ECONOMICS

Economics for Business and Management

Economics for Business and Management

Task One

The wedding suit can always be reused in another event, but a wedding dress?

Once brides accept the proposal of marriage, one of the first things that come in the mind of would be brides is how their dress will be. When we think of the wedding dress, the first idea that comes to mind is buying. Until recent years the possibility of renting the dress was not something that was fashionable. But the trends have changed. Both men and women rent their wedding dress but in general bride spends much more money on their bridal dress while groom rent their dress. Few years back the scenario was not the same. According to Research of John Lewis, before 2007 (credit crisis) men wanted to spend more on their wedding dress as compared to women. Six years ago an average man wanted to spend around £7,790 on their wedding. However, the global recession changed and flipped the coin according to which men are keener than women to save money on the big day. In recent time, the expectation of women of what they will be spending on their wedding has climbed by 50% to £8,380 when compared with the scenario of six years back. On the other hand men' spending on their wedding dress has declined to £7,060 from £7,090 (Hall, 2012).

Several people believe that wedding dress is a unique thing while tuxedo of a man is not. Women wear the cloths they like to express their individuality and feelings. It is sort of nightmare for women to wear the same dress used by another women. On the other hand men dress to obscure their feelings. According to Dulski, as compared to men, women are more likely to make a fashion statement on their big social event (Frank, 2009). Brides usually prefer to buy their wedding dresses because rental shops do not provide them with the opportunity to choose more extensively. In simple words, rental shops do not carry a wide range of distinctive wedding gowns to fulfil the wish of the brides. The impact of containing a variety of distinctive gowns would be infrequent for rental shops because they would be not able to cover their investment price as a wedding gown is rented only once every four or five years.

From psychological point of view we can say that brides are more concerned about their looks. They want to look different and beautiful in comparison with men this is one of the reason brides spend more money on their wedding dress whereas grooms rent their suit. Brides spend more money in buying their wedding dress because first of all dress is a very personal thing secondly brides are more excited to choose their own wedding dress. In addition, the lack of information and the possible 'bad image' of rent the dress have made brides buy such expensive dresses. On the other hand it is also the tradition and culture ...