashion shows, where models walk on the run way wearing different outfits. This has now become prevalent even in case of wedding outfits. Bridal shows are conducted to present the new collections of wedding outfits available in the market. Buying wedding fits from luxury brands is considered as sign of status and prestige. These factors are prone to bring lucrative growth opportunities for wedding dress market growth.
"Increase in Demand for Designer Weddings to Impede Market Growth"
The popularity of designer, lavish weddings has increased. Due to the growing penetration of social media, people are getting introduced to luxurious methods of wedding. In many situations a third-party or an agency is outsourced to take care of all the arrangements in the market. Wedding outfits are also designed by these agencies. Customization is also available according to the needs of the customer.
Growth of fashion designing market has created many opportunities for wedding outfits market. Private weddings in resorts and lavish mansion, destination weddings in tourist spots, and cruse weddings are increasing day by day. Celebrity weddings have influenced people about wedding dresses. Some companies even have the option of renting out wedding fits. All of these factors are propelling the wedding dress market share.
RESTRAINING FACTOR
"High Expenses of Wedding Dresses to Bring Down Market Share"
An important factor that can deteriorate the market growth and development is the expensiveness of wedding outfits. Most of the wedding outfits are made up of high-cost materials and fabrics. Some of the dresses are even embedded with gold and diamond.
This can make the dresses very costly and less affordable. Another major disadvantage of wedding outfits is that they cannot be used very often. Once purchased they can be used only in a few occasions. This leads to consumerism and can be harmful to the environment. The above-mentioned factors can hamper the market growth.
WEDDING DRESS MARKET REGIONAL INSIGHTS
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"North America to Dominate Market Share "
North American region is dominating the market share in terms of production and revenue. This can be attributed to factors like the increase in number of emerging fashion establishments in this region. The fashion designing industry has a lot of scope in the countries of North America.
Introduction of new trends in wedding outfits are influencing the interests of people. Options provided to rent wedding fits has increased the demand for the product in the market. Increasing number of private, and luxurious weddings have also fueled the market in this region.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Pronovias (Sapin)
- Vera Wang (U.S.)
- Rosa Clara (Spain)
- Atelier Eme (Italy)
- Yumi Katsura (Japan)
- Cymbeline (Spain)
- Badgley Mischka (U.S.)
- De La Cierva Y Nicolas (Spain)
- Carolina Herrera (Spain)
- Lee Seung Jin (South Korea)
- Marchesa (U.S.)
- Maison SignoreEnzoani (France)
- Franc Sarabia (Spain)
- Yolancris (Spain)
- Oscar De La Renta (U.S.)
- Ming Shang Sha (China)
- Jinchao (China)
- Mon Cheri (U.S.)
- Tsai Mei Yue (China)
- Impression Bridal (U.S.)
- Monique Lhuillier (U.S.)
- Linli Wedding Collection (U.S.)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
Frequently Asked Questions
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Which are the driving factors of the wedding dress market?
Celebrity weddings are having a positive effect on the market share. Availability of customization in these dresses are accelerating market growth. These factors have helped in the rapid development of wedding dress market.
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Which is the leading region in the wedding dress market?
North America is the leading region in the wedding dress market.
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Which are the top companies operating in the wedding dress market?
Pronovias, Vera Wang, Rosa Clara, Atelier Eme, Yumi Katsura and Karl Storz are the top companies operating in the wedding dress market.
