Western Wear Market: Introduction
- Western wear is women’s, men’s, or kid's clothing that derives its exclusive style by signifying to the clothes worn in the 19th century Wild West.
- The Western wear market can be divided into two categories: office wear/business wear (corporate wear), which involves formal shirts, skirts, trousers, dresses, and suits; and occasion-specific wear, which comprises clothing worn during occasions such as award ceremonies, proms, and weddings.
Key Drivers of the Global Western Wear Market
- Modern trends such as advent of e-commerce, shift in consumer preference, rise in fashion consciousness among the youth, increase in disposable income, and improved lifestyle are expected to have a positive impact on the global western wear market during the forecast years.
- Across the globe, e-commerce has influenced all industries. The retail industry including apparel retail is also influenced by rise in e-commerce. In the near future, the e-commerce channel in the overall retail industry is expected to become the largest channel.
- These factors are likely to drive the demand for western wear globally in the coming years.
Growing Working Women’s Population in the Global Market to Offer Attractive Opportunities
- Rising population of working women and increasing adoption of western clothes in the corporate sector is expected to popularize western wear.
- Arrival of international brands, rising popularity of e-commerce sites and social media, nuclear families, rise in brand awareness, and working women with higher disposable income are also key opportunities in the western wear market for upcoming brands in the future.
- For example, justifiable economic development, a good understanding of international brands, and a growing middle-class has made India a robust market for the expansion of women’s western wear in the country.
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Counterfeit Options to Hamper the Market
- Various local and unorganized players offer low cost products made of cheap quality materials which are uncomfortable to wear and also cause skin problems. This is likely to restrain the western wear market throughout the forecast period.
- Rising demand for western clothing across the globe is offset by the increase in counterfeit clothing products. These products are increasing their presence on social media sites to enhance their sales.
Asia Pacific Projected to be the Fastest Growing Region of the Global Western Wear Market
- In 2018, North America and Europe dominated the western wear market globally as they are the traditional western wear markets.
- However, in terms of CAGR, Asia Pacific is projected to be the fast growing market during the forecast years as the region has a large youth population especially in India and China. Moreover, rising adoption of western lifestyles and culture in Asia Pacific countries is increasing the adoption of western wear in the region. The western wear market in Asia Pacific is anticipated to grow faster than established regions owing to its large population and rising adoption of western culture.
Key Players Operating in the Global Market
Key players in the western wear market are estimated to witness growing demand for western wear throughout the forecast years owing to introduction of latest western wear that inspire customers and encourage them to spend more on their outfits. Manufacturers are focusing on acquisitions, expansions, and collaboration with startup companies as their main strategy to gain significant market share. Additionally, the market is anticipated to witness improvement in the trend of manufacturing new products with attractive packaging, and spending more on promotion of products. A few of the key players operating in the global western wear market are:
- Aditya Birla Fashion and Retail Limited
- Forever21 Inc.
- Marks & Spencer
- Hennes & Mauritz AB
- Benetton Group
- Diesel SpA
- The Gap, Inc.
- PVH Corp.
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Global Western Wear Market: Research Scope
Global Western Wear Market, by Type
Global Western Wear Market, by End-user
Global Western Wear Market, by Distribution Channel
Global Western Wear Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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10. What will be the barrier to entry for new players in the market?
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