Women and Fashion are Inseparable!
Women’s fashion has contributed a lot globally. Probably because women are the most conscious people when it comes to what they wear plus the constant release of trending clothes. The value of the fashion industry, especially in women wear, is estimated to be over 600 billion dollars and employing more people than most leading industries worldwide. Some of the increased statistics have been contributed by the increase in women that incline more on fashion.
Women Fashion Growth
According to current records and the consistent market flow, the women’s fashion industry is expected to grow to almost 5 per cent by 2025. This growth is attributed to women empowerment, an increase in the number of working women, continuous evolving fashion trends, and the ability to spend more on various emerging women products.
Also, internet influence has played a significant role today where manufacturers are benefiting through easy exposure to their products. Celebrities and social media influence are seen as another big contributor where consumers are able to learn about new styles and designs. On the other hand, through online channels, manufacturers have been able to expand their reach using e-commerce sites, personal customisation of women wear to meet their needs, endorsements from celebrities, and discounts.
According to the World Bank, the workforce of women globally is 39 per cent, and this number is increasing with speed, which has been observed in recent decades. This women’s statistics level of engagement online is very high, and they are independent when it comes to making decisions. It is something many manufactures have learned and are capitalising on this women group to offer them trending products; that is another reason for women’s fashion growth.
Employment
The growth of women’s fashion industry is not only expanding around the globe but helping to increase employment to all gender. When you look at the US alone, the industry accounts for about 2 million people employed in various sectors within the fashion industry. The average annual wage ranges from $26,000 up to $84,000. Another good thing with the fashion women industry is the ability to balance between the haves and have nots. Also, the women’s fashion industry has benefited both the educated and those who are not, meaning the sector is not discriminative regardless of your country or background.
Insights
The most selling among the women’s clothing products are top wear, which by the year 2018 recorded a market share of about 35 per cent. The growth of women top wear is a result of the availability of various products that resonate with women’s needs. You will find clothing websites and retail shops, displaying a variety of t-shirts, tops, blouses, and others. You will also find designs such as frills, asymmetric, tanks, polos, crops, ruffles, and more, which play a part in the growth. The process of getting such items a couple of years back was not an easy process. But now the internet makes the process easier, and you have an opportunity to choose whatever fabric you desire.
Most women fashion clothes come into the picture through a form of floral, solids, prints, checks, polkas and stripes, and others. These shifting trends have strongly been embraced mostly by the millennial, and with times the demand is going up.
Regional Insights
How has the clothing industry focused on women wear doing regionally? The statistics for all regions record a constantly growing trend over the years. For instance, Europe is considered as the largest shareholder in the entire women fashion market, and this is due to the high economic independence of the women who are conscious about fashion among its crowd. Also, another contributing factor is women’s purchasing power is higher when compared to other regions.
Europe has a rich history regarding women’s fashion, and no wonder it’s the home to many reputable brands such as Prada, Dior, Versace, Chanel, Gucci, and many others. Another important market leading to more growth in women fashion is the United States, which also houses some of the world’s largest fashion companies. One notable brand in the US is Nike, although it mostly leans more on athletics and lifestyle. Nike company has an annual revenue of over 30 billion and a market value of about $105,000.
The other regional market that is projecting very high results in the Asia Pacific, and according to the current statistics, the demand may grow with over 5 per cent. The entire global market is credited for its growth through the establishment of online and offline players in the market.
Conclusion
While the growth of women’s fashion industry has recorded growth in recent years, some brands had to close their businesses due to stiff competition. The ones already experiencing growth favour them have identified the area of an increased market outside the western world, a high number of people accessing online through smartphone penetration and emerging of the middle class worldwide with disposable income.
The current trend is projected to increase in the coming years as the new group of consumers that are stirring the market changes to fall between 16 years of age to 34 years. A lot seems to change now that there are no digital barriers preventing entry of clothing merchants globally. Let’s wait and see what the future holds for the women’s fashion industry.
Written by – Tulika Sinha
