PROM DRESS MARKET OVERVIEW
The prom dress market share is expected to grow from USD 14.6 Billion in 2020 to USD 18.4 Billion in 2028, with a compound annual growth rate of 3.80% during the period of forecast.
The prom dress is a type of apparel worn on special occasions such as prom, graduation parties, or on a different special occasion. It can also be worn as an evening dress for a party. Prom dresses are also considered luxury apparel. These dresses are made up of lightweight fabrics that are not itchy, hot, or easily tear-able. These fabrics are considered while keeping various factors in mind such as the comfort of consumers and wearing of dress on occasions that involve different body movements such as dancing and dining. Prom dresses can be very uncomfortable but the use of the right fabric such as chiffon will take away this drawback and also make the dress a gorgeous and glamorous one. These prom dresses are popular among teenagers. The gowns for girls and tuxedos for boys are considered to be prom dresses. Wearing such dresses at the party is also considered to be a symbol of high status these days.
The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the prom dress market. Due to this pandemic situation, restrictions were imposed by the government of different countries. Due to such restrictions, all the manufacturing units and stores were closed where the prom dresses were available for sale. Secondly, all types of restaurants, hotels, bars, or other places were closed so the people didn’t have any kind of need for buying such prom dresses. Apart from this, the gathering of people at a single place was also restricted and events like farewell parties, club parties, or fresher’s parties among which the prom theme is mostly followed did not take place due to the closure of educational institutes. Due to the above-mentioned reasons, this industry has been impacted drastically. Also, the demand and production of different types of fabrics are anticipated to be strongly impacted by this pandemic situation. But there is a ray of hope that the prom dress market will recover its losses very easily once the pandemic situation gets over or something better.
The changing lifestyle of people in the developing countries and the drive among them to be updated and upgraded following the latest fashion trends is one of the major reasons for the increased sales of prom dresses which in turn leads to the growth of this prom dress market. Also, the rising adoption of prom culture among the teenage population is another factor boosting sales of prom dresses. Another factor responsible for the growth of this prom dress market is daily changing fashion trends due to which there is an increase in the variety of options offered by the key players of this market to cope up with the consumer’s demand.
One of the major factors that may impact the growth of this prom dress market is the unpopularity of prom themes among some regions around the globe. Secondly, due to the usage of such good quality fabrics, the cost of such type of dresses is very high and cannot be afforded by everyone which in turn is another factor that may hamper the growth of this market to a great extent. No doubt some prom dresses are available at a very affordable price but the durability of such dresses and quality of material used is very poor.
The process of manufacturing such fabrics used in prom dresses is very lengthy and complex, due to which the key players have to face many challenges such as shortage of skilled labor, raw material, or suitable machinery. There are a lot of innovative design ideas which are being implemented by the companies to increase their sales. Smart machines are being developed in which the person just has to upload the design of the dress and the machine will operate automatically and make use of fabric and threads by itself and the final product will come out at the end. The observer just has to take care of threads and fabrics being properly placed and that too in the right proportion in the machine.
Prom dresses market share is anticipated to witness significant growth owing to the performance of different market segments. Among these segments, the chiffon segment will be the fastest-growing and also contribute towards this market growth more than any other segment. Most of the prom dresses are made up of chiffon material due to their softness and durability. The high-class people of this society prefer such dresses due to their quality and they're being used as a symbol of showing off. This material can be used in making all types of dresses such as long, short, or knee-length dresses. The main reason responsible for the growth of this segment is due to the increasing demand of it among the population due to its cost-effectiveness in comparison to other materials used for making prom dresses. For an amplifying use the market has been segmented into the following on different bases:
Based on the type of dress, it has a long dress, short dress, and knee-length dress.
Based on the type of fabric used, it has chiffon, satin, organza, and others.
Based on the distribution channel, it has store-based and non-store- based.
The store-based segment of the distribution channel is further sub-segmented into supermarkets, hypermarkets, and specialty stores.
