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Women’s formals wear market is one of the fastest-growing markets across the globe. It is very difficult for the market key players to hold their roots in women’s formal segments due to rapidly changing fashion trends in women wearing. The ratio of working-class women is rapidly increasing across the globe; it has been notified that the women workforce is increasing in all sectors such as senior officials, managers, legislators, and others. This will further increase the demand for women’s formal wear across the globe. In 2014, it is reported that 52% of the global female population were working women, and the women’s formal wear market was valued at USD 421 billion.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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Market Size & Forecast
Global women formal wear market stood at around USD 460 Billon in 2017 with a growth of 4.9% in the same year. The market is anticipated to expand at a CAGR of around 6% during the period 2017-2024 with the revenue reaching to more than USD 690 Billion by 2024. Further, the global women formal wear market is expected to achieve incremental $ opportunity of USD 46.3 Billion in 2024 over 2023.
In 2015, Europe region marked the largest consumer base of women formal wear market, imminent followed by North America. In 2015, Europe region has projected a revenue share of 30% in the global women formal wear market. Asia Pacific region is anticipated to expand at a higher compound annual growth rate between 2017 and 2024 due to increasing employment of women in emerging economies such as India and China.
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