Likewise other industries, COVID 19 also taken a toll on Luxury Lingerie market with around 8.67% decline in 2020 in its revenue as compare to 2019
Lingerie, in general, is rarely focused on as much as other categories of women’s wear. But, it’s a very lucrative industry still, seeing as how undergarments are essential items of clothing. One can do without lipsticks and concealers but a bra? Not really. As such, the global lingerie industry includes all kinds of undergarments, shapewear and nightwear, and was valued at USD 4,726.3 million in 2020. Since the demand rarely depletes, growing at a moderate CAGR of around 8.23% post COVID 19, Luxury Lingerie market is expected to generate revenue of around USD 8,734.0 million by the end of 2027. The cumulative growth opportunity presented by the global Luxury Lingerie over the forecast period will be whopping USD 50,217 million.
Having said that, Covid-19 has taken its toll on lingerie sales worldwide. Prior to this, women usually bought it in person, once they had seen, felt and tried it on. Now, however, more and more are ordering their stock from e-commerce platforms that often offer hefty discounts and greater variety.
Comfort is a major factor when it comes to purchasing lingerie, as is quality and hygiene. For instance, wearing underwear that is too small or too big can actually, physically, harm you. Generally, experts would advise going and trying on items before making the purchase. But with millions of women working from home, sales of non-wires bras, at-leisure loungewear and zero-feel panties have been skyrocketing online – approximately 40% more than in 2019! Suffice to say, lingerie has transformed from a necessity to a luxury. In fact, with so many different kinds of lingerie available to complement so many different kinds of bodies, it is now a fashion statement.
Supermarkets/Hypermarkets are Leading Distribution Channel with Highest Share in 2020
Lingerie retail is most common in hypermarkets/supermarkets or online. Independent stores, though aplenty, contribute relatively less to global lingerie sales.
As more and more women join the corporate world, comfort and convenience become top priorities – not just in terms of wearing the products but also purchasing them in the first place. Large-scale retailers carrying lingerie offer many different brands under one roof, thereby allowing a greater variety to choose from. They also sell other intimate wear to go along with it.
Keeping up the Pace with Advancements will Be Major Challenge for Industry Participants
One major challenge faced by the global lingerie market is keeping up with constant evolution: As trends change, manufacturers must adapt as much as possible to remain relevant and surpass the competition.
Bra to Remain Dominant Segment
Based on types, Luxury Lingerie market can be segmented into bra, Knickers & Panties, Lounge Wear and Shape Wear. Luxury Lingerie is dominated by the Bra segment with vast majority of total revenue generated in 2020.
Cotton and Silk have been Remained Fabric of Choice Among Materials
There are wide ranging fabrics are used in Luxury Lingerie including Spandex, Cotton, Silk, Nylon, Rayon and Others (Bamboo, Linen, and Technical Fabrics). Among all, cotton and lavish silks are most popular fabrics among end-users. Similarly, some of the advanced fabrics are being used in become popular choice among women which exhibit excellent moisture-absorbing, odour regulation and high level of comfort.
Promotional Campaigns to Offer Growth Opportunity for Manufacturers
Over the past few years, body-positive movements and social/cultural campaigns for inclusivity, sustainability and diversity have created great scope for growth. There is also burgeoning demand for high-tech, specialised intimate wear amongst modern women. For instance, manufacturers like Bali and Maidenform offer seamless panties, bras and shapewear that gives necessary enhancement without being too obvious. And global brands are opting for un-edited promotional campaigns and models of varied body types as well.
The sky is the limit when it comes to designing lingerie. Different colours, fabric, styles and cuts being included in lingerie designs reflect a positive change in customer purchasing patterns.
Firms operating in the lingerie segment also should take a cue from manufacturers who are diversifying their distributor portfolio by partnering with large-scale retailers like Asda, Tesco and Boots, etc. In this way, they expand their market presence.
Some of the major industry participants in the global Luxury Lingerie market include, Victoria's Secret, Wacoal Holdings, Gujin, La Perla, Armani, Wolford, DKNY, Enamor, Embry Form, Jockey, Hanes, Calvin Klein, LaSenza, Maniform, Fruit of the Loom, Etam and Chantelle.
Frequently asked questions about global Luxury Lingerie industry
Likewise other industries, COVID 19 also taken a toll on Luxury Lingerie market with around 8.67% decline in 2020 in its revenue as compare to 2019
Europe is the largest regional market with highest share in the total volume of Luxury Lingerie consumed in 2020
Keeping up pace with ever changing trends and counterfeit products has been remained major point of concern for the industry participants
Bra segment dominated the Luxury Lingerie market in 2020
Cotton & silk segments dominated the consumption of Luxury Lingerie