Prom dresses market 2020 could most likely touch USD 15.5 billion by 2024-end, reveals Market Research Future (MRFR). The global market is also set to record a CAGR of 3.5% between 2019 and 2024. 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.
Also Read : https://www.marketwatch.com/press-release/prom-dresses-market-size-share-covid-19-pandemic-impact-top-key-players-strategy-sales-industry-penetration-business-opportunity-and-global-forecast-to-2024-2020-08-20
Top Boosters and Key Barriers
Since the major outbreak of the novel coronavirus, several countries have imposed a lockdown and come up with guidelines that prevent social gatherings, one of which is prom or any sort of party. This has resulted in cancellations of these events, hitting the shops and retail shops that offer prom dresses and other apparels for large events. With the customer demand dropping, and previous orders being canceled following the SARS-CoV-2 outbreak, the prom dresses market has been on a downward trajectory.
The apparel industry is mostly reliant on physical stores, and the lockdown due to the pandemic has proved to be a huge disaster. The prime focus as of today is on essential goods that facilitate survival while fashion has now turned into an after-thought among people. However, the COVID-19 outbreak has accelerated the use of digital technology in the fashion and apparel industries, with e-commerce emerging the clear winner. In general, the expanding teenage populace along with the rising popularity of prom as well as graduation parties in developing countries could also boost the demand for prom dresses in the following years.
The prom dresses market is advancing in conjunction with the growing efforts by leading manufacturers to boost their product portfolio for an enhanced customer base. These manufacturers are coming up with different designs and styles of prom dresses to cater to the changing preferences and taste of their consumers. The constantly evolving fashion trends have prompted leading brands to devise new options of dresses, which can favor the market growth in the years ahead.
Prom Dresses Market Share has been divided in terms of material, type, fabric and distribution channel.
Prom dresses market, depending on the material, caters to polyester/cotton, spandex/polyester, 100% polyester, and others.
The types of prom dresses available in the market are yarn dyed, beaded, knitted, appliqued, and more.
Prom dresses market, product-wise, has been considered for satin, chiffon, organza, worsted, and others.
The main distribution channels in the global market are store based as well as non-store based.
Asia Pacific/APAC, North America, Europe, and the rest of the world/RoW are the key markets for prom dresses worldwide.
The North American prom dresses market has been in the lead since 2018, and can retain its position throughout the evaluation period. The vast population of teenagers, accelerated number of promotional campaigns conducted by renowned firms and the high disposable income of people are cited to be some of the top growth inducers in the regional market. The continuous new launches of innovative dresses in different styles and designs that cater to every demand of the consumers have led to high sales of prom dresses in North America. Apart from this, prom dresses have gathered immense traction thanks to the frequent endorsements by well-known celebrities and the high use of social media among people. Canada and the U.S are the biggest prom dresses manufacturers in the region. The U.S is the most lucrative market here, because of the increasing preference for party and evening dresses along with the mounting awareness with regard to the latest trends in the fashion industry.
Eminent Market Firms
Eminent market firms profiled in the study are Primavera Couture LLC (US), Yolancris (Spain), Badgley Mischka (US), Adrianna Papell (UK), Jovani Fashions Ltd (US), Shiseido Company Limited (Japan), Marchesa (US), Faviana International (US), Nordstrom (US), Sherri Hill, Inc. (US), Cymbeline Forever S.A.S (France), Betsy And Adam (US), Victorio & Lucchino (Spain), White Factory Holding S.L.U. (Spain), Grupo Franc Sarabia (Spain), to list a few.
July 2020 Prom Dress Auction LLC has launched a new website where one can either sell a prom dress or purchase a dress that has been used gently. The website has picked up steam following the COVID-19 outbreak, since physical stores had to be closed down and people are going more digitized than ever before. The platform provides a diverse range of dresses, including retail, custom-made dresses, pre-owned, new dresses, homecoming gowns and samples.
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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