Insight:
- The global lingerie market has many changes throughout the year. Nowadays, consumer demand has changed for the new types.
- This industry is important in the clothes sector and will achieve an impressive number soon.
What’s hot in the market?
Lingerie is a special product in high demand worldwide. Cause of this, the global lingerie market has expanded steadily over the past decade. According to the report, in 2023, the lingerie market is estimated to be worth $72 billion, with a forecast growth rate is 7.5% CAGR in the period 2023-2030.
Its growth is fueled by many factors, including increasing consumer purchasing power, the rise of e-commerce, and a growing focus on body positivity and inclusivity within the industry.
In the future, the Asia-Pacific region will be one of the notable contributors to the market. Some highlight countries like China, Europe, and North America will be potential markets. China is a booming market where brands are leveraging local insights and digital innovations to capture consumers’ evolving tastes.
Related News
The lingerie market segmentation
This market has various products, including product type, price range, distribution channels, geographical regions, target audience, etc. But some segments you should pay attention to in this industry:
Product type
Many products include bras, panties, shapewear, sleepwear and loungewear. The bras is the largest sub-segment in this market, accounting for over 50% of overall sales. This ranges from basic, functional pieces to more fashionable and luxurious designs. Consumer demand is increasing on wireless, seamless, sport bras.
Likely bras, panties offering various styles such as bikinis, briefs, thongs, and boy shorts. In these products, consumers are about comfort and eco-friendly material. This type of lingerie goes to functionality, blending fashion with compression and contouring elements.
Sleepwear and loungewear, as a traditional look, gained traction during and post-pandemic as comfort became a primary consideration for consumers. In summary, all product types have their target audience and market penetration.
Price range
Lingerie sectors also separate many prices for each other type of customer. First is the mass market; the brand of this segment focuses on affordability and accessibility. The notable names of this are Hanes and Jockey, they offer products at price points for the broader consumer.
The next is mid-rage lingerie – the largest segment of volume. They include various factors such as fashion, comfort, and affordability. Brands like Victoria’s Secret and Aerie cater to this mid-market audience. They will offer both everyday and fashionable lingerie.
The last is luxury lingerie, this segment focuses on premium fabrics, high-end design, and exclusivity. Some popular brands, such as La Perla and Agent Provocateur, cater to affluent consumers. They use lingerie as a statement of fashion and luxury.
Distribution channel and geography
Nowadays, e-commerce platforms become a buying trend, and more people enjoy using this method. Online platforms offer consumers the convenience of shipping, paying, and buying from their homes. They also have customized options and virtual try-on technologies to enhance the customer’s experience.
Offline retail as a traditional store remains an important distribution channel. They are particularly for those who like to try on and check the fabrics before purchasing. Many premium brands invest in operating exclusive boutiques to provide their best service to customers.
Top highlight markets include North America, Europe, and Asia-Pacific. With North America, this is the lead region of premium and luxury lingerie. The demands are about inclusivity and diversity in size and style.
Similar to North America, Europe has a strong demand for luxury and eco-friendly products. The latest-growing region is Asia-Pacific. China and India are leading growth due to their expanding middle class and increased awareness of trendy fashion.
The potential of the global lingerie market
The lingerie market is driven by many factors, and it has strong potential for growth. One of the factors that promote this market are growing disposable income and increased spending on lingerie.
The development of the economy is leading to increased consumer spending on their clothes, especially lingerie. More women become independent and empowered in society, which makes them invest more in themselves and their style. Women are willing to spend more on lingerie to enhance their health. It also helps the payment for lingerie increase.
The next factor is evolving consumer preferences. They want more comfort and functionality in lingerie, leading to more demand for soft, breathable fabric products. Online channels are playing a major role in the growth of this industry, especially e-commerce. The modern platform offers more convenience and wider access to products. Consumers can discover a wide range of product types, stores, and more.
New fabric technology, design, and manufacturing processes are leading the development of innovative lingerie products. They solve the problem of comfort, fit, functionality, and more for customers.
The market trend that you need to know
Sustainability, ethical concerns, body positivity, and inclusivity make the market in the future. Businesses must update about trends to have adaptable strategies to gain an advantage. Some key trends will shape its future:
- Comfortable is the most important: consumers now pay more attention to their health, so they prioritize comfort first. The lingerie they require must be soft, modal, and microfiber. The seamless designs and bralettes are gaining popularity.
- Body positivity and inclusivity: more brands nowadays offer a wider of sizes to cater to diverse different of body shapes and sizes (big size, very small size, etc). With the development of people’s awareness of social concern, the new trend in the body positivity movement encourages self-acceptance and celebrates all bodies, boosting brands to release more types of products.
- Loungewear and athleisure are more popular: these comfortable and stylish pieces become a good choice for active and modern people. They can wear both at home and outside, so it will be a high demand.
- Adapting of technology: lingerie is not only a type of clothes; it also affects our health and body. In recent years, smart lingerie with integrated technology has emerged. We can use it for health monitoring, personalized comfort, and posture correction.
In the future, there will be more trends and effects in the global lingerie market. Brands should update and offer more trendy products to satisfy their customer’s needs.
Conclusion
The global lingerie market has many factors to significantly increase in the future. This will be a potential challenge for businesses in this industry. In summary, the overall trend is leading to self-care, wellness, comfortable, and versatility. According to the forecast, the eco-friendly fabric needs more focus and research soon. Follow SourceVietnam.com’s blog for more market information!