The prom dresses industry movements are remarkably working in 6 major regions of the world that is North America, Asia Pacific, Africa, Europe, the Middle East, and Latin America. Among all these regions, the North American region will dominate this market, and the reason attributed to it is the rising number of teenage populations and increasing per capita disposable income of people. Also, the powerful promotional campaigns launched by prime players of this region to advertise and make a strong impact on the audience is another factor responsible for the growth of the market in this region. Asia Pacific region will also witness significant growth in this market during the forecast period owing to the rise in adoption of the tradition of celebrating proms on different occasions whether it is a fresher’s party, farewell theme party, or events organized by different clubs based on prom theme, etc. lastly the European region will experience a noteworthy expansion due to regular launches of new and innovative styles of dresses to cope up with the consumer’s requirements. The Middle East and African region will witness moderate growth during the forecast period due to the non-popularity of the prom theme and its celebration in this region
To get a detailed and profound idea about the prom dresses market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of this prom dress market include:-
JOVANI FASHIONS LTD (US)
SHERRI HILL, INC. (US)
SHISEIDO COMPANY, LIMITED (JAPAN)
WHITE FACTORY HOLDING S.L.U. (SPAIN)
PRIMAVERA COUTURE LLC (US)
FAVIANA INTERNATIONAL (US)
ADRIANNA PAPELL (UK)
BADGLEY MISCHKA (US)
GRUPO FRANC SARABIA (SPAIN)
YOLANCRIS (SPAIN), NORDSTROM (US)
VICTORIO & LUCCHINO (SPAIN)
BETSY AND ADAM (US)
CYMBELINE FOREVER S.A.S (FRANCE)
CAROLINA HERRERA (US)
OSCAR DE LA RENTA (UK)
FRANC SARABIA (ROMANIA)
MONIQUE LHUILLIER (PHILIPPINES)
The prime manufacturers of this prom dress market are trying to join hands with top designers so that the design of the apparel offered by them can be changed and altered according to the demands of this modern era.
The prime players of this prom dress market are opening their apparel stores and expanding their product portfolios with the reality of style and designs to attract more customers and enhance their goodwill in the market.
Prom dresses manufacturers
Material suppliers and distributors
Retailers, distributors, and wholesalers
Traders, exporters, and importers
The prom dresses industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
|Market Size||USD 18.4 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Fabric, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||JOVANI FASHIONS LTD (US), SHERRI HILL INC. (US), SHISEIDO COMPANY LIMITED (JAPAN), WHITE FACTORY HOLDING S.L.U. (SPAIN), PRIMAVERA COUTURE LLC (US), FAVIANA INTERNATIONAL (US), ADRIANNA PAPELL (UK), BADGLEY MISCHKA (US), MARCHESA (US), GRUPO FRANC SARABIA (SPAIN), YOLANCRIS (SPAIN), NORDSTROM (US),VICTORIO & LUCCHINO (SPAIN), BETSY AND ADAM (US), CYMBELINE FOREVER S.A.S (FRANCE), CAROLINA HERRERA (US), OSCAR DE LA RENTA (UK), FRANC SARABIA (ROMANIA), MONIQUE LHUILLIER (PHILIPPINES)|
|Key Market Opportunities||Changing lifestyle of people in the developing countries|
|Key Market Drivers||Rising adoption of prom culture, Daily changing fashion trends|
The expected CAGR growth would be 3.80%.
USD 18.4 billion will be the market valuation by 2028.
The Key players of the market are JOVANI FASHIONS LTD (US), SHERRI HILL INC. (US), SHISEIDO COMPANY LIMITED (JAPAN), WHITE FACTORY HOLDING S.L.U. (SPAIN), PRIMAVERA COUTURE LLC (US), FAVIANA INTERNATIONAL (US), ADRIANNA PAPELL (UK), BADGLEY MISCHKA (US), MARCHESA (US), GRUPO FRANC SARABIA (SPAIN), YOLANCRIS (SPAIN), NORDSTROM (US),VICTORIO & LUCCHINO (SPAIN), BETSY AND ADAM (US), CYMBELINE FOREVER S.A.S (FRANCE), CAROLINA HERRERA (US), OSCAR DE LA RENTA (UK), FRANC SARABIA (ROMANIA), MONIQUE LHUILLIER (PHILIPPINES).
The North American region is likely to have the maximum growth.