Understanding the Formalwear Accessories Market in 2023
Formalwear Marketing and Merchandising Projections for 2023
Every year, the formalwear market experiences fluctuations as trends come and go. After concurrent years of decline, the formalwear category experienced a rebound in 2021 and 2022, with growth expected to continue into 2023. While an increase seems likely, it may slow down compared to previous years. These resurgences tend to be driven by the special-occasion wear segment, with hybrid styles blurring the lines between office and evening wear. Special occasion wear will be one of the top three categories driving growth this year, so understanding its market dynamics can help wholesale buyers make informed decisions. The purpose of this blog post is to take a closer look at the formalwear category and how it consists of three distinct groups. We will also examine market predictions for the future of formalwear attire and jewelry; and how to prepare your business.
Types of formalwear and formal wear accessories
Formalwear falls into one of three categories: office wear, smart casual cocktail wear, and special occasion wear. As a wholesale buyer seeking new products for your stores, it is critical to understand how the different segments within formalwear have evolved. Then you can decide what trends resonate best with the needs and preferences of your customers.
Office Wear
Office wear is the most common type of formalwear. This category formerly included traditional garments like suits, blazers, trousers, skirts, and dresses. Items typically constructed from fabrics such as wool or cotton blends which offered durability. Office attire has traditionally been simple, tailored pieces suitable for both the office and after-hours. However, as workplaces become more relaxed, office clothing has moved away from basic black suits and white button-down shirts towards more creative casual options such as colorful blazers layered over white t-shirts and patterned pant suits worn with designer sneakers. While timeless classics will always remain fashionable, there is an increasing demand for pieces that add a bit of personality, casualness, and comfort to the workplace wardrobe. The go-to jewelry pieces for office wear in 2023 will be statement necklaces, earrings, and watches. Think minimalistic, eye-catching necklaces with multiple color options available in silver and gold tones. Look for pieces that feature geometric shapes such as circles and squares complimented by abstract designs with intricate details that make them stand out from the crowd. Likewise, you will see statement earrings featuring colored stones (like opals) or animal motifs like cats and birds. The number of searches for natural crystals and stones has grown by 6000% since 2021. It is becoming increasingly popular to wear jewelry containing quartz, gemstones, raw crystals, and polished stones. This renewed interest directly ties to the wellness trend taking place. Office wear usually refers to work or other business settings where professional attire is required.
Smart-Casual Cocktail Wear
Smart casual cocktail wear is an alternate style of formalwear that bridges the gap between office wear and evening wear. This style incorporates elements from both categories for a more modern look. Smart casual cocktail attire is all about subtlety — think bold colors or patterns but in muted tones. Velvet blazers are becoming increasingly popular for this style as they offer sophistication and flair without being too stuffy. Shoes should be classic styles such as loafers or oxfords but in bright colors or unique materials such as velvet or suede with fur for added interest. Pieces such as dressy blouses with slacks or jeans would also fall under this category. Smart-casual cocktail wear jewelry trends for 2023 include delicate pieces like dainty pendants featuring words or symbols like stars or hearts, as well as chunky rings featuring semi-precious stones like sapphire, topaz, quartz, or turquoise. For those who prefer a minimalist look, there will be plenty of simple hoop earrings and thin bracelets with charms in different shapes, like bows or hearts. Sparkling jewels are often a go-to choice, but 2023 is turning towards a modern approach. Thick mixed metal designs with gold, rose gold, or gunmetal - paired with pearls or wooden elements. The wellness trend discussed earlier will also seep into the cocktail jewelry trends for the year. Smart-casual cocktail pieces are perfect for events such as dinner parties or galas where semi-formal attire is appropriate.
Special Occasion Wear
Regarding special occasions such as weddings or galas, traditional formalwear remains king. The special-occasion segment is forecast as one of the three main contributors to growth in the formalwear accessories category in 2023. Ball gowns remain de rigueur. However, modern takes on traditional formal attire have also gained traction; jumpsuits, two-piece sets, and lace dresses all offer alternatives to full-length gowns while still maintaining an air of sophistication appropriate for more formal occasions. Items considered part of this group include wedding dresses, mother-of-the-bride dresses, and wedding guest ensembles. Special-occasion pieces are typically constructed from luxurious fabrics like silk or satin and feature intricate detailing such as lace or beading on the bodice or skirt hemline. As far as special-occasion jewelry goes, there are a few key pieces to keep an eye on in 2023. Look out for chokers featuring crystals or pearls set against velvet ribbons that give off a vintage feel reminiscent of the 1920s. In addition, heavy drop earrings adorned with gemstones are making their way back into fashion, as well as bold cuffs featuring intricate designs made from brass or metal work that provide an edgy but sophisticated look perfect for any evening soiree. Lastly, layered necklaces featuring multiple strands of beads in various colors are another key trend this year that offers a mix of classic elegance with a modern flair all rolled into one elegant package. These items are perfect for high-end events like red carpet appearances or black tie galas where glamorous fashion rules supreme.
