PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1236014
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1236014
Global Women Formal Wear Market is valued at approximately USD 170 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.95% over the forecast period 2022-2029. Formal wear is one of the dress code categories adopted in Western civilization, and it covers a variety of clothing suitable for specific formal situations. The advent of formal clothing in the early modern period resulted in a number of alterations until the present day. Traditionally, formal wear was primarily favored and manufactured for men, but as time passed, the availability of formal wear for women increased rapidly. Women's formal dress is rapidly expanding as women's empowerment and workplace norms transform. Women's formal wear now comes in a wide variety of designs and colors thanks to the fashion industry's exponential growth. Women's formal clothing can now be made from a wider variety of raw materials, including Satin, cotton, velvet, chiffon, silk, organza, wool, polyester, poplin, linen, flannel, twill, gabardine and others. The market demand is primarily driven by the factors such as increased appeal from the emerging concept of Visual Merchandising, combined with appealing discounts.
In addition, Branded players and foreign brands are entering the market. Increasing discretionary spending to match their improved lifestyles shifting consumer purchasing habits from need-based to aspiration-based. Also, the increase in the number of working women in both developed and developing nations is fueling market growth. According to World Bank, in 2022, the global labor force participation rate for women is greater than 50% of the total population. Furthermore, Government initiatives towards women employment and gender ratio across the working sector, as well as recent advancements and fashion trends in formal wear are presenting lucrative opportunities for market growth over the forthcoming years. However, local manufacturers using low-quality materials to create formal clothing are restricting the market growth over the forecast period of 2022-2029.
The key regions considered for the Global Women Formal Wear Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of a large number of women's formal wear brands in the region. Whereas, Asia Pacific is also expected to grow at the highest growth rate over the forecasting period. Factors such as the emergence of multinational brands in the countries have led to wider adoption of new trends and fashions on the market, owing to the region's huge population base and expanding middle-class consumer buying capability are burgeoning the market growth in the forecasting years.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable