The global women’s wear market is prognosticated to get shot in the arm as fashion becomes a larger part of people’s lives. The reason for this is that it is not just women showing interest in fashion but also men as new products continue to fill shelves. Promotion and marketing of women’s wear have also played a critical role in increasing the demand in the global market. This could be supported by rapid urbanization and industrialization witnessed in leading regions of the global women’s wear market. Rise of online retail and e-shopping could act as another factor propelling the growth of the global women’s wear market.
Latest fashion trends becoming popular on social media are envisioned to provide a fillip to the growth of the global women’s wear market. Increasing consumer confidence could help the global women’s wear market to gain impetus in terms of sales growth. Improving disposable income, especially in APEJ, is expected to push the demand for women’s wear. Growth in the number of working women around the world could also increase the demand in the global women’s wear market.
Fact.MR projects the global women’s wear market to reach an US$829.6 bn valuation by the end of 2022. Among various categories of women’s wear, ethnic wear is poised to be valued at a US$64.1 bn by the same year. This segment could also post a higher CAGR among other women’s wear categories during the forecast period 217-2022. By revenue, it secures close to a tenth of the total share of the global women’s wear market. Moreover, this share of the global women’s wear market could increase in the near future. Women’s wear can be classified into other categories such as footwear, accessories, trousers/skirts, sportswear, tops/shirts/T-shirts, sleepwear, winter wear, and innerwear.
On the basis of demographics, the global women’s wear market is segregated into 66+, 56-65, 46-55, 36-45, 26-35, and 18-25. By the end of the forecast period, a US$31.0 bn valuation could be obtained by the 18-25 women’s wear market. This segment is foretold to post a 5.4% CAGR during the said forecast period. By the final forecast year, it could gain a significant share of the global women’s wear market. Currently, it nearly collects a third of the total revenue share of the global women’s wear market.
As per sales channel, the global women’s wear market is divided into online, specialty stores, franchise stores, and modern trade.
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From a geographical perspective, the global women’s wear market is envisaged to witness the rise of APEJ as a leading region due to increase in population. On the basis of value, this region could show sheer dominance on the global women’s wear market. This trend is predicted to continue until the end of the forecast period. Although it could grow at a moderate CAGR, APEJ could be one of the most attractive regions of the global women’s wear market. Increasing experimentation with clothing and the sense of self-consciousness in some women, if not all, are expected to cause a surge in the sales of women’s wear.
Companies are expected to bank on different strategies for extending their presence in the global women’s wear market. For instance, they could adopt merger and acquisition, collaboration, and new product launch to increase their share of the global women’s wear market. Women’s wear companies may also look to explore new markets and geographies for strengthening their position in the global market. Participating in fashion parades or shows could be a popular tactic to exhibit new product lines in the women’s wear business. Word-of-mouth marketing is also expected to play an important part in popularizing new products offered in the global women’s wear market.