According to a recent article in the U.S. Business Insider posted in February 2018, millennials have a new attitude about weddings — and it’s sending bridal stores into a downward spiral.
A U.S. based credit-rating agency, has downgraded the world’s largest bridal retailer, David’s Bridal, as sales have fallen. The chain is suffering from a trend of casual, lower-priced wedding dresses that has created more competition in the market.
The popular wedding brand Alfred Angelo faced a similar problem before filing for bankruptcy last year.
According to U.S. analysts, the market is now oversaturated with options and intense competition. More brides want to dress down on their wedding day, and it’s hurting traditional bridal stores.
While brides are always looking to spend less, small bridal shops in Central Europe luckily don’t have to compete with the large David’s Bridal store chains. However, European retailers face competition through online shopping or popular retailers such as Esprit, who just recently launched their new bridal collection this February 2018, following in the footsteps of H&M and ASOS.
With this grim outlook, one has to consider that the culture in Europe has always embraced their small local businesses. Unfortunately in the last year in Southern Germany, we have seen the closure of many small beloved local businesses, such as our neighborhood butchers, bakers or restaurants. The next generation of millennials are just not interested in these trades anymore and are moving on to new “more” modern trades.
But in case of the billion Euro bridal industry, there are still so many “Soon-to-be- Brides” who want Germany’s version of “Say Yes to the Dress”, the VOX “Zwischen Tüll & Tränen” experience. To stand on that podium in front of the mirror wearing their dream wedding dress while family members look on, tears of joy in their eyes and prosecco in hand!
Many brides also don’t want to take the risk of saving money on a great online purchase, only to be disappointed with the outcome.
A bride’s first step is her online research process, then taking the next step to find out where she can slip in to the dress of their dreams.
Although it’s a common challenge for small businesses to not have enough time in the day, attention should also be focused on your bridal shop’s online presence, email marketing and effectively utilizing social media in order to create more engagement for potential customers.
But we need not forget as to why brides come to your shop in the first place. As Bridal Sales Trainer, Ms. Fleur Kolk told us in a previous interview with Bridal Times,“Never Forget to Make it a Unique Experience”.
Bridal Times will be providing information and tips on marketing strategies to attract today’s brides in the months to come.