Loungewear Market Outlook
The demand for loungewear has taken a considerable hike due to the emergence of the work from the home trend in the aftermath of the COVID-19. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The market shows the potential to achieve USD 9.23 Billion at a CAGR of 9.5% by 2028.
The rising inclination towards comfortable clothing items is estimated to spur the demand for loungewear market companies soon. Also, the surge in individuals wanting a healthier lifestyle has led them to be more active than before and this is estimated to further favor the loungewear market expansion.
Segmental Analysis
The segmental assessment of the loungewear market size is carried out based on materials, end-user, distribution channel, and region. The distribution channel segment of the loungewear market consists of supermarkets & hypermarkets, specialty stores, and non-store based. The region segment of the loungewear market consists of North America, Europe, Asia Pacific, and the rest of the world. The material segment of the loungewear market consists of wool, cotton, and silk. The end-user segment of the loungewear market consists of females, males, and kids.
Detailed Regional Analysis
The regional review of the loungewear market share forecast consists of North America, Europe, Asia Pacific, and the rest of the world. The North American loungewear market reported the chief market stake in the global market in 2019 and is anticipated to display a similar trend all through the forecast period. The vital producers are highlighting the public events to generate a strong understanding among the consumers concerning new product presentations, which will quicken the growth of the North American loungewear market. Furthermore, manufacturers are concentrating on expanding their presence to capture the regional market in the Asia Pacific regional market for loungewear as well in the forecast period.
Competitive Analysis
The increased contribution of online channels towards the swell in transactions is predicted to further encourage the advancement of the market in the future. The market is appraised to be stimulated by an increased development upsurge that is bracing the contenders who are active in the market. The competition in the market is estimated to flare-up following the disruption created by the COVID- pandemic. The emphasis on ensuring sustainability in long-term operations is estimated to be a key cause for development in the upcoming period. The trends in the market are estimated to bolster the progress in the worldwide market. The government intervention in the creation of opportunities that can incentivize the development of key regions in the market is predicted to furth the tendency to invest and expand capacities is estimated to create a promising scope for the market in the impending years. The change in several regulations that are running the development of the market is estimated to impact the innovations that can be seen in the global market.
The distinguished contenders in the loungewear market analysis are H & M (Sweden), Hanesbrands Inc. (US), Jockey International Inc. (US), PVH CORPORATION (US), Triumph International Holding GmBH (Germany), Authentic Brands Group LLC (US), Marks & Spencer Group Plc (UK), L Brands Inc. (US), Urban Outfitters (US) and Nordstrom, Inc. (the US).
Industry Updates:
Feb 2021 ThirdLove, a lingerie company has introduced loungewear, Lounge by ThirdLove which was formally debuted and includes camis, hats, woven shirts and button-downs, and French terry shorts and joggers. The items range from USD 15 for hats to USD 65 for joggers and create its first major development from its essential underwear and bras variety.
Feb 2021 Netflix’s Bridgerton has arrived at a novel collaboration with Phenomenal, a lifestyle brand. The streaming platform has formed a loungewear collection devoted to Bridgerton’s most iconic quotes. Netflix hardly ever creates goods for its original shows. To create the collection, Phenomenal collaborated with Chantal Strasburger, the designer behind the Instagram-famous art undertaking Read Receipts.
Mar 2021 H&M has connected with poet and writer Yrsa Daley-Ward on a loungewear set based around self-love. The nine pieces have graphics that have quotes from the poet’s longer poems that commend self-love and female liberation. All garments are fashioned from sustainably sourced materials such as recycled polyamide and organic cotton.
Mar 2021 Loungewear, Hand sanitizer, and home exercise kit have been put in the UK’s inflation basket in a review that echoes people’s changed habits throughout lockdown. The Office for National Statistics calculates inflation by tracking prices for a virtual shopping basket of hundreds of goods and facilities, intended to reproduce consumers’ tastes and spending outlines, and weighted concurring to the comparative importance of each article in a typical household’s spending. The 17 items put in the basket in the annual review comprise the uniform of homeworkers, men’s loungewear, hand weights, and smartwatches utilized for in-home workouts.
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