Deep dive market analysis has been carried out on following product segments:-
By Price Range
By Distribution Channel
Global women formal wearmarket is further classified on the basis of region as follows:
Global women formal wear market stood at around USD 460 Billon in 2017 with a growth of 4.9% in the same year. The market is anticipated to expand at a CAGR of around 6% during the period 2017-2024 with the revenue reaching to more than USD 690 Billion by 2024. Further, the global women formal wear market is expected to achieve incremental $ opportunity of USD 46.3 Billion in 2024 over 2023.
In 2015, Europe region marked the largest consumer base of women formal wear market, imminent followed by North America. In 2015, Europe region has projected a revenue share of 30% in the global women formal wear market. Asia Pacific region is anticipated to expand at a higher compound annual growth rate between 2017 and 2024 due to increasing employment of women in emerging economies such as India and China.
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In terms of revenue share, women apparels segment is anticipated to hold the largest segment of the global market, various trending fashions are boosting the sales of women apparels across the globe. The ratio of women employees have significantly grown in IT and corporate world, a large fraction of employed women are adopting business dressing concepts. This will boost the demand for women formals across the globe. The basic need of clothing along with fashion consciousness and changing lifestyle is propelling the growth of market. In women formal wear market, brand loyalty and brand recognition are the key business strategies adopted by major leading players.
Formal wear market for women in mainly driven by increasing pool of working women in developed and developing countries, this will further boost the demand for women formals in the global market.
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 for women formal wear across the globe.
Increasing personal disposable income of women along with the improved lifestyle of consumers will incline the consumer interest towards trending fashion; this will further uplift the global market of women formals.
Emerging e-commerce companies has boosted the sales of women formals by launching exciting offers on women formals; consumers find e-commerce as a more convenient way of shopping. Increasing internet penetration will further boost the sales of women formals in upcoming 5-6 years.
Due to unorganized market in the clothing industry, local manufacturers along with their poor quality of products are some of factor anticipated to restrain the market growth over the forecast period i.e. 2017-2024.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.