LETTER FROM AMERICA

Peter Grimes of VOWS magazine looks at the status of the market in the US, and buyers’ current views on business potential Market Outlook: wary, weary... and optimistic

The outlook for Prom and bridal markets in the States and for the five regional pop up bridal events that commenced in early August and will continue through October, appears promising in terms of buyer anticipation and participation.

Though wary about the future economic climate and its effect on the next crop of brides, and weary from the crush of the current season and the effort required to service their brides while protecting the integrity of their brands, stores and buyers do seem invigorated to once again see, touch and feel gowns of the season… even as they carry with them questions and concerns about the resources they carry.

For some, the renewed excitement is due partly to the debut of the new West Coast-based Vow Bridal & Formal market in Las Vegas, Nevada; and also to the long delayed return of a celebratory formal ball at the National Bridal Market Chicago.

Whether the excitement of the new, or a return to gala events, stores are intent on conferring with reps and brands on the following topics:

Supply chain questions include:

• What plans and/or strategies brands have in place to address what is looking like medium-to-long term disruptions to production and deliveries • How much longer brands anticipate these disruptions continuing • What price increases are projected in terms of percentage and frequency • What options are available for close wear dates and customization

Prom and consumer trends:

In addition to the supply and pricing questions above, stores are also looking to their Prom resources for a clearer picture of what to expect for Prom 2023. • If the energy and record sales recorded in 2022 that seemed to be partially due to pent up demand, should be projected for Prom 23 • How brands view any demographic shifts in this audience, if and how the

Prom 23 shopper has changed

Possible economic downturn:

A percentage of boutiques bought conservatively last season reacting to the headlines shouting about a pending recession, the swooning of the stock market, and the possible shock to consumers’ confidence and budgets.

This season we see a subtle shift from this attitude of worry to strategic, as stores continue to evaluate and adjust the resources they carry based on salability and support. Questions regarding the future include: • What brands think about how a further slowing of the economy/ recession will potentially impact the industry overall • What marketing plans are in place to reach and reassure 2023-24 brides • What changes brands see in the bride’s attitude, buying preferences, and style choices

The VOWS perspective regarding Markets… cautious optimism.

I don’t foresee that fears of economic turmoil will overshadow market activity, primarily as any economic downturn or recession, while trying and potentially worrisome, cannot compare with that which we’ve already survived… the lengthy and severe disruptions of shut downs and near collapse of the nation’s economy through the worst of COVID.

And secondarily, because of the continuing steps and actions taken by brands and stores to successfully adjust to and address cost of goods and supply issues.

And, of course, the dramatic and exciting styling we’ve seen emerging for the season across all categories… bridal, bridesmaids, mothers, prom and accessories!