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Letter From America
Peter Grimes Publisher of American trade magazine VOWS
A LETTER FROM AMERICA
As the US Bridal and prom seasons kick off, Peter Grimes reports on retailers’ optimism
Cautiously optimistic – that’s the sentiment from boutiques and brands reporting on the opening of the bridal and prom season in the US in late December/January, as the number of engagements and brides-to-be appears to rival that of this past year, and store traffic and activity point to very robust times ahead.
Cautious in the sense that… - Boutiques are keeping a wary eye on the projected but slow moving recession and its potential impact on brides’ and prom girls’ budgets; - Staffing issues continue to plague boutiques, increasing stress levels on existing staff to deliver the level of customer service boutiques may be known for, and that the bride/prom customer expects; - Brands facing lengthening delivery schedules for specials (primarily in bridal); continued increases in cost of goods, and instability in shipping fees and schedules.
Optimistic in the sense that… - Brides and prom girls continue to stay focused on their life stage events… with prom, events they were denied as juniors take on much more importance as seniors, and for engaged couples a heightened desire to showcase and celebrate their wedding without outside imposed limitations - US consumers are continuing their shopping and buying with just minor indications of a pull back and/or price sensitivity. Brides and teens in particular show this spending power and depth of resources, increasingly willing to make purchases based on their shopping experience and reputation of boutique and brand, and not necessarily on price - Appointment-based retail in bridal continues to have a positive impact on brides and closing ratios, with a trend emerging of Prom boutiques offering similar exclusive shopping experiences - Bridal and prom are recession resistant (as I suggested in a previous column) proven by a review of the US Great Recession of 2008-2009 indicating only a minor decrease in the numbers of weddings, and virtually no impact on prom spending - As categories, bridal and prom are also more impacted by local circumstances and economies than by conditions on the national level…. which may account for why certain stores and regions are more optimistic than others - Surveys of brides, teens and other shopping demographics reveal that while buying online will continue to increase especially in certain product categories, it is the physical boutique that plays a central role in their shopping preferences For example, the Knot Worldwide’s survey entitled Wedding Attire Study 2022 revealed that brides purchasing in-store spend significantly more than those buying online, and that 84% of responding brides buy in-store, with local bridal stores accounting for a strong
majority of those purchases - A snapshot of the US prom market shows that approximately 17 million students enrolled in public and private high schools grades 9-12 in 2022, with nearly half that total enrollment juniors (grade 11) and seniors (grade 12). There are approximately 24,000 public high schools in the US, of which approximately 77% had some type of prom celebration according to a report by syndicated research firm YPulse. For 2023 prom, the percentage of schools participating is expected to increase.
There are industry voices providing positive optimism and projections for 2023 Prom, with observations very pertinent for bridal… but without the ‘cautiously’ qualifier. Mike Denton, president of the International Prom Association, a dynamic cooperative of trend-setting formalwear manufacturers and leading edge prom retailers, is one such positive voice. “We have an optimistic outlook for Prom 2023,” he said. “Even though we still face many challenges with supply chains/logistics and additional regional public health concerns, shoppers are determined to move past the darkness of social distancing and create bright everlasting memories together. “From jam-packed concerts and sporting events to overflowing restaurants and malls, people are eager to be together. Couple that with the increase in teen spending power, I think we have reason to be very optimistic.”
Caron Stover, senior vice president, International Market Center, producer of the World of Prom & Social Occasion at Atlanta Market, agrees, adding that Prom 2022 activity will impact Prom 2023 buying behaviors. “Teens were so thankful to be able to attend prom in 2022,” she said. “High school students were not overly particular in their dress selection, and our retailers reported having to sell off old inventory to keep up with demand.
“In our opinion, the 2023 consumer will be more prepared and will come in with a dream dress in mind, so boutiques and storefronts can expect a more decisive approach and willingness to make the dress selection on the spot.”
So it’s the proverbial good news/not so good news scenario for Prom and Bridal 2023: Good news: more shoppers and buyers in both categories, with both excited segments anticipating and appreciating the special, out-of-the-ordinary shopping and buying experience offered primarily by a specialty boutique… noteworthy experiences that have been at the heart of a bridal boutique’s brand pre-Covid, and experiences that are significantly more so post-Covid. But: closing ratios are dropping and frustration is rising for some boutiques as they strive to satisfy the increasing demands of a customer undergoing complicated “higher-than normal” levels of stress while they struggle with their own stressful staffing and personnel issues.
