Global Women Formal Wear Market Size, Forecast and Trend Highlights Over 2025-2037
Women Formal Wear Market size was over USD 691.67 billion in 2024 and is predicted to exceed USD 1.3 trillion by the end of 2037, growing at over 6% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of women formal wear is evaluated at USD 733.17 billion.
The women formal wear market's growth can be primarily attributed to the rising number of working women in developed as well as developing countries. According to data published by the World Economic Forum in 2023, women make up 29.2% of all STEM workers and 49.3% of total employment across the non-STEM vocations. The demand for formal wear for women is increasing as these working women need to present themselves as professional and dedicated in their work space.
Additionally, there has been increasing participation and leadership of women in political life. For instance, according to the United Nations, in 2023, almost 1 in 4 cabinet ministers were women. Women politicians are opting to wear chic formal clothes, subsequently boosting the women formal wear market growth across the world during the assessed period.
Women Formal Wear Sector: Growth Drivers and Challenges
Growth Drivers
- Emergence of e-commerce companies: The advent of e-commerce has revolutionized the fashion industry by channelizing access to diverse styles and brands globally. According to the UN Trade and Development in 2021, USD 25 trillion of e-commerce sales were generated by businesses across 43 developing and developed economies. These portals have made the shopping experience hassle-free and prompt for the consumer. The consumer can get the garments in less cost with a plethora of options to choose. Due to these factors, the women formal wear market is projected to garner remarkable growth.
- Increasing women's education: The rising number of women enrolling for graduation is acting as a catalyst for the growth of the market. For instance, according to Education Data Initiatives in March 2025, 57.3% of enrolled undergraduate students are female in the U.S. Colleges are giving importance to the students’ appearance to prepare them for future career success. Authorities are emphasizing that wearing formal apparel enhances self-perception and bestows a remarkable transition to the workplace.
- Rising usage of social media: Social media platforms have become a pedestal for users nowadays for witnessing a wide range of styles. These platforms have transformed how trends are made, enabling an immediate spread of fashion ideas across the world. According to the Pew Research Center, in November 2024, 50% of U.S. adults say they utilize Instagram. There are fashion influencers who use Instagram to showcase their style and also collaborate with multiple brands to endorse products.
- Expanding textile industry: According to the 10th annual materials market report from Textile Exchange in 2022, global fiber production per person has reached 14.6 kilograms. It further says that polyester production volume reached 63 million tons in 2022. The data is the testimony of a flourishing apparel industry across the globe. Women's formal wear is a burgeoning subset of the humongous apparel industry and is getting traction.
Challenges
- Rising concerns for the environment: The widespread textile industry, of which the women formal wear market is a huge part, poses a serious threat to the environment. The textile industry is responsible for 20% of global clean water pollution, which may act as a hindrance to market growth.
- Problem of piracy: Both the elite and emerging designers are witnessing issues due to the extreme social exposure of media. The counterfeit fashion is harming the brand reputation, leading to dissatisfied customers.
Women Formal Wear Market: Key Insights
| Report Attribute | Details |
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6% |
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Base Year Market Size (2024) |
USD 691.67 billion |
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Forecast Year Market Size (2037) |
USD 1.3 trillion |
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Regional Scope |
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Women Formal Wear Segmentation
Product (Apparel, Footwear, Accessories)
The apparel segment is projected to hold the largest women formal wear market share by 2037 on the back of rising fast fashion and increasing disposable income of people. The data published by the OECD Better Life Index, which represents the average net adjusted income of the top 20% of the population, is projected to be USD 59,336 per year. This is allowing the population to invest in sophisticated women's formal wear brands. Also, the current fashion industry trends evolve at a breakneck pace, allowing companies to capitalize on the instant demand of consumers. Companies garner the benefit by fabricating garments for the consumers, demonstrating the ongoing trends in real time.
Distribution Channel (Hypermarket/Supermarket, Convenience/Departmental Store, Specialty Store, Online Store)
The online segment is anticipated to garner a rapid rate of progression during the forecasted period for the women formal wear market. There has been rising support from governments all across the world for promoting e-commerce. Various governments are developing a dedicated information website to support businesses that are willing to transition to e-commerce. These factors are increasing online consumers, subsequently creating a pool of demand for women's formal wear. People are inclined towards shopping from online portals due to various benefits such as convenience, fast shipping, prompt return process, low cost, and wide availability of options.
Our in-depth analysis of the women formal wear market includes the following segments:
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Subsegment |
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Product |
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Price Range |
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Distribution Channel |
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Customize this ReportWomen Formal Wear Industry: Regional Scope
Asia Pacific Market Analysis
The Asia Pacific women formal wear market is projected to account for a significant revenue share between 2025 and 2037, owing to the presence of a large consumer base in the region. For instance, in India, according to the Ministry of Labor & Employment in 2023, the total number of female workers in India was 149.8 million. Various companies are launching formal attire for ladies that is comfortable and stylish. Additionally, in Japan, there is an increasing number of women entrepreneurs. According to the National Survey in Japan in 2023, women’s participation in entrepreneurship is flourishing, with over 600,000 female company presidents. These women leaders in the country wear a variety of formal dresses, including skirt suits or pantsuits.
North America Market Forecast
The women formal wear market in the North America region is also gaining traction during the forecasted period. The growth propelling factors in the region are the rapid expansion of the e-commerce industry and the high disposable income of people. Also, in the U.S., there is an increased number of women in the workforce. According to the Bureau of Labor Statistics in May 2023, the labor force participation rate for women was 56.8% in the year 2022. There is evolution in formal fashion trends, and fashion designers in the country are rendering voguish dresses to wear in the office space. In Canada, research conducted by the World Federation of Colleges and Polytechnics women represented 55% of college and institute enrolment across various disciplines during 2021/22.
Companies Dominating the Women Formal Wear Landscape
- Espirit Holdings Ltd.,
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Mango
- Burberry Group plc
- Van Heusen
- PVH Corp
- ASOS plc
- Ralph Lauren
- Aoyama Trading Co. Ltd
- Prada Holdings S.p.A
The competitive landscape of the women formal wear market is rapidly evolving as established key players, apparel manufacturing giants, and new entrants are investing in the latest trends. Key players in the market are focused on developing new technologies and products that cater to the stringent regulatory norms and consumer demand. These key players are adopting several strategies, such as mergers and acquisitions, joint ventures, partnerships, and novel product launches, to enhance their product base and strengthen their market position. Here are some key players operating in the global market:
Recent Developments
- In April 2025, Burberry declared the launch of a partnership Victoria and Albert Museum to transform its Fashion Gallery in South Kensington. The company aims to rebrand the gallery as The Burberry Gallery upon its reopening in spring 2027.
- In February 2025, Mango expands its footprint in New York City with a new store in Lincoln Square. The company is pioneering in women’s formal wear, and the U.S. is one of its 5 main markets across the world. Also, the company is aiming to be in the top 3 ranking in terms of revenue by 2026.
Author Credits: Parul Atri
- Report ID: 215
- Published Date: May 02, 2025
- Report Format: PDF, PPT
