New York, US, June 24, 2021 (GLOBE NEWSWIRE) -- Loungewear Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Loungewear Market Information by Material, End User, Distribution Channel, and Region - Forecast till 2027”, the market is estimated to reach USD 9.23 Billion by 2027 at 9.5% CAGR.
Future Market Growth Factors:
The loungewear industry has been making tremendous progress worldwide, thanks to the emerging fashion trends and their influence over people. Consumers are more than willing to accept the latest trends and give a boost to their fashionable lifestyle. This willingness of consumers to accept new fashion trends has been encouraging them to opt for premium loungewear with appealing designs. Brand endorsements by celebrities on social media and other channels also prompt consumers to purchase more fashionable loungewear. With the fashion trends becoming bolder, consumers are pushed to flaunt their aesthetic loungewear, which can be a major growth boosting factor in the global market over the coming years.
Online retail has become a key gamechanger for the loungewear industry, with majority of intimate wear manufacturing firms owning web-based stores that bolster consumer awareness about the latest trends as well as material-related information. Most of the reputed players in the global market are progressively entering into collaborations with popular online sites to bolster brand awareness and gain the upper hand over their rivals.
In view of the surging popularity of trendy loungewear, companies are working on developing new products that meet with the rising demand for excellence and evolving tastes and preferences. The demand for various types of loungewear is rampant among women, especially as the employment rate is rising and the preference for premium, luxury items has been escalating among this demography. Additionally, women are increasingly spending on premium apparels that are not only trendy but also comfortable, which should further augment the sales in the following years.
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Developments Post COVID-19 Outbreak
COVID-19 quickly turned into a global pandemic since its inception, completely transforming the business scenario of the loungewear industry. Slackened demand following the lockdown and weakened production capacity of manufacturers in view of the escalating cases of SARS-CoV-2 has been unfavorable for the global market. Having said that, the sales should pick up momentum once the lockdown is lifted while the continuous growth of the e-commerce industry will ensure that the market remains resilient throughout the review timeline.
Key Vendors Locking Horns:
Some of the Most Renowned Manufacturers of Loungewear in the worldwide Market are:
- Urban Outfitters (US)
- Jockey International Inc. (US)
- L Brands Inc. (US)
- H & M (Sweden)
- Nordstrom, Inc. (US)
- Hanesbrands Inc. (US)
- PVH CORPORATION (US)
- Authentic Brands Group LLC (US)
- Triumph International Holding GmBH (Germany)
- Marks & Spencer Group Plc (UK)
The loungewear industry is filled with several players that partake in fierce competition. Many of these companies are focused on carrying out extensive research and development activities to introduce new loungewear with multiple features and benefits. Leading companies also adopt various organic and inorganic competitive tactics, such as mergers & acquisitions, launch of innovative products and expansions to enhance their market share.
April 2021
Como Diffusion Inc has entered a long-term agreement with Tempur Sealy International Inc, cementing Sealy’s foray into loungewear, sleepwear, and accessories segments. Sealy’s loungewear will be available in department stores, specialty retail outlets and e-commerce channels throughout Canada as well as the United States. The Sealy Sleepwear and Loungewear line will include separates, coordinates, sets, robes, and accessories that offer comfort, as well as quality to ensure a healthy life and better sleep for consumers.
Browse In-depth Market Research Report (90 Pages) on Loungewear: https://www.marketresearchfuture.com/reports/loungewear-market-10435
Market Segmentation:
Material, end-use and distribution channel are the top categories considered in the MRFR report, to provide an extensive outline as well as understanding of the loungewear industry.
The materials analyzed in the market study include wool, cotton, silk and others. Cotton material is the most preferred loungewear among consumers, and therefore the segment will grab the leading spot in the years to come. The highest revenue share of the segment is the result of the high and easy availability of these products, aesthetic appealing packaging, and the strong impact of social media on consumers. Cotton is easy to breathe and notes high demand especially in regions with extremely hot climates.
End-use-wise, the major market segments profiled in the report include kids, females and males. Females form the biggest segment, depending on end-use, and will continue to thrive at a decent rate in the ensuing period. The expanding population of working women and their mounting preference for luxury items should foster the growth of this segment in the years to come.
Distribution channels that sell loungewear are either store-based or non-store based. Store based types are specialty stores, supermarkets and hypermarkets, supermarkets and hypermarkets, and others. Between these, supermarkets and hypermarkets have acquired the highest position in the industry, accounting for most number of sales. Specialty stores are also popular distribution channels for loungewear.
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Regional Status:
Europe, MEA or Middle East and Africa, America and Asia Pacific or APAC are some of the prominent regions where the loungewear industry could grow at varying pace during the evaluation period.
North America secured the leading position in 2019, housing the biggest market for loungewear, and can well continue to dominate throughout the analysis period. Renowned manufactures in the region focus on taking up promotional initiatives to bolster consumer awareness regarding their product offerings or new launches. These efforts by the players are bound to create favorable prospects for the regional market in the years to come. The North American industry also benefits from the high disposable income of the consumers in the region, and their preference for luxury and premium goods such as loungewear. Another encouraging factor can be the extensive distribution channels owned by the manufacturers in the region. The youth is emerging as a major end-user of loungewear in the United States, with not only females but males increasingly embracing this trend as well. Consumers generally prefer not to spend on only sleepwear, and therefore, opt for loungewear that is a new variation of casualwear that can worn at home throughout the day and also while sleeping. Some of the bestsellers in the region are fitted tees and camisole tops with high emphasis on fashion, offered with printed or solid jersey or basic woven cotton.
Asia Pacific has been scaling at the fastest rate in the global market and this upward trajectory will remain steady throughout the evaluation timeframe. Loungewear has been gaining popularity in various emerging countries in Asia Pacific, backed by the thriving e-commerce industry and consumers increasingly opting for online shopping. Most of the firms are striving to fortify their distribution channels to boost their sales, which should further elevate the market position in the region over the coming years. However, the COVID-19 outbreak has been devastating on various industries and the fashion sector is no exception. Many brands had to face declined demand and sales, but they are still advertising their products on social media, taking help from influencers to encourage brand recognition. Apart from this, the soaring number of luxury firms from other regions entering the APAC market, and the burgeoning pool of retail stores in India and China can ensure sustained market expansion in the region.
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