Here's what that says about economics [Other]
The floor-length, vaguely Grecian-looking white gown that H&M debuted today isn't the discount retailer's first foray into the wedding business but it's certainly H&M's first wedding dress at a decidedly H&M price point.The dress will be sold online and in select stores starting later this month. It costs
Ninety-nine dollars! Never mind that you can rarely find even a bridesmaid dress for less than $150. As a bridesmaid-to-be, desperately trawling the Nordstrom's clearance rack, I'm an authority on that subject.Authentic Replica lv monogram canvas bags H&M is doing more than marketing to budget-conscious brides they're essentially turning the psychology of weddings on its head.
Here's the thing: Weddings are really, egregiously, horrifically expensive but that cost doesn't necessarily derive from the expense or extravagance of the materials. In 2011, Planet Money's Caitlin Kenney set out on a quest to find out why her wedding dress retailed for a whopping $3,500. The fabric, per a wholesaler, cost about $500.Custom Phone case The labor accounted for an additional $700. And yet the store had marked it up nearly 200 percent.The reason stores get away with this, Kenney found,paper balls springs from two economic concepts: asymetric information the buyer knows virtually nothing about wedding dresses and signaling the "message" that an expensive dress sends, both about the bride's social status and her seriousness about the marriage.
And when you think about it, signaling dictates a lot of the expense of a wedding which, by some statistics, are averaging $28,000 a pop. Why else would anyone, of any means, spend that much money on a single day unless it was vested with some extraordinary importance far exceeding its actual value?"I think that on average there is a lot of status and signaling going on wedding day," the economist Veronica Guerrieri told Planet Money. And it's not merely couples signaling to their guests it's also the wedding industry signaling to couples.
That's what will make this H&M dress so interesting, particularly if it's received well.It promotes on a massive, mainstream scale values that run opposite absolutely everything the wedding industry stands for.
Ninety-nine dollars! Never mind that you can rarely find even a bridesmaid dress for less than $150. As a bridesmaid-to-be, desperately trawling the Nordstrom's clearance rack, I'm an authority on that subject.Authentic Replica lv monogram canvas bags H&M is doing more than marketing to budget-conscious brides they're essentially turning the psychology of weddings on its head.
Here's the thing: Weddings are really, egregiously, horrifically expensive but that cost doesn't necessarily derive from the expense or extravagance of the materials. In 2011, Planet Money's Caitlin Kenney set out on a quest to find out why her wedding dress retailed for a whopping $3,500. The fabric, per a wholesaler, cost about $500.Custom Phone case The labor accounted for an additional $700. And yet the store had marked it up nearly 200 percent.The reason stores get away with this, Kenney found,paper balls springs from two economic concepts: asymetric information the buyer knows virtually nothing about wedding dresses and signaling the "message" that an expensive dress sends, both about the bride's social status and her seriousness about the marriage.
And when you think about it, signaling dictates a lot of the expense of a wedding which, by some statistics, are averaging $28,000 a pop. Why else would anyone, of any means, spend that much money on a single day unless it was vested with some extraordinary importance far exceeding its actual value?"I think that on average there is a lot of status and signaling going on wedding day," the economist Veronica Guerrieri told Planet Money. And it's not merely couples signaling to their guests it's also the wedding industry signaling to couples.
That's what will make this H&M dress so interesting, particularly if it's received well.It promotes on a massive, mainstream scale values that run opposite absolutely everything the wedding industry stands for.
2014-03-12 14:39
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