Many weddings planned for 2022 were postponed by COVID-19 lockdowns, resulting in a busier 2023 for some firms.
Jewellery companies Chow Tai Fook and TSL said they expect demand for wedding jewellery this year to return to pre-pandemic levels."It's just the COVID backlog," said wedding planner Xueyi, whose business in Xi'an and Shanghai has also seen a spike this year.China's wedding industry was estimated to be worth around $767 billion per year before the pandemic.
Wealthier consumers appear to be better insulated against the macroeconomic headwinds and Jewel Wang, owner of a network of stores selling wedding dresses by US designer Vera Wang, expects companies specialising in high-end or bespoke services to fare better than those in the low-to-mid-ranges. Ms Wang, who is also founder of Nora's bridal boutique in Shanghai, which stocks luxury gowns from designers including Oscar de la Renta and Carolina Herrera, said June was the best month in a decade due to pent-up demand.
"For us it makes more sense to find the next bride who can afford our products versus capturing a greater part of the market," she added."As a market we see an absolute downturn in spending. Our strategy has been to stay niche, niche, niche," said Wang.Reuters