Experiences are becoming an increasingly important part of the wedding market. Image: Istock.com/Oleh_Slobodeniuk via AFP Relaxnews
The bridal industry will have to adapt to an upcoming generation of Generation Z couples hoping to tie the knot, according to a new report.
A study by IESE Business School of the University of Navarra professor José Luis Nueno titled “Millennial and Gen Z brides: The bridal sector in 2020” concluded that bridal products, which currently account for 64% of sales within the industry (compared to 36% for factors such as services, entertainment and experiential products), will represent 52% of sales by the year 2030. The next decade will reportedly see experiences grow in importance to reach 48% of wedding sales.
Generation Z — classified as those born after 1995 — currently represent 6% of brides, the report states. However, they will represent the largest demographic for the wedding industry by the year 2030, and look set to place “experience, personalization and a constant relationship with the brand” as priorities, according to the report, which was published ahead of the 2019 edition of Valmont Barcelona Fashion Week set to open on April 23.
The findings come weeks after the Lyst Wedding Report 2019 found that social media is having an increasingly important impact on wedding trends, giving rise to “Instagram-worthy” celebrations featuring their own hashtags.
Research from the global fashion search platform also found that details such as personalized sneakers have increased by 61% year on year, and vintage gowns are undergoing a revival, with data pointing to a 93% increase on searches for pre-owned wedding dresses. CE/MKH
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