Lingerie Market: Changing Attitude towards Self-presentation Contributes to Soaring Revenue
Transparency Market Research points out that the leading brands in the global lingerie market are L Brands Inc., LVMH, Jockey International Inc., Hanes International, and PVH Corporation. Powerful branding such as Victoria Secret and PINK by L Brands Inc. are expected keep these players in the lead in the coming years. Several players in the global market will also try to open stores in varying geographical locations to expand their consumer bases in the near future.
According to the research report, the global lingerie market was valued at US$33.18 bn in 2015 and is estimated to climb to US$55.83 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is estimated to surge at a CAGR of 6.4%.
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Europe Projected to Acquire Share of 33.64% in Global Market
The types of lingerie available in the global market are bra, knickers and panties, lounge wear, shape wear, and others. The bra segment dominated the global market in 2015 and is expected to acquire a share of 36.0% by the end of 2024. The fact that bra is an essential part of any attire for women will drive the segment in the coming years.
On the basis of geography, the global lingerie market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe held the leading share in the global market in 2015 and is anticipated to dominate the global market in the coming years as well. The report states that the Europe lingerie market will account for a share of 33.64% by the end of 2024.
Increasing Participation of Women in Sporting Activities Benefits Global Market
The increasing focus on women on the way they carry themselves has is the primary growth driver for the lingerie market. The changing attitude towards self-presentation is making most women spend on good pieces of lingerie that complement their attire. Furthermore, the growing inclination of women to spend on lingerie on the basis of occasion and usage has also augmented the demand for good quality of lingerie in the global market. For instance, increasing participation of women in sporting activities has propelled the sale of sports bra in recent years. Additionally, innovation in design, material, and fit is also expected to favor market’s growth in the coming years.
The wide availability of various types of lingerie products across different channels has also been a supporting factor to the burgeoning global lingerie market. Today, lingerie can be bought online from the comfort of homes and offices, which has lured in several women, who do not have the luxury of shopping at retail stores. Furthermore, the introduction of affordable brands such as Jockey in developing countries of India and China has also been a boon to the overall market.
High Cost of Advertisement to Hamper Sales
Though the lingerie market has been growing against the backdrop of being an obvious part of every woman’s attire it does face a few challenges. The key impediment for the global market is the high cost of advertising for products. The exorbitant cost marketing promotions that involve photo shoots and location costs are likely to raise the cost of the products, which might eventually have a negative impact on the global market. The market is also being hampered by the poor quality of materials used for making products that could cause problems to the skin.
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