In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Women formals wear market is one of the fastest growing markets across the globe. It is very difficult for the market key players to hold their roots in women formal segments due to rapidly changing fashion trends in women wearing. The ratio of working class women is rapidly increasing across the globe; it has been notified that women work force is increasing in all sectors such senior official, managers, legislators and others. This will further increase the demand for women formal wear across the globe. In 2014, it is reported that 52% of the global female population were working women and the women formal wear market was value at USD 421 billion.
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.
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:
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.