Formal wear is one of the categories of dress codes worn in western culture which include various types of attires suitable for special formal occasions. Formal wear has been introduced in the early modern era and has undergone several transformations until the 21st century. Earlier the formal wear was mostly preferred and designed for men but with the leading modern times, the availability of women's formal wear increased rapidly.
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Women's formal wear is rapidly augmenting with the surge in women's empowerment and the evolution of working cultures. The increase in corporate women led to the introduction of various styles in formal wear since the 19th century such as trousers, suits, tailored jackets, long skirts, knee-length skirts, suffragette suit, tuxedo, jackets, and others. The exponential growth of the fashion industry has led to the development of numerous variants in designs and the color of women's formal wear. The opportunity of variants in raw material utilized for manufacturing women formal wear has also expanded and fabrics such as cotton, chiffon, velvet, satin, organza, silk, polyester, wool, linen, poplin, twill, flannel, gabardine and others are used.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Women's formal wear has presented a new trend for corporate women to upgrade their formal attire according to the norms of the working culture. Numerous variants of shirts, skirts, trousers, jackets, dresses, and others are available in the women's formal wear segment. The surge of professional women, requirement for daily outfit, changing fashion trends, growth of the fashion industry, investment in R&D, availability and improvement of various types of fabric, new product development, comfortable formal outfits, semi-formal wear, utilization of formal wear as causal outfit, working cultures, surge in designers, availability of women formal accessories such as cufflink and others, career-oriented women, tailored suits, customization of formal outfit, availability of numerous variants in colors, requirement of women’s formal wear in professional degrees and universities, large-scale production and orders, dress codes, seasonal outfits, launch of stylish designs in formals, maintenance of social status, enormous opportunity for innovation, surge in technology, low production cost, evolution of traditional formal wear, improved product quality, increased automation and technology for production, skin-friendly fabric, enhanced durability and strength of fabrics, high color retention properties, celebrity endorsements, e-commerce, gift cards, discounts and offers, social media promotions and increasing disposable income are the key driving factors for the growth of women formal wear market. However, expensive designer formal outfits, increased global competition, unorganized market, and availability of substitutes hinder the growth of women formal wear market.
Embellishing Women Formal Outfits
The key manufacturers are inclined towards the utilization of various fabrics for the launch of variants in women's formal wear. The focus has been shifted towards functional and comfortable formal outfits which can be worn casually as well.
The changing trend in design and style has presented various opportunities for new product development. Recently the trend of women shirts, peg trousers, striped designs, pencil skirt, body cone formal dress, blazers, Indian formal sari, bow shirts, handbags, and others are leading the women formal wear market. They are available in a wide range of colors, numerous sizes for all body shapes, and customized options. The availability of formal accessories such as cufflinks, shoes and flats, stocking, scarf, belts, jewelry, and others along with the outfits is also leading the growth of women formal wear market.
COVID-19 Scenario Analysis
- The COVID-19 scenario has impacted the sales and revenue of women formal wear market. The decline in the availability of updated styles of women formal wear due to the shutdown of distribution channels such as specialty stores amid the lockdown regulations has impacted the sales of women's formal wear market. However, e-commerce platforms have been proven beneficial, as the safe delivering system and sanitization practices are implemented. Additionally, several discounts and offers are offered to customers.
- The transportation restrictions have affected the procurement of fabrics required for manufacturing as well as the shutdown of manufacturing units and a shortage of designers on the field has hampered the production of women formal wear market.
- The global supply chain of women's formal wear market has been disrupted due to export and import restrictions in various countries leading to difficulty in providing the latest trends in specialty stores.
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Key Benefits of the Report
- This study presents the analytical depiction of the global women formal wear industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global women formal wear market share.
- The current market is quantitatively analyzed to highlight the global women formal wear market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed global women formal wear market analysis based on competitive intensity and how the competition will take shape in the coming years.
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Have you ever got an invite that requires semi-formal wear as a dress code or have you ever been to a semi-formal event?
If not then you surely are unaware of the fact that semi-formal wear is different clothing as compared to formal wear and requires an equally different way of styling.
In the old times, there used to be only a few styles of clothing that people had.
The global women wear market size is expected to reach USD 1,913.88 billion by 2025, according to a new report by Radiant Insights, Inc.
The presence of premium companies such as Armani, Gucci, and Zara SA makes this region even more significant due to high demand for these brands.
North America is anticipated to be the second largest regional segment in terms of revenue with market share of exceeding 26% at the end of the forecast period.
Especially in developing and under-developed countries the governments are encouraging more participation of women in sports and other fitness related activities, which in turn is projected to bode well for the market growth.
Further key findings from the report suggest: • The market for top wear is projected to exceed a revenue of USD 657.22 billion by 2025 • Footwear segment is anticipated to generated a revenue of USD 124.98 billion in 2018 • Europe is expected to account for 37.77% of global revenue share by 2025 • Some of the key players operating in the global women wear market include Giorgio Armani S.p.A., MANOLO BAHNIK, DIOR, LOUIS VUITTON, Burberry, DOLCE & GABBANA S.R.L, PRADA, Guccio Gucci S.p.A., Chanel, Gianni Versace S.r.l.to name a few.
Industry Value Chain Analysis 3.3.1.
