Prom Dresses Industry 2020 can project a decent growth at a rate of 3.5% between 2019 and 2024 (evaluation period), expects MRFR (Market Research Future). MRFR also anticipates the market value to reach an impressive USD 15.5 billion by 2024-end. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Challenges
Prom dresses are a huge hit among North American consumers, especially in Canada and the United States. Prom dresses that are made of chiffon fabric are particularly in demand among the teen consumers. A number of prom dress manufacturers are striving to bolster their product range by including different design and style to appeal to the target consumers to improve their profit margins. Prevalence of urban lifestyle and the surging awareness level with regard to the new fashion trends has been favorable for prom dresses, in terms of sales. This rising awareness level about fashion trends among consumers has prompted the top manufacturers to spend considerably on developing new kinds of prom dresses. Many players are establishing strategic partnerships with popular e-commerce portals to boost their global reach; hence the expanding online shoppers’ population worldwide is proving to be quite favorable for the Prom Dresses Industry.
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The prom dresses market also stands to benefit from the heightened demand for formal evening dresses that include prom dresses, which have been designed by famous fashion designers. Prom dresses’ popularity is also the result of the mounting number of celebrities endorsing them, which resonates specially with the youth. Wide availability of various product types and the robust distribution channels belonging to the vendors also contribute majorly to the market growth. Majority of the prom dresses are generally made using high quality fabric such as satin, chiffon, organza and worsted, which enjoy a huge demand from consumers. However, the dresses that are made of 100% polyester with a broader range of styles and designs are observing an escalation in demand across the globe.
Luxury apparel has emerged as an attractive space for the manufacturers to focus on, considering the soaring number of fashion-conscious and elite consumers across countries. Prom dress companies are also collaborating with each other to combine their respective expertise and gain impetus in the global Prom Dresses Industry. To illustrate, in February 2020, L’eggs Hosiery partnered with “Operation: Deploy Your Dress” with the aim to support women that are in the military or are military spouses. L’eggs Hosiery and Operation: Deploy Your Dress are encouraging people to gift prom dresses along with formal gowns and bridesmaid dresses to the nonprofit.
Leading Players Review
Highly reputed Prom Dresses Industry vendors profiled in the MRFR study are VICTORIO & LUCCHINO (Spain), Shiseido Company, Limited (Japan), YOLANCRIS (Spain), Primavera Couture LLC (US), Cymbeline Forever S.A.S (France), Sherri Hill, Inc. (US), Betsy And Adam (US), Adrianna PAPELL (UK), Jovani Fashions Ltd (US), Marchesa (US), Grupo Franc SARABIA (Spain), FAVIANA International (US), Nordstrom (US), BADGLEY MISCHKA (US), White Factory Holding S.L.U. (Spain), to mention a few.
Prom dresses industry can be considered for type, fabric and distribution channel.
The various types of prom dresses are short dresses, knee-length dresses and long dresses.
Prom dresses are available in different fabrics, such as organza, satin, chiffon, and others.
Some of the key distribution channels in the market are store-based as well as non-store-based. The store-based channels are specialty stores, supermarkets & hypermarkets, and more.
Prom dresses market size has been studied extensively in the report, with respect to a few regions, namely Europe, Asia Pacific or APAC, North America, as well as RoW or rest of the world.
The North American market for prom dresses has remained the most lucrative since 2020 and is set to perform spectacularly in the coming years as well. The vast teenage population, robust promotional and advertising campaigns by leading brands and the high disposable income of people add significant value to the regional market. With the surge in social media and celebrity influencers, prom dresses have gained substantial traction in the region, with these brand ambassadors setting the benchmark associated with various designs and styles that appeal to the millennials. Given the favorable scenario, manufacturers are now more focused on getting famous celebrities to endorse their products to bolster brand recognition and elevate consumer demand in the region.
Some of the fastest developing economies in the world are present in APAC, wherein the female population is increasingly turning fashion-conscious. This is the case owing to the emergence of e-commerce, fashion magazines and social media influencers. Also, the rising prevalence of the western culture of celebrating prom and the introduction of innovative designs and styles that caters to every consumer need also fosters market demand in the region. Online shopping portals are serving as the ideal mediums for designer brands to showcase their products and enhance customer base in the region, leading to significant business growth. The burgeoning millennial populace in India and China also induces growth of the APAC prom dress industry.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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