Women Formal Wear Market: Global Overview and Forecast (2022-2027) by Product, Distribution Channel, Price Range, and Region

Women Formal Wear Market size was valued at US$ 170 Bn. in 2021 and the total Women Formal Wear revenue is expected to grow at 4.9 % through 2022 to 2027, reaching nearly US$ 226.52 Bn.
Women Formal Wear Market Overview:
Formal wear is one of the dress code categories used in western culture, and it includes a variety of outfits suitable for office and other formal occasions. Formal clothing was first established in the early modern era and has seen numerous changes until the twenty-first century. Previously, formal wear was primarily favoured and made for men, but with the modernization of the world, the availability of women's formal wear has rapidly increased. With the rise of women's empowerment and the transformation of working cultures, women's formal wear is expanding rapidly. Since the 21st century, the rise in corporate women has resulted in the introduction of a variety of formal clothing designs, including trousers, suits, fitted jackets, long skirts, knee-length skirts, suffragette suits, tuxedos, jackets, and more. The fashion industry's exponential growth has resulted in a variety of design and colour variations in women's formal dress. Fabrics such as cotton, chiffon, velvet, satin, organza, silk, polyester, wool, linen, poplin, twill, flannel, gabardine, and others are used in the production of women's formal wear.


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In this report, the Women Formal Wear market's growth reasons, as well as the market's many segments (Product, Distribution Channel, Price Range, and Region.), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Women's Formal Wear market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Women Formal Wear market situation.
Women Formal Wear Market Dynamics:
Entry of branded players and entry of foreign brands, increasing modern trade, increasing discretionary spending in line with their improved lifestyles, increasing the number of working women, and Changing consumer behavior from need-based to aspiration-based buying are the key drivers for the growth of women's formal wear during the forecast period.

Consumers consider e-commerce to be a more convenient means of purchasing, so emerging e-commerce companies have raised sales of women's formal wear by introducing exciting offers on women's formals. Increasing attractiveness from the rising concept of Visual Merchandising coupled with tempting discounts has boosted the demand for the market. Consumer preferences have shifted towards online shopping as a result of the influence of social media platforms such as Facebook and Instagram. Consumers prefer to have a large variety of styles for various occasions, as well as more brands. Large discounts have recently been added by e-commerce businesses throughout the year. During the End of Season Sale ("EOSS"), which takes place in July and August and January and February, large discounts are offered across brands ranging from 30 to 70 % depending on the inventory's vintage. In the next 5-6 years rising internet penetration will boost sales of women's formals even more. The expansion of branded women's formal wear has been fueled by a change from Ready-To-Stitch to Ready-To-Wear clothes, as well as the introduction of key players such as Gap, H&M, Inditex, Kering, L Brands, Nike, and others.

Women's formal wear is primarily driven by an increase in the number of working women in both developed and developing countries, which will increase demand for women's formals market during the forecast period. The governments have taken some initiatives to promote women for the work, as well as the execution of various rules and regulations to maintain the gender ratio in all working sectors, which will help to enhance the demand for women's formal wear around the world. Furthermore, Local manufacturers are using poor product quality materials for making formal wear is one of the factors which is expected to hinder market growth over the forecast period.


Women Formal Wear Market Segment Analysis:
By Product, the apparel segment held the largest share of xx% in 2020. The apparel segment is expected to dominate the global formal wear market during the forecast period. This is owing to rapid urbanization, increasing digitization, more purchasing power, and acute brand consciousness.

The footwear segment is likely to account for a considerable proportion of sales during the forecast period. Increased knowledge about health and fitness, as well as rising disposable income levels have enabled customers in many regions to purchase quality items from branded manufacturers at affordable costs resulting in increased demand for formal shoes among women. Furthermore, the majority of global women's formal wear businesses now offer high-quality, comfortable shoes with an improved style are the major drivers for the growth of this segment.

Accessories segments such as Handbags and clutches account for a significant portion of the global market for women's formal wear. This growth is also due to the growing number of working professionals who wear business casuals daily. The growing number of working professionals is expected to contribute considerably to the market's growth over the forecast period.



By Distribution Channel, the Online segment is expected to grow at a rapid rate during the forecast period. The increasing inclination of customers for purchasing apparel and other fashion items through e-commerce platforms can be attributed to the growth of the formal wear market. Furthermore, the majority of global women's formal wear brands now have dedicated online stores, allowing customers to shop from the comfort of their own homes or offices.
Women Formal Wear Market Regional Insights:
In North America, the Women's Formal Wear market is expected to account for a considerable part of revenue during the forecast period. The existence of a big number of women's formal wear brands in the region is responsible for the growth. Furthermore, North America has some of the world's most developed economies, resulting in significant amounts of disposable income among consumers.

In Europe, the market is expected to account for a significant share owing to rising disposable income levels among consumers in several European countries. Furthermore, many global women's formal wear businesses are working extensively on marketing and promotional activities in this region to create a footprint in this business.

The Asia Pacific is estimated to be one of the growing markets for women's formal wear in the coming next years. This is owing to its large population base as well as growing middle-class consumer spending capacity in this region. One of the most important drivers of women's formal clothing is the arrival of international brands into the country. Their presence has expanded consumers' perspectives, leading to greater acceptance of new trends and fashions on the market. The Indian customer is more aware of global fashion trends as a result of increased exposure to international fashion trends.

The objective of the report is to present a comprehensive analysis of the Women's Formal Wear market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Women's Formal Wear market dynamics, and structure by analyzing the market segments and projecting the Women's Formal Wear market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Women's Formal Wear market make the report investor’s guide.
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Global Women Formal Wear Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2027


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 170 Bn.


Forecast Period 2022 to 2027 CAGR:
4.9 %
Market Size in 2027:
US $ 226.52 Bn.


 Segments Covered:
by Product
• Apparels
• Footwear
• Accessories


by Distribution Channel
• Online
• Offline


by Price Range
• Low Price
• Medium Price
• High Price



Women Formal Wear Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Women Formal Wear Market Key Players
• GAP Inc.
• Inditex
• Hanesbrands Inc.
• Aoyama Trading Co. Ltd
• M.H. Alshaya Co.
• Kering
• L Brands Inc.
• PVH Corp.
• Mango
• Burberry Group plc
• H51 SAS
• Brookfield Properties and Simon Property Group,
• Authentic Brands Group LLC,
• Prada Holdings S.P.A
• ASOS plc
• New Look Group Ltd.
• Kinnevik AB
• Next plc
• Ralph Lauren Corporation
• Fast Retailing Co. Ltd.
• Espirit Holdings Ltd.
• Mexx Group
• Arcadia Group.
FAQs:
1. What is the restraint for the Women's Formal Wear market in the forecast period?
Ans. Local manufacturers are using poor product quality materials for making formal wear is one of the factors which is expected to hinder market growth over the forecast period.

2. What is expected to drive the growth of the Women's Formal Wear market in the forecast period?
Ans. Entry of branded players and entry of foreign brands, increasing modern trade, increasing discretionary spending in line with their improved lifestyles, increasing the number of working women, and Changing consumer behavior from need-based to aspiration-based buying are the key drivers for the growth of women's formal wear during the forecast period.

3. What is the projected market size & growth rate of the Women Formal Wear Market?
Ans. Women Formal Wear Market size was valued at US$ 170 Bn. in 2021 and the total Women Formal Wear revenue is expected to grow at 4.9 % through 2022 to 2027, reaching nearly US$ 226.52 Bn.

4. What segments are covered in the Women Formal Wear Market report?
Ans. The segments covered are Product, Distribution Channel, Price Range, and Region.