Trends in Formalwear Accessories
The formalwear accessories market is trending towards hybrid styles that merge office wear with evening wear—for example, suits with sequined detailing or dress shirts paired with tailored shorts. Consumers are also looking for more affordable options for formalwear; they want quality clothing at an accessible price point that will not break the bank. Consequently, there has been an increase in demand for rental services that offer high-end special occasion formalwear at a fraction of the cost of buying them outright.
Forecasted Growth in 2023
As we look ahead to 2023, the formalwear accessories market is forecasted to experience continued growth thanks to an influx of new consumers, particularly younger generations with more disposable income. Special occasion wear will be one of three categories driving growth this year. Understanding its trends can give wholesale buyers an edge over their competitors who are unsure what styles will be popular this year. With this knowledge in mind, wholesale buyers should consider stocking up on classic pieces plus new additions that meet their customers’ needs to capitalize on current trends and stay ahead of the competition.
The blending and merging of styles will be a powerful sales force. Brands should focus on promoting hybrid designs rather than separating styles. For example, create a bridge in items by showcasing their multiple uses across various activities and how they are appropriate to wear in different settings. Display and promote these options to consumers. Think of a natural crystal pendant necklace worn with a blazer and t-shirt for a day in the office. Then display the same pendant necklace with a cocktail dress and even the same blazer set over the shoulders like a cape. Consumers are looking for ways to style what used to be a segmented wardrobe into the blurred fashion lines of 2023.
Consumer purchase trends show they are looking for separates. Pieces that allow them the flexibility to style their looks. Versatility is the most important feature for 2023, and brands that promote this will be successful. The rule applies to leisurewear, through business and cocktail wear. However, versatility and comfort are less critical when addressing special occasion wear. This category shows profit trends for bold, statement designs. Shoppers tend to indulge in unique luxury items. Formal dresses, gowns, and accessory sales increased by 80% from the beginning of 2022 to today. Consumers rent special-occasion pieces they plan on wearing no more than one time. Not only are clothing rentals increasing, but luxury resale platforms are also booming. Consumers want those unique luxury attention-drawing styles but are also mindful of the costs.
How to Market for 2023 Trends
Brands should focus on marketing and merchandising strategies using the above information. Promote versatility in clothing and accessories across all departments. Showcase how to multi-purpose jewelry, accessories, and apparel to your customers. Elevate multi-use pieces to boost sales amongst consumers.
At the same time, recognize the importance of special occasion formalwear. Consumers look to this category for memorable moments in their lives. Shoppers searching for ball gowns and wedding dresses are making category-specific purchases in this department. Categorize formal special occasion attire and jewelry on their own. Make sure to include a subcategory of bridal and wedding items. Include over-the-top gowns and statement jewelry pieces in this category. Promoting this category as such will help to excite customers and drive sales.
Conclusion
The resurgence of formalwear and special-occasion accessories suggests that customers continue to value timeless pieces that can be adapted to fit many different occasions — whether office wear for work days or cocktail attire for those special nights. Understanding these trends now can help you make informed decisions when selecting merchandise later, ensuring you don’t miss out on any potential sales opportunities. The formalwear market constantly changes as trends come and go each year. However, certain constants remain unchanged regardless of fashion trends—namely that special occasion wear will always be popular among consumers looking to glam up for any number of events throughout the year. There is an expected uptick in sales over 2022’s numbers forecasted for 2023. In part to a combination of factors, such as new consumer demand from younger generations and hybrid styles merging office wear with evening attire becoming increasingly popular amongst consumers looking for accessible yet high-quality attire options. Wholesale buyers should understand what trends are influencing this category ahead of time so that they can stay ahead of their competition by stocking up on inventory accordingly early on in the season. The ability to merchandise and market according to the latest consumer shopping trends contributes to the success of your brand.
