Baird tracks wedding registries quarterly by using randomized data of newly engaged couples from TheKnot.com. It uses the findings as a directional indicator of wedding registry market share and brands' resonance among customers, Kleber said.
Those findings have shifted significantly since Baird began the survey in January 2017. Back then, Bed Bath was at the top of the list with 44% of listing penetration share, followed by Target with 29%, Amazon with 20% andKleber said the changes reflect Amazon's soaring sales and the struggles of some brick-and-mortar players, including Macy's and Bed Bath, to adapt to e-commerce and attract younger shoppers.
Bed Bath did not immediately respond to a request for comment. The company will report its fiscal third-quarter earnings on Thursday. Retailers are competing with a new threat, too, he said. More engaged couples are opting for honeymoon and cash funds instead of requesting knife blocks, towels and duvets. Cash/travel has grown in popularity, with 10% of listing penetration in January 2017 to 16% of listing penetration in the January 2022 survey — with the rise of honeymoon registry websites like Honeyfund and the desire of some millennial and Gen Z customers to prioritize experiences over goods.
"There's a greater incidence today of couples wanting cash or travel or honeymoon funds than there was five years ago," he said."That's a little bit harder for retailers to solve for that piece of the registry equation."