Global women formal wear market is expected to register a notable CAGR over the forecast period. Moreover, the global market is projected to grow on the back of increasing number of women entering the workforce. Further, the women participation rate in global workforce is rising continuously and due to this demand for formal wear has been gradually increasing over the years.
The high price segment by price range is likely to grow at remarkable pace during the forecast period. Increasing awareness among women regarding various apparel brands is expected to foster the growth of this segment in upcoming years. Further, women spend a substantial part of their income on apparel. Further, increasing women disposable income across the globe is expected to escalate the demand for branded formal wears in future.
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The global Women Formal Wear Market is segmented by product type into apparels, footwear, and accessories. Among these segments, apparels segment acquired lion shares of market in previous years and is expected to witness considerable growth over the forecast period. Women spend vast amounts of money on clothing and accessories. Factors such as increasing awareness among women regarding various apparel brands & fashion trends are expected to augment the growth of this segment in near future. Rapidly changing fashion trends and great urge among female population to look and feel good are key factors that are leading women to spend more on apparels and accessories. This factor is responsible for notable growth of this segment globally.
Rapid Urbanization and Globalization
The world is going through a great urbanization, digitalization and globalization, and due to this the retail industry has totally transformed. Rising number of malls in urban areas and towns that have multiple brands under a single roof is a major factor that has encouraged many women to spend more formal wears. Further, this rapid urbanization and globalization are expected to escalate the growth of global women formal wear market in future.
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Government Initiatives and Support
Various initiatives by the government to promote women employment 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.
Due to unorganized market in the clothing industry, local manufacturers along with their poor quality of products are major restraints that are anticipated to restrain the growth of market in near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global Women formal wear market which includes company profiling of Gap Inc., PVH Corp., Michael Kors, UNIQLO CO. LTD., Kering S.A., Burberry Group PLC, Prada S.p.A., HUGO BOSS AG, SCAROSSO, H&M, and Industria de Diseño Textil, S.A. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Women formal wear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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