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Globally women formal wear market reached USD 421 billion in 2014; women formal apparel market demand & market growth was highest

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Global Women Formal Wear market is majorly driven by increasing pool of working women and increasing personal disposable income according to our research report "Global Women Formal Wear Market Outlook 2023".

Regionally, the women formal wear market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, Europe is anticipated to witness a significant growth occupying the largest share of the women formal wear market by 2023.   

Owing to the increasing pool of working class women, global women formal wear market was value at USD 421 billion in 2014; the market is anticipated to witness a compound annual growth rate of 4.2% over the forecast period i.e. 2016-2023.

Europe region holds the largest consumer base of women formal wear market, imminent followed by North America. In 2015, Europe region dominated the global market witnessing a revenue share of 30% in the global women formal wear market. By product type, women apparels segment is anticipated to hold the largest market share by the end of 2023, various trending fashions are boosting the sales of women apparels across the globe.

Increasing Pool of Working Women: Uplift

Formal wear market for women in mainly driven by increasing pool of working women in developed and developing countries. Various initiatives by the government to promote women working along with the implementation of various rules and regulations to maintain the gender ratio in all working sectors will further boost the demand of women formal wear across the globe.

Increasing Personal Disposable Income: Impetus

Increasing personal disposable income of women along with the improved lifestyle of consumers will incline the consumer interest towards trending fashion. The basic need of clothing along with fashion consciousness and changing lifestyle is propelling the growth of market.

The report titled "Global Women Formal Wear Market Outlook 2023" delivers detailed overview of the woman formal wear market in terms of market segmentation by regions, by product and by distribution channel.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the women formal wear industry which includes company profiling of Gap, H&M, Inditex, Kering, L Brands, Nike etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global women formal wear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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