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Bed Bath & Beyond’s listing penetration rate for wedding registrars has dropped to 30% – the lowest number ever in the six years the equity research firm conducted the survey. its annual survey. That’s down from 33% in October and 34% in July, according to the fourth-quarter average. The drop could spell trouble for the company amid efforts to turn the tide.
Amazon is the top retailer for wedding registrars with 45 percent listing penetration, according to a January survey by Baird, which tracks the fourth-quarter average. This is followed by Amazon Bed Bath with 30% and Target with 26%. Barrel & Barrel and Williams-Sonoma both had 15% listing penetration rates as of January, the survey showed. Cash/travel are also common requests on couples’ registers, with 16% using the list as of the January survey.
Wedding registration is an important indicator for retailers that sell home goods. Justin Kleber, a Baird retail analyst, says subscription purchases tend to have higher margins because family and friends often pick gifts from a list rather than hunt down deals. . If a company wins over a couple’s business during this critical moment, he says, it can deepen loyalty and become a focal point as the couple executes their actions. other major household purchases.
“If you are capturing a client by the time they get married, what comes after that could be a new apartment or a new house and maybe then your family will expand with a new home,” says Kleber. or two new children.
The wedding registry may also make more sense this year. Many analysts expect a booming wedding in 2022, when couples move forward with larger ceremonies and celebrations after delaying them because of the pandemic. This year, it is expected to have 2.5 million registrations, According to the forecast of The Wedding Report – would mark a 4-decade high.
Baird tracks wedding registrations quarterly using random data of newly engaged couples from TheKnot.com. It uses these findings as a directional indicator of wedding registry market share and brands’ resonance with customers, Kleber said.
Those findings have changed dramatically since Baird began the survey in January 2017. Back then, Bed Bath topped the list with a 44% market share of listing penetration, followed by Target with 29%. , Amazon with 20% and Macy’s with 19%.
Kleber said the changes reflect Amazon’s skyrocketing sales and the struggle of some traditional players, including Macy’s and Bed Bath, to adapt to e-commerce and engage shoppers young.
Bed Bath did not immediately respond to a request for comment. The company will report its third-quarter financial earnings on Thursday.
Retailers are also competing with a new threat, he said. More bonded couples are opting for honeymoons and cash funds instead of asking for blocks of knives, towels and duvets. Cash/travel has grown in popularity, with 10% listing penetration in January 2017 to 16% listing penetration in the January 2022 survey – with the rise of sites honeymoon registration website like Honeyfund and the preference wishes of some experienced millennial and Gen Z customers for merchandise.
“The percentage of couples who want cash or money to travel or honeymoon is higher today than it was five years ago,” he said. “It’s a bit more difficult for retailers to solve that part of the subscription equation.”