- Budget-conscious millennial brides are increasingly seeking dresses from an increasing number of companies selling used wedding dresses and accessories at bargain prices.
- The rise of companies such as Our Story Bridal, Stillwhite and Wedding Recycle point to a potentially lucrative sweet spot between the $ 72 billion bridal industry and the resale market, which is expected to reach $ 51 billion over the next five years.
- Resale wedding dresses resonate with the millenniums that are more than twice as likely as baby boomers to seek out sustainable products, according to a Nielsen study.
- Visit the Business Insider website for more stories.
Millennials can delay marriage and tie the knot in fewer numbers, but when they choose marriage, they find ways to do it on the cheap and start with the wedding dress.
According to The Knot, the average wedding dress costs more than $ 1
The emerging marketing market marks a sweet spot among two concurrently flourishing industries – the bridal industry, now worth around $ 72 billion and the resale market, which is expected to reach $ 51 billion over the next five years to the growing popularity of brands such as ThredUp and Poshmark. In June, luxury supplier RealReal was the first resale company to be announced, as it did with a $ 1.5 billion valuation.
Read more : We visited RealReal ahead of the IPO and why it leads the luxury resale market
"The modern bride is much more knowledgeable with money and knowledgeable about the environment and sustainability," says Jess Walker , Stillwhite marketing manager. "The brides have started thinking," Okay, I just wear this dress for five hours. Why should I spend $ 4000 on a dress and then keep it for the rest of my life when I can get that price back ? "" [19659010 Coni Tarallo for Our Story Bridal
According to the US Census Bureau, three out of 10 young adults 18 to 34 have ever been married, compared to six in 10 in 1980. Analysts say the dips can be attributed to the blending of factors such as poor economic uncertainty from the recession and the impact of the estimated $ 1.5 trillion student loan crisis.
Due to lower costs and sustainability for millennia  Nevertheless, for young couples who choose to say "I do", they are increasingly doing ways like buck tradition, finding methods that both reduce costs and support a circular economy, such as buying synthetic diamond rings and choosing sustainable suppliers for their weddings. According to a 2018 Nielsen study, the millennia are more than twice as likely as baby boomers to buy sustainable products, at a rate of 75% versus 34%.
Stillwhite – founded in 2010 by Australian couple Bruno & Ingrid Szajer – was designed to accommodate these young, environmentally conscious couples, Walker said. The brand acts as a platform for users to sell their dresses online after they first pay $ 20 entry ticket and create a Stillwhite profile. Like websites like Poshmark, interested buyers can browse the designer and style to find an alternative they like before messaging sellers ask questions and ask for more photos. Buyers and sellers can also set up a time to meet to try on a dress whose geography allows, or they can buy securely from the site.
Today, Stillwhite is one of the largest wedding charts in the world, with nearly 50,000 active listings and $ 30 million in sales. A quick scroll through the homepage shows a wide selection in price point, style and size, including a $ 179 Galina dress, a $ 430 Reformation gown and a $ 5000 Pnina Tornai frock.
"Back when Stillwhite started, there was really nothing to sell the dress online," Walker said. "But it was there [the founders] saw an opportunity because there were so many brides they knew they just left the dress in the wardrobe or under the bed."
Like the online shipping label like The RealReal, which began to wade into brick and mortar, Our Story Bridal wanted to provide a practical, practical experience for bridal wear. As stores like Kleinfeld of "Say Yes To The Dress" fame continue to draw brides a lot to browse clothing with price tags as high as $ 80,000, Our Story Bridal tries to replicate the experience with previously worn dresses.
"We separate ourselves with bricks and curate our inventory, as opposed to a site where everyone is drawn in and you have some dresses where you have no idea how they look or what condition they are in," said Ana Maes, co-founder of our story. "We offer a very high-end experience. We like to compare ourselves with the best bridal shops where you have full service."
Our story is also in New York City and visits visitors by appointment to try out dresses discounted by up to 65%. According to Maes, most dresses are taken locally, and an estimated 30-40% are previously worn dresses. The remaining dresses in the collection are samples that come directly from the designers.
Continue ahead, both Our History and Stillwhite said that they expect more and more consumers to choose in the bridal industry.
"It's just such a big market, and we're focusing more on sustainability and how we can help the brides understand that they really help the planet through resale," Walker said.