A plunge in the number of Chinese couples willing to tie the knot is hurting the marriage industry and worrying officials trying to revive marriage and birth rates.
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
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine war live: key village near Bakhmut retaken; Chinese foreign minister to visit RussiaUkrainian president praises troops after retaking strategically important village of Klishchiivka; Wang Yi to begin four-day visit on Monday for talks
Read more »
'High alert': Taiwan detects 103 Chinese warplanes around islandTaiwan tells China to stop its 'destructive unilateral actions' after more than 100 Chinese warplanes and nine navy ships are detected in areas around the self-ruled island.
Read more »
Aus dollar surges nearly one per cent due to China’s economic performanceThe Aussie dollar surged nearly one per cent last week thanks to China’s economy performing better than expected during August. After China’s property market struggled for the past two years, a serious amount of pressure has been put on companies that build apartment blocks; with Country Garden being the latest one. The Central Bank of China started introducing stimulus for its economy, which has appeared to be successful. The country’s bank did this by making loans cheaper and cutting interest rates for its citizens. Now Chinese citizens are taking out loans again, with more money going back into the economy.
Read more »
China-owned TikTok’s Aussie hiring spree seeks ‘tax optimisation’ proAfter pitching to hire people sacked by Meta and Twitter late last year, TikTok wants someone from a major accounting firm to help with “tax optimisation”.
Read more »
WHO chief pushes China for ‘full access’ to solve COVID-19 originsTedros Adhanom Ghebreyesus says he is ready to send a second team to probe the matter.
Read more »
China's youth unemployment crisis could dent second-biggest economyChina's inability to cope with increasing youth unemployment amid a growing number of graduates and shrinking number of jobs could create serious problems in the second-largest economy in the world.
Read more »