Ongoing eWedNews research that includes a damaged economy but improving indicators may be prompting some stronger retailers and companies to jump the gun, feeling a recovery could be in store by the end of the year. Some companies that are in the middle of diversifying their market focus are heading towards bridal or other aspects of the wedding industry, feeling the timing may be appropriate.
Last week, Urban Outfitters announced they plan to head down the aisle, offering wedding products that will initially be launched on the cheap, through a web site. Executives said the wedding business should be worth at least $500 million and as much as $1 billion in 10 years, as the company plans to capture their portion of what they believe is a $60 billion industry. Reports said the company’s faith are in numbers that claim the average cost of a wedding is $45,000, with the average bride spending $4,500 on her clothing, In what plans say will be an aggressive move, the company will eventually offer gowns, bridesmaids’ dresses, fine jewelry, accessories, shoes, invitations and a bridal registry.
In fine jewelry, eWedNews is monitoring a shift by major manufacturers to support their accounts and cultivate the wedding business. According to sources near the story, holiday gifts and arbitrary spending on jewelry has taken a major hit by the economy. “People will be spending for weddings; jewelry is a natural part of the spending in the category,” feel jewelry manufactures. Significant marketing and promotions are being planned and are expected to be under way in time for fall, 2010.
In other areas including invitations and men’s formal wear, some companies are expanding their markets as well. eWN is watching invitation companies that already have beta test sites up, targeting consumers and cutting out their own accounts. In suits, Joseph A. Bank began an aggressive campaign to rival competitors, Men’s Wearhouse, for a portion of the men’s formal wear business. Reports said they’ve aligned with a major wholesaler from Trenton, Illinois, but have significantly slowed down their efforts, realizing the business was no longer as robust as it was when MW entered the market nearly 10 years ago.
“It all looks great on paper but when they try doing it and making it work, it’s not as easy as it sounds,” said discussions involving the news. Bridal gown sources especially feel the market is flooded with manufacturers, retailers and goods that all seem to run into one another, “You flip through pages and pages of dresses in bridal magazines and everything gets lost—from the $14,000 dollar gown to the $1,200 dollar one. The last thing we need in bridal is ANYTHING, “said discussions this weekend.
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2010
Posted on 03/08/2010
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