By Paul Pannone
East meets West on the Knot’s new international website where the marriage maker is trying to get the wedding bug to bite asian women planning wedding. And why not? The American wedding market is at a near standstill.
The Knot’s move to China and capitalizing on the growing market is one of the smartest moves we’ve seen in the wedding business. Total dependency on the American market is what’s killing most wedding companies, as the number of formal weddings and spending decline.
According to International Business Wiki
- There are roughly 10 million weddings yearly.
- China’s bridal industry produces more than 250 billion Yuan ($34.5 billion) yearly.
- Total monetary expending resulting from marriage every year has risen to CNY250 billion
At a glance the rising interest and spending in China is a far cry from the sputtering American market. Companies like the Knot, now dubbed the XO Group, have taken flight to other parts of the world looking for growth potential from countries that look to the western culture and lavish ways of spending their money.
In a recent New York Times story China chastises the United States overspending and going into debt saying it must cure its addiction.
China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt.
eWNz is confirming how the Chinese culture and booming economy views America as yesterday’s news. Significant apparel manufacturing sources say emerging chinese cities and the way people live makes us look like we’re standing still.
“They’re driving up prices on raw materials and they’re taking care of the manufacturing needs of their own people before they’re considering our orders over here. It’s getting more and more difficult to get production time in their factories and that will lead to higher prices,” say sources.
Current statements by eWNz sources resonate reports from trips taken earlier this year by others. Steve Lang of Mon Cheri gave his account of what will happen with China, openly telling his customer’s lead times will increase, service and quality will decrease and prices will rise.
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