The global women wear market size was valued at USD 1,386.1 billion in 2018 and is expected to register a CAGR of 4.7% from 2019 to 2025. The growth is attributed to growing female population, increasing number of working women, evolving fashion trends, and high spending power of consumers. Growing influence of social media and celebrities is driving the manufacturers to continuously introduce new designs and styles. Furthermore, brands have been dedicating endeavors to expand their consumer base, whether it is through e-commerce sites, offering discounts, celebrity endorsements, or customization of fashion to suit individual needs.
The improved ratio of women to men along with increasing number of working female population is impacting the market positively. According to the World Bank data, women comprise around 39% of workforce across the world. The number has seen an upward trend in last two decades, according to UN Women. With the feminine segment of the society having better access to and engagement with internet along with the independence of decision making, the manufacturers are continuously offer trendy products thereby contributing to the growth of the market.
Continuous innovation in clothing trends, celebrity endorsements, magazines dedicated to fashion statements are expected to boost the global women wear market. Furthermore, it is observed that brands not only are innovating the trends in general but are also focusing on introducing apparel, footwear, and accessories suitable for various occasions. Going a step ahead, trend for fashion specific to venues has been gaining increasing acceptance, majorly influenced by celebrity endorsements such as the airport look, workout look, and others.
The boom in the e-commerce sector has been acting as a catalyst for the global market growth. The high-end brands which once were limited to the upper section of the society travelling to fashion destinations such as Milan and Paris have embraced women of all classes via the e-commerce channel. Women from all strata of life can be seen indulging in fashion and trends. Ease of accessibility, payments, and easy return policies are all creating a push for the market.
Women top wear held the largest market share of around 35% in 2018. This growth is driven by the availability of a wide variety of products. A random shopping website or a retail shop offers a wide range of shirt, tops, t-shirts, and other products. Availability of variety in terms of designs such as polos, ruffles and frills, wraps, asymmetric, tanks, and crops, among others, is projected to bode well for the growth. All these products are available in a variety of fabrics including silk, denim, cotton, shear, chiffon, crepe, georgette, rayon, leather, and faux among others.
To further compliment this diversity, clothing pattern comes into the picture in the form of solids, prints, florals, polkas, checks, and stripes among others. The variety coupled with the trend for mix and match has been driving the growth. The changing trends have been creating a strong foothold among millennials, which is anticipated to further fuel the demand.
Offline distribution channel accounted for the largest market share of more than 56% in 2018, driven by exposure and accessibility to the large number of shoppers. A certain section of the society, mostly Generation X, is not so comfortable with buying clothes online. There, unawareness regarding e-commerce, reliability on offline stores, and dependence on assisted shopping has created a customer base for the offline retail stores. Adding to this, season clearance sales and instant availability have been driving the popularity of offline distribution over the years.
Online distribution channel is expected to expand at the fastest CAGR of 5.0% from 2019 to 2025, attributed to the availability of newest trends, rarest brands, and affordable prices with big discounts. Moreover, all this is available in just one click and comes along with suitable payment modes. This has been successfully drawing people towards making major benefits from it. In addition, most of these online shopping spaces have collaboration with various other banks, payment modes and offer extra discounts when payments are made using specific medium. Due to this, banks and other payment channels have been promoting themselves via these e-commerce websites, doing extra marketing, and boosting the overall sales.
Europe is the largest shareholder in the market owing to economic independence of the female population and augmented fashion consciousness prevalent among its crowd. Further, the purchasing power parity in the region is higher than most others. Europe is home to the largest global brands such as Chanel, Dior, Lacroix, Gucci, Prada, Versace, and others. Thus, the region has a huge influence on global sales.
Asia Pacific is anticipated to showcase the fastest CAGR of 5.5% during the forecast years. This scenario is credited to the growing establishment of offline and online players in the market. Furthermore, the increasing ability to pay for its requirements are adding to the growth.
Some of the key players operating in the global 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, and Gianni Versace S.r.l. The companies majorly focus on product launches and innovative ways of distribution to reach to a greater customer base. Continuously evolving customer preference have paved the way for significant penetration of a large number of online retailers catering to specific or varied needs. Some of the popular e-retailers include FabAlley, Ajio, Asos, Koovs, Shein and others.
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