Wedding gift registries are huge business. Estimates of the annual value of registry business range from $12-19 billion. And retailers large and small would do themselves a service to get in front of that wave and carve out a bit for themselves.
Here’s why:
- The price of entry is minimal. A simple online interface and some in-store scanners are all you need. And even the scanners are optional.
- It’s high-margin business. Wedding registry gift-buyers for the most part buy what’s on the list. They don’t shop around for the lowest price, they just pay whatever it says, and it’s usually full price.
- It’s guaranteed business. You can be fairly certain that at least some of the items on the registry will get purchased.
- It’s stuff you might not otherwise sell. Again, high-margin items that people might not buy for themselves, but have no problems registering for. Which leads to my registry rant… maybe tomorrow.
Regardless, wedding registries represent a nice growth opportunity for the stores that currently don’t offer them.
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Tags: business, california, weddings
One other note that came up at the wedding I attended on Sunday was the idea of the registry being used for future gift-giving occasions. A friend’s mom was saying that she uses the wedding registry for birthday/Christmas ideas for what to get her son and daughter-in-law since the registry stays active long after the wedding has occurred.