According to a new market study published by Global Industry Analysts, a premier market research company, the wedding industry globally remains buoyant owing to unwavering demand and increasing number of millennials attaining marriageable age. “Bridal Wear – Global Market Trajectory & Analytics”. report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
New Study from StrategyR Highlights a $69.9 Billion Global Market for Bridal Wear by 2026
There are tremendous opportunities for luxury brands serving the wedding industry to expand their offerings and customer base. The bridal wear market is highly polarized and fragmented regionally, given the extremely faddish fashion trends dictating the market’s fortunes.
Developed nations, being the pioneers in bridal wear fashion and home to an ever evolving and vibrant fashion industry dominate the global market.
Surging popularity of online wedding apparel boosted by the growing prominence of e-commerce; the untapped potential offered by plus-size bridal wear; 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.
Another factor that would positively impact global wedding dresses sales in the coming years would be the constant increase in average spending on weddings. The market growth is also complemented by increasing entry of bridal wear businesses into the online space along with quality improvements in mass produced options.
Amid the COVID-19 crisis, the global market for Bridal Wear estimated at US$61.1 Billion in the year 2022, is projected to reach a revised size of US$69.9 Billion by 2026, growing at a CAGR of 3.9% over the analysis period.
Offline, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach US$61.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Online segment is readjusted to a revised 3.5% CAGR for the next 7-year period. This segment currently accounts for a 15.1% share of the global Bridal Wear market.
The U.S. Bridal Market is Estimated at $27 Billion in 2022, While China Bridal sector is Forecast to Reach $6.8 Billion by 2026
The Bridal Wear market in the U.S. is estimated at US$27 Billion in the year 2022. The country currently accounts for a 44.16% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$6.8 Billion in the year 2026 trailing a CAGR of 5.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market will reach US$1.9 Billion by the end of the analysis period.
Future growth in the market, post recovery from Covid-19 impact, will be driven by developing countries such as China, India, Brazil, Peru, Argentina, Mexico, the US, Kuwait, UAE and Saudi Arabia, which are anticipated to emerge as major markets primarily because of their higher purchasing potential. The North American region is also expected to offer significant gains towards the bridal market growth, driven by continuous introduction of innovative bridal gowns in terms of styles, designs, and fabrics. The wedding market is also witnessing increasing popularity for designer bridal dresses, which in turn accentuating the market growth.
The wedding market players covered include Allure Bridals, Inc.; David’s Bridal Inc.; Elie Saab; Helen Rodrigues Bridal; JLM Couture Inc.; Justin Alexander Limited; Klienfeld Bridal; Macy’s, Inc.; Monique Lhuillier; Morilee LLC; Naeem Khan; Paloma Blanca; Peter Langner; Pronovias Fashion Group; Sophia Tolli; Temperley London; Theia Couture; Vera Wang; Watters; Wedding Corporation Milla Nova LLC; Winnie Couture; Yumi Katsura International Co., Ltd.; Zuhair Murad and Others.