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Women Formal Wear Market : Global Demand, Growth Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Women Formal Wear Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Women Formal Wear Market Overview

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.

Market Size & Forecast

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.

Women Formal Wear Market Demand & Growth

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. CLICK TO DOWNLOAD SAMPLE REPORT

Market Segmentation

By Product

Deep dive market analysis has been carried out on following product segments:-

  • Apparels
  • Footwear
  • Accessories

By Price Range

  • Low Price
  • Medium Price
  • High Price

By Distribution Channel

  • Hypermarket/supermarket
  • Convenience/Departmental Store
  • Specialty Store
  • Online Store
  • Others

By Region

Global women formal wearmarket is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

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.

Top Featured Companies Dominating the Market

  • Gap
  • H&M
  • Inditex
  • Kering
  • L Brands
  • Nike
  • PVH
  • Adidas
  • Burberry
  • Hermès
  • Michael Kors
  • Prada
  • Ralph Lauren
  • Uniqlo

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