Originally Published on: SpendEdge | Understanding Supply Chains in the Wedding Industry
Reality shows like Say Yes to the Dress and Four Weddings, as well as films like The Wedding Planner (starring Jennifer Lopez and Matthew McConaughey and receiving an unfairly low rating of merely 16% on Rotten Tomatoes), show that planning a wedding is a stressful, expensive, and complicated endeavor, and that the wedding industry reaps enormous profits as a result. According to The Wedding Report, the national average cost of a wedding in the United States in 2016 was over $26,000, and the wedding industry generated almost $57.0 billion in revenue. Supply chains in the wedding sector can be complex and varied due to the wide variety of weddings and wedding-related goods and services available. Some of the most important aspects of this rapidly developing industry's procurement and supply chains are as follows:
Professional wedding planners and planning services need access to a wide range of vendors across a variety of industries. The purpose of wedding planners is to help engaged couples make all of the important decisions related to their wedding in a single location. This includes the selection of flowers, centerpieces, cakes, decorations, invitations, and any other elements that the couple may want for their big day. Wedding planners, because to the high stakes and high costs involved, need to be well-versed in the various industries they serve. This will aid them in making smart choices when sourcing goods and services, identifying credible and high-quality vendors, and negotiating favorable terms.
The wedding dress market is one of the largest in the economy. The typical cost of a wedding dress in the United States is little over $1,200, with an additional $500 spent on wedding dress accessories (belts, veils, etc.), but more and more brides are opting for more expensive gowns. Price increases are also associated with alterations and adaptations. Retailers of bridal gowns would benefit greatly from improved supply chain visibility and communication. Supply chain management involves making sure everything from raw material acquisition to finished garment assembly runs smoothly and on schedule. If packages arrive late or are damaged during shipping and delivery, the retailer's good name will suffer. Retailers providing wedding attire, such as tuxedos, bridesmaid gowns, and other formalwear, have the same challenge of satisfying and retaining customers through the timely delivery of high-quality products via an efficient, well organized supply chain and a sound sourcing and procurement strategy. David's Bridal, one of the most well-known retailers and makers of wedding dresses in North America, ensures the security of its dresses throughout transport by transporting them in bags and having them steamed, adjusted, and readied for clients at the stores where they will be picked up.
Anyone who has attended a wedding with a cash bar knows that a significant component of the reception is the quality and availability of the food and alcohol. Wedding caterers and other food vendors are susceptible to the same food safety and waste issues that plague the food and beverage industry's overall procurement and supply chain. Providers of wedding cakes, which typically cost around $500, should exercise extra caution to meet the individual preferences, dietary needs, and allergy-related considerations of the happy couple. Allergens and other potential dangers must be eliminated, therefore they must check that their manufacturing facilities, substances, and processes are safe. In addition, they need to make sure that the suppliers they work with for equipment and materials are ethical and honest about their processes.
"Love can't always be perfect," Massimo stated in The Wedding Planner. In the end, love is love. However, flawless supply networks are possible. New trends come and go every year in the wedding business, which moves at a breakneck pace and is always adapting. There is a wide range of suppliers, retailers, producers, and product groups, as well as a wide range of products and services provided to a wide range of clients. Supply chain optimization is crucial for wedding planners, merchants, and other businesses in the industry to gain credibility, keep customers happy, and expand their client base.
